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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SunEdison pushed ahead with the carve-out IPO of its international yieldco, TerraForm Global, despite a dramatic revaluation that necessitated a recirculation of the offering process and a delayed opening last Friday. The one-time alternative energy power producer was forced to lend support, and may need to do so in the future as well, such was the extent of negotiations.
Oil refiners continue to thrive whether oil is at US$100 or sub-US$50. Large refiners with diversified operations are more likely to use excess cashflows generated to buy back stock than sell, as evidenced by Valero Energy’s recent share repurchase authorisation of US$2.5bn.
Ferrari started rolling towards its long-awaited US$1bn IPO last week by filing initial documents with the SEC, but investors will have to wait at least three months before they can place orders in the sportscar maker.