Abzena IPO: Life sciences firm secures £20m ahead of flotation on Aim July 7, 2014 Life sciences company Abzena yesterday priced its upcoming Aim flotation at 80p per share, valuing the company at £77.9m. The London-headquartered firm, which provides technology for drug companies to develop new products, has raised £20m via a placing of 25m shares at 80p per share. Abzena receives payments or royalties from a number of major [...]
Spire Healthcare announces IPO price range at 210p to 300p July 7, 2014 Spire Healthcare Group has revealed its initial public offering price range at 210p to 300p per share, valuing the company at a little under £1bn. The final pricing is expected to be announced around 18 July. With 45 per cent of the company set to be listed, Spire is hoping to raise gross proceeds of [...]
Investors demand FCA probe into share float advisers after serial IPO failures July 7, 2014 Shareholders want the City watchdog to investigate claims advisers on stock market flotations have put unfair pressure on equities analysts to hike the price put on shares. City A.M. last month revealed tensions between banks and independent adviser STJ over behaviour ahead of the Saga flotation. In the wake of a series [...]
IPO-bound SSP signs £135m deal for five units at Stansted Airport July 3, 2014 Food concession group SSP yesterday announced it had won a £135m seven-year deal to run five new units at London Stansted Airport. SSP, which is due to launch a flotation in the next few days, said that one of the concessions would be a high-end bakery concept, the James Martin Kitchen, created in partnership with the TV [...]
NN Group IPO: Shares in ING insurance arm get off to a strong start July 2, 2014 Shares in ING Group’s insurance spin-off NN floated on the Amsterdam stock exchange yesterday, rising 6.3 per cent above the offer price during the day’s trading. ING announced ahead of the float that it would increase the number of shares available to buy by 10 per cent to 77m due to “significant” investor demand. The initial [...]
Shelf Drilling tries to shake off IPO fail July 2, 2014 Shelf Drilling yesterday said it would push on and grow the business without public shareholder support after scrapping plans to float in London. The Dubai-based company, co-owned by private equity backers Champ, Lime Rock Partners and Castle Harlan, decided to pull plans to raise over $500m (£297m) after a tepid response, City A.M. revealed yesterday. [...]
Urban Exposure IPO: Property lender to raise £500m in market float July 2, 2014 A residential property lender yesterday announced plans for a £500m stock market float as it seeks to tap into demand for new homes in London and the south east. Urban Exposure was founded as a property developer in 2002 by former Deutsche Bank risk analyst Randeesh Sandhu, but started providing short-term loans to other [...]
Private equity IPOs help push up investment banking fees July 2, 2014 The surge in new stock market listings has helped to propel investment banking fees to pre-crisis levels, cushioning sluggish fee growth from relatively subdued M&A activity. Global investment banking fees for the first half of 2014 rose 12 per cent compared to 2013 to reach $47.1bn (£27.5bn), the biggest six-month haul since 2007, according to [...]
Twitter hires its IPO banker July 1, 2014 Twitter yesterday announced the appointment of former Goldman Sachs banker Anthony Noto as its new chief financial officer. Noto, who played a key role in driving forward Twitter’s flotation last year, joins the team just as the social media platform is struggling to add new users. Its share price that has plunged around 40 per [...]
Shelf Drilling pulls $500m IPO plan after investors get cold feet July 1, 2014 Oil-rig contractor Shelf Drilling is to pull its plan to float on the London Stock Exchange, citing insufficient interest to justify proceeding with the sale. Sources close to the deal told City AM that the decision was made late Tuesday to cancel the initial public offering, which was set to raise at least $500m (£297m), despite some [...]