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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Richard Branson’s UK challenger bank Virgin Money and German triple-play operator Tele Columbus both put their IPOs on hold last week following the end of pre-marketing. Tele Columbus said on Monday that it was still considering its IPO options, while Virgin Money said completion would now not take place in October.
Europe is still getting to grips with the concept of cornerstone investors, as the up to €2.9bn IPO of Spanish airports operators Aena Aeropuertos illustrates. Corporacion Financiera Alba, Ferrovial and The Children’s Investment Fund Management are lined up to take 21% of the 49% to be offered by the Spanish go
Confidence in European IPOs plummeted last week as three flotations (including the US$1bn issue of French engineering group Spie) were cancelled after bookbuilding had begun. Despite that, the US$3bn privatisation for Spanish airports group Aena began pre-marketing the day Spie was abandoned and other deals already in the market are expected to begin bookbuilding this week.