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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Azure Power Global, a solar power producer, began marketing an up-to-US$156.4m New York IPO last Thursday, becoming the first Indian company to offer shares in the US in four years.
Canadian oil explorer and producer Encana has amassed a prolific set of hydrocarbon properties, but there are some concerns about the high costs of acquiring those assets, as well as the growing debt required to fund their development.
Exploration and production companies have to maintain relationships with many lenders, yet when it comes to raising equity they trust a small group of investment banks, with JP Morgan unquestionably first among equals.