IPO

Russian delay adds to Polyus UK listing concerns

28 Oct 2011

A regulatory delay to the gold miner’s London listing may have political motives. The timing is suggestive, coming after public outbursts by owner Mikhail Prokhorov. The setback underlines risks that make it unwise for London to waive its rules for Russian companies.

UK listing hands credit to Russia’s steely Evraz

17 Oct 2011

Another Russian minerals company is heading for the UK’s FTSE 100. Commodity worries and the involvement of Roman Abramovich means investors will approach with caution. But the company’s size, diversity and exposure to infrastructure spending tempers doubts about Evraz.

Essar’s better prepared for a second UK IPO

6 Oct 2011

India’s Essar is considering a UK listing for its infrastructure assets. With one London IPO under its belt, and lessons on governance from that experience still fresh, it should be better prepared this time around. Now there’s the small issue of timing.

It’s FTSE or bust for Russian miners in London

30 Sep 2011

Polymetal has become the latest to seek a full premium listing in London. The precious metals miner is upping its free float to get into the FTSE 100, expanding the universe of investors and boosting liquidity. It’s a reminder that the attractions of just listing GDRs are fading.

Spain’s biggest IPO runs out of luck

29 Sep 2011

The 7 bln euro Loterias IPO has been abruptly pulled. Market conditions were tough, but political pressure and liquidity-starved banks may have dealt decisive blows. Though the cancellation will have a modest impact on state finances, it will reverberate. And it is shambolic.

Man U investors can always vote with their feet

20 Sep 2011

The soccer club may list in Singapore with “stapled” securities that could entrench the Glazer family’s control. But though new investors may not get the voting power they’d like, that can be reflected in the price. If the idea sounds too tricksy, would-be backers can say no.

China’s IPO delays could worsen capital crunch

20 Sep 2011

Two heavy equipment makers, Sany and XCMG, delayed plans to raise a combined $5 billion. That suggests another door closing for Chinese companies hit by slowing demand and tighter credit at home. For those facing cash shortages, weak global capital markets may be the last straw.

Mongolia’s bounty hunters must out-tough Genghis

16 Sep 2011

The windswept, agrarian Central Asian country might make global investors very rich if plans to develop its plentiful mineral wealth come off. But the land of Genghis Khan is still pretty wild. John Foley takes a look across the steppes at the opportunities and dangers.

Frac Tech’s sellers need a racy valuation in IPO

15 Sep 2011

The U.S. fracking specialist’s debut was delayed in May by a buyout. Now it’s coming back to market. The new owners will want an equity valuation above the $3.5 bln they paid. That may be rich for a firm that, while growing swiftly, remains vulnerable to a supply glut.

Spain’s giant lotto IPO pushes its luck

13 Sep 2011

The part privatisation of Spain’s lottery couldn’t be more different to recent savings bank flotations. It’s defensive and throws off cash. But Madrid is hoping to see a jackpot of up to 7.5 bln euros. Even with so much in its favour, the deal will be lucky to raise that much.

Jingdong IPO tests U.S. appetite for China stocks

8 Sep 2011

The Amazon lookalike, unknown outside China, hopes to raise up to $5 billion in a U.S. listing. Jingdong’s scale and growth speed are exciting. But rising doubts about Chinese Internet darlings will test demand. It is a bold bet in a tough market.

Rubenstein won’t easily snatch Schwarzman’s crown

7 Sep 2011

The Carlyle and Blackstone private equity powerhouses both manage about $150 bln of assets. But Carlyle has less steady fee income. If investors looking at Carlyle’s new IPO filing value the firm the same way as Blackstone, it would be worth only about $7.5 bln, or half as much.

Abu Dhabi’s Mubadala humbled in Carlyle IPO

7 Sep 2011

The Abu Dhabi fund may have lost up to half the value of its $1.85 bln signature investment in the U.S. private equity firm. Mubadala looks to have clawed back some of its losses on its original 2007 punt in 2010, but it’s unlikely to be enough to spare the emirate’s blushes.

Man U’s mooted IPO valuation in league of its own

24 Aug 2011

The Glazers bought the soccer club for a hefty 16 times EBITDA in 2005. Now a $1 bln Asian IPO could raise the bar again. Man Utd boasts global cachet and wage discipline by soccer’s crazy standards. But it looks like buyers will have to be fans first and investors second.

Groupon IPO can now be judged with half the grief

9 Aug 2011

The daily-deal website is abandoning its nonsensical profit measure, ACSOI, which excludes marketing costs. Chalk one up for the SEC, which was scrutinizing the practice. Regulators can’t prevent all bubbles from inflating, but stopping firms from duping investors pricks one.