Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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Canadian E&P Seven Generations is proceeding with its C$800m (US$715m) initial public offering despite the precipitous declines in commodity prices and internal discussions among underwriting banks on the ultimate valuation targeted. The decision to proceed with an all-primary offering reflects world-class assets and a desire by the company to move ahead with an aggressive capex ramp.
The reality that US$80-a-barrel oil may be here to stay last week provided a rare setback for tax-advantaged master limited partnerships, with the sector plunging into correction territory before a late-week rally pared losses for the quarter to a still sizeable 6.4%.
Danish biotech firm Forward Pharma stumbled in its market debut today as much as falling 25% after pricing of its IPO last night. The poor trading performance comes despite the fact that the deal was upsized on the strength of investor demand and priced at the mid-point of the targeted range.