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 [...]
GoPro shares surge as IPO takes off June 27, 2014 Shares in wearable camera maker GoPro have surged by more than 60 per cent above its initial $24 IPO price during the first two days of trading. The stock rallied by 30 per cent on its market debut and has leapt even further today to above $37 at pixel time, Friday noon in New York. [...]
Liberty Living pulls London IPO due to market concerns June 26, 2014 Liberty Living has scrapped its plans for a listing on London’s main market less than a month after announcing its intentions, citing adverse market conditions. Liberty is a brand of the Dublin-listed student property fund Brandeaux, which was forced to suspend its shares last summer after it was overwhelmed by redemption requests by investors. “This [...]