Investing in Zimbabwe is not for the faint-hearted. But its stock exchange has been booming of late. To maintain the momentum, management at the Zimbabwe Stock Exchange is planning to sell shares in the organisation this year to raise funds for modernisation.
Tafadzwa Chinamo, chief executive of the Zimbabwean Securities Exchange Commission said in an interview with Bloomberg that an initial public offering would take place before the end of the year, with a likely valuation of around $15-20m. Continue reading »
It’s tempting to think that the Hong Kong IPO market is finally back to good health. Two $1bn+ deals have been completed in the past few days and on Wednesday, one of them shot up on its debut.
But don’t pop the champagne just yet. While the deals got done, they did so with a lot of legwork. And its too early to tell whether they will ultimately offer much reward for investors. Continue reading »
Investors who participated in the controversial MegaFon flotation last year made a good bet buying shares in Russia’s second biggest mobile telephone operator.
After the company reported stellar results for the first quarter of 2013 on Wednesday and announced plans for a whopping dividend, the Moscow-traded stock rose 7.4 per cent, taking the gain since the November IPO to 65 per cent. Great for the IPO investors. Not so great for TeliaSonera, the Nordic group, which sold a hefty slice of its stake at the time. Continue reading »
After an IPO drought in Hong Kong lasting more than half a year, China Galaxy Securities Co Ltd raised $1.07bn in an initial public offering on Wednesday, the largest local deal so far this year and a cheer-up both for Hong Kong’s IPO market and for investment bankers.
Galaxy is China’s biggest brokerage in terms of clients base and its seventh largest in terms of revenue. It sold 1.57bn shares at HK$5.3 (68 US cents) a share, according to two bankers familiar with the deal. Continue reading »
The media and netizens alike have been chatting up a storm about the upcoming Alibaba IPO. Even though the offer has not been officially announced, estimates of the company’s potential value once it is listed on the Hong Kong Stock Exchange have literally doubled in the past six months.
Is this a repeat of the frenzy that accompanied Facebook’s IPO, which ended in crashing disappointment when the stock plunged after the sale? Or can Alibaba Group make a better fist of handling the market? Continue reading »
Pegasus Airlines, Turkey’s budget carrier, could raise as much as TL654.5m ($365.7m) when it launches its initial public offering on the Istanbul Stock Exchange later this quarter.
According to a preliminary offering circular seen by beyondbrics, Pegasus is looking to sell 32.1m shares, or nearly a third of the company, at a price range of TL17-TL20.40 ($9.50-$11.40) a share.
Should it succeed in hitting the top of its price range, it will be Turkey’s largest IPO in two and a half years. Continue reading »
You wait months for a decent-sized Hong Kong IPO, then a load of them come along at once. But news that Bank of Shanghai will be looking to raise as much as $2bn may not be greeted with cheers from deal-starved investors.
For them, it must be starting to feel like groundhog day – with each new deal looking exactly the same as the last. Continue reading »
What’s going on with Indian IPOs? Poor demand, increased competition for retail investment or bad news from companies that went before?
Whatever the reason, fundraising via initial public offerings in the 2012-13 year has been rather flat in India. Companies raised just over Rs60bn ($1.1bn) via IPO in the fiscal year just ended – that’s an increase of only 4 per cent year-on-year, according to stock exchange data seen by the Press Trust of India. Continue reading »
Montevideo’s stock market – get ready. Union Agriculture Group, one of Uruguay’s top landowners and Latin America’s biggest farm firms, is finally ready for its long-awaited IPO.
There have been a couple of changes of plan along the way. The agricultural powerhouse scrubbed a $287.5m New York launch in 2011 because of poor market conditions. Now it plans to make its market debut through a $50m to $100m domestic listing, probably in late April. Continue reading »
Airlines may not have been the best performing stocks over the past few years but they can still generate excitement if they produce a successful business model in a tight market.
One example is Turkish budget carrier Pegasus, which this week said it had applied to the Istanbul Stock Exchange (IMKB) to launch an initial public offering this year. Continue reading »
Fifteen years after traffic-clogged Bangkok abandoned its first attempt at building an elevated train line during the Asian financial crisis, Thai infrastructure is back on investors’ radar, writes Josh Noble.
BTS Group, which operates Bangkok’s SkyTrain transit system, is seeking to raise as much as $2.1bn in an initial public offering of an infrastructure fund partially backed by rail fares in what would be Thailand’s biggest ever new listing. Continue reading »
Leonid Fedun, the billionaire deputy chief executive of Lukoil, is considering taking his Spartak football club public in what could be the first ever Russian football IPO.
Investors should not get carried away. Football is not a particularly profitable business and even the most successful clubs tend to live beyond their means. Continue reading »
The investment by China Investment Corporation in Friday’s flotation of the Moscow Exchange carries several messages for observers seeking to understand the investment approach of China’s sovereign wealth fund. Continue reading »
Russian initial public offerings have a tendency to flop. But not so that of the Moscow Exchange, the epicenter of the country’s financial markets.
Russia’s main stock market began trading on its own platform on Friday after raising Rbs15bn ($499m) in an IPO that organizers say was oversubscribed. Positive news and perfect timing: Vladimir Putin is hosting a meeting of G20 finance ministers in Moscow today where he will be flagging the merits of the Russian capital as a budding global financial center. Continue reading »