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.
- +1 646 223 8808
The messaging was cryptic and the end result less than desirable. Rice Midstream Partners, the midstream affiliate of Rice Energy, took in US$412.5m on its initial public offering, much lower than the US$525m targeted when the deal launched a little more than a week ago.
Fiat Chrysler Automobiles faced strong market headwinds in its capital replenishment, but still managed to raise US$3.89bn on the two-part sale of equity and mandatory convertible units.
The rising costs of acquiring spectrum in government auctions and competitive pressures that results in have not gone unnoticed by those in capital markets, as T-Mobile US found when it was made to pay up on a US$870m mandatory convertible bond issue.