Robert Venes is assistant editor of equities and structured equity at IFR. Robert joined IFR in late 2009 from sister title Acquisitions Monthly, where he focused on private equity transactions and fundraisings. He was previously associate editor at Private Equity International and, before that, editor of Venturedome.
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Stabilisation appeared to be required for Virgin Money stock to close above water in its first two days of trading. The stock opened at 286p on Thursday morning versus bottom of the range pricing of 283p and had moved up to 289.5p before 11am in London. The shares then reversed direction, falling to a low of 281p before closing at strike.
Playtech re-opened the European equity-linked market last Wednesday after a seven-week pause. UBS was sole bookrunner, as it was on the last deal before the break for E.ON which was the first negative yield convertible bond in the region for more than a decade.
UK used car group BCA Marketplace postponed its £400m London IPO at the end of pre-marketing last Tuesday, with bankers declaring the chances of securing a satisfactory valuation far greater in the new year.