Is another lucky day that I have IFR coming to my inbox: Here you go.
JD.com, China’s second-largest e-commerce company, is preliminarily planning to bring its US IPO to the market in April, according to sources familiar with the situation.
The plan is to wrap up the listing in May, said sources.
The company, the main competitor of China’s e-commerce giant Alibaba Group, filed a US$1.5bn IPO with the Securities and Exchange Commission last Thursday on either the New York Stock Exchange or Nasdaq.
Based on JD.com’s current listing timetable, the deal may come slightly earlier than that of Alibaba if the Hong Kong Exchanges and Clearing issues a consultation paper regarding the shareholding structure of listed companies in the first quarter.
This is crucial to Alibaba, as the company had expressed publicly that it wanted to keep a shareholder structure that allowed a group of top managers and founders to nominate and control the board.
Assuming HKEx issues the consultation paper in March and the consultation conclusion in May, Alibaba’s deal is likely to come in June at the earliest.
Compared with the US, Hong Kong has much fewer options on shareholding structures. For instance, the dual-class share structure that JD.com adopted is not allowed in Hong Kong.
Bank of America Merrill Lynch and UBS are leads on the JD.com IPO.
Hong Kong investors are set to get their first taste of China’s auction services business and theme park industry next week as bankers begin gauging demand for two mainland companies.
Chinese auction house Poly Culture plans to start pre-marketing its proposed Hong Kong IPO of about US$300m on February 11. A roadshow is scheduled to begin on February 20.
Poly Culture, which also runs cinemas, museums and invests in films, is a subsidiary of state-owned Poly Group.
Citic Securities International is the sponsor for the transaction, and CLSA is the sole bookrunner.
Meanwhile, Dalian Haichang Group, a theme-park operator in China, is looking to begin pre-marketing on February 10 ahead of a proposed Hong Kong IPO of US$250m–$300m.
Haichang operates seven theme parks in cities, including Dalian, Tsingtao, Tianjin, Wuhan and Chongqing.
As there were no similar companies listed in Hong Kong and South-East Asia, bankers close to the float said the valuation of the deal would most likely be benchmarked against listed comparables in the US.
BNP Paribas and Bank of America Merrill Lynch are leading the Haichang IPO.
The Indian Government has fixed the price range for its Rs4.9bn–Rs5.1bn (US$79m–$82m) secondary follow-on offer in Engineers India at Rs145–Rs150.
The government is selling 33.69m shares, or a 10% stake. The offer opens on February 6 and closes on February 10. A discount of Rs6 per share will be given to retail investors and employees of the company.
Engineers India shares closed at Rs150.70 on Tuesday.
ICICI Securities, IDFC and Kotak Mahindra Capital are the lead managers.
The Indian government is targeting to launch the IPO of state-owned Hindustan Aeronautics before the end of the financial year on March 31.
The size is yet to be decided and could be smaller than the US$200m that was targeted a couple of years ago when the issue was first proposed. HAL, owned by the Ministry of Defence, will be selling the shares to domestic investors only. The government plans to sell 10% from its 100% stake.
Barclays, Axis Securities, Goldman Sachs and SBI Capital are the bookrunners.
India’s GMR Infrastructure has received board approval to raise up to Rs25bn (US$400m) from an issue of foreign currency convertible bonds or other securities.
There were no offshore convertible bonds issued by Indian companies last year, as sharp movements in the rupee made them a risky proposition and there were few high-quality companies interested in issuing.
The last Indian issuer to sound investors over a convertible bond issue was Reliance Infrastructure, which had also targeted Rs25bn. After sounding investors in October, there was insufficient demand to launch a deal. Given that the two companies are peers, that could mean that the bookrunners for GMR Infra will need to offer some structural features like asset swap to make foreign investors comfortable.
Pipeline
•February 19–25 – Kobe Steel (Japan) Around US$840m follow-on. GS, Mizuho, MS, Nomura, SMBC Nikko
•February 2014 – Poly Culture (China) Up to US$300m SEHK IPO. CLSA
•February 2014 – Dalian Haichang Group (China) Up to US$300m SEHK IPO. BNP Paribas, BofA Merrill
•Q1 2014 – 8990 Holdings (Philippines) Around US$250m follow-on. CIMB, SB Capital
•Q1 2014 – Akara Resources (Thailand) US$500m IPO. CIMB, Macquarie, Maybank, MS
•Q1 2014 – L&T Infrastructure Development Projects (India) US$600m–$700m SGX business trust IPO. DB, JPM, Nomura, StanChart
•Q1 2014 – 7-Eleven Malaysia (Malaysia) Up to US$250m IPO. Maybank, UBS, CLSA, CIMB
•Q1 2014 – Lotte Shopping REIT (South Korea) Up to US$1bn SGX REIT IPO. DBS, GS, Nomura, StanChart
•Q1 2014 – AAB Group (China) Up to US$300m IPO. BofA Merrill, RafAello Capital, UBS
•Q1 2014 – Harbin Bank (China) US$1bn SEHK IPO. ABCI, BOCI, CICC, BoCom, CMS, CMB, CIMB, CS, DBS, Haitong
•Q1 2014 – Sunshine100 Real Estate Group (China) US$300m IPO. CICC, Citi
•May 2014 – JD.com (China) US$1.5bn US IPO. BofA Merrill, UBS
•Q2 2014 – Tianhe Chemicals (China) Up to US$1bn SEHK IPO. GS, MS, CLSA, DB, HSBC
•Q2 2014 – BAIC Motor (China) Up to US$2bn SEHK IPO. GS, MS, UBS
•H1 2014 – China Grand Automotive Services (China) US$500m–$1bn SEHK IPO. CICC, GS
•H1 2014 – Jasmine International Infrastructure Trust (Thailand) US$1.6bn–$2.2bn business trust IPO. Bualuang, MS
• H1 2014 – WH Group (China) US$5bn–$6bn SEHK IPO. BOCI, Citic, DBS, GS, MS, StanChart, UBS
•H1 2014 – Icon Offshore (Malaysia) Up to US$300m IPO. BNPP, CS, Maybank
•H1 2014 – State Bank of India (India) US$1.5bn primary follow-on. Citi, JM Financial, JPM
•H1 2014 – Axis Bank (India) US$850m secondary follow-on. BofA Merrill, Citi, DB, HSBC, JPM, UBS
•H2 2014 – Malakoff Corp (Malaysia) Up to US$1bn IPO. CIMB, CS, JPM, Maybank, BofA Merrill, DB, HSBC, MS, Nomura, RHB
•H2 2014 – Hong Kong Airlines (Hong Kong) Up to US$800m IPO. BOCI, JPM, MS, StanChart
•2014 – Japan Display (Japan) US$2bn IPO.
•2014 – Sincere Group (China) Up to US$350m SEHK IPO. MS
•2014 – Jinhui China (China) Up to US$400m SEHK IPO. BofA Merrill
•2014 – Golden Mountain (China) Up to US$200m SEHK IPO. Citi
•2014 – Jinhua Concrete Pile Group (China) Up to US$200m SEHK IPO. Citic, MS, StanChart
•2014 – Asia Potash Group (Laos) US$500m SEHK IPO. BofA Merrill, Citi, DB
•2014 – Triplex (China) Up to US$200m SEHK IPO. BofA Merrill, CMS, GS
•2014 – Bangkok Airways (Thailand) US$200m–$300m IPO. Bualuang, Citi, CS, DBS
•2014 – Fuhua Agricultural Technology (China) Up to US$200m SEHK IPO. Citi, Jefferies
•2014 – ACB India (India) US$150m IPO. Edelweiss, IDFC, JPM, Macquarie, Axis, ICICI, Yes
•2014 – Mando China (China) US$250m SEHK IPO. DB, MS
•2014 – Mytrah Energy Trust (India) US$400m–$500m SGX business trust IPO. MS, StanChart
•2014 – South Beauty (China) Up to US$200m SEHK IPO. CICC, DB, UBS
•2014 – Century Energy (China) US$150m SEHK IPO. BNPP, ICBCI, MS
•2014 – Golden Bridge United Financial Leasing (China) Up to US$300m SEHK IPO. BoCom, JPM
•2014 – China Railway Material (China) Up to US$2bn A/H IPO. CICC, Citic Securities, UBS, Citi, CS, HSBC
•2014 – Rashtriya Ispat Nigam (India) Around US$450m IPO. Deutsche, UBS
•2014 – Altain Khuder (Mongolia) US$300m SEHK IPO. BofA Merrill, Macquarie
•2014 – Hankook Silicon (South Korea) Up to US$371m IPO. Daewoo, Daishin, Woori
•2014 – China Shipping Nauticgreen (China) Up to US$190m SEHK IPO. DB, CMS
•2014 – Cathay Industrial Biotech (China) Up to US$100m Nasdaq IPO. DB, Jefferies, MS
•2014 – Zhong Da Mining (China) Up to US$350m SEHK IPO. CCBI, HSBC, UBS
•2014 – Hunan Zhonghe Energy (China) Up to US$600m SEHK IPO. Citi, CS
•2014 – Longjiang Bank (China) Up to US$500m HK IPO. BofA Merrill, Nomura
•2014 – Harita Jayaraya (Indonesia) US$250m SGX IPO. Citi, DBS, CICC
•2014 – 360buy.com (China) Up to US$3bn US IPO
•2014 – Newmont Nusa Tenggara (Indonesia) US$500m IPO. BNPP, UBS
•2014 – The Basic House Global (China) US$200m–$300m SEHK IPO. GS, UBS
•2014 – Sembawang E&C (Singapore) US$150m IPO. CIMB, Nomura, StanChart
•2014 – China Network Systems (Taiwan) US$1bn SGX business trust IPO. Citi, DBS, GS, MS, StanChart
•2014 – Bank of Shanghai (China) US$2bn A/H IPO. Guotai Junan, Citic, GS Gao Hua; ICBCI, JPM, MS, UBS
•2014 – China Guangfa Bank (China) US$5bn A/H IPO.BofA Merrill, Citi, DB,GS, CS, Macquarie, Citic, Guangfa, GS GaoHua, Haitong, Yingda
•2014 – LG Siltron (South Korea) Up to US$450m IPO. Tong Yang, UBS, Woori
•2014 – Posh Semco (Singapore) US$300m IPO. BofA Merrill, DBS, OCBC
•2014 – Hyundai Oilbank (South Korea) Up to US$2bn IPO. Citi, Woori, BofA Merrill, Daewoo, Hana Daetoo, Shinhan
•2014 – NW Hotel Investments (Hong Kong) US$800m SEHK IPO. DB, HSBC, JPM,BOCI, StanChart
•2014 – Dyviacom Intrabumi (Indonesia) US$300m–$500m re-IPO. DB, CIMB, CS, Buana
•2014 – Indonesia Air Asia (Indonesia) US$200m IPO.CIMB, CS
•2014 – ILFS (India) US$400m SGX business trust IPO. DB, JPM, Nomura, CIMB
•2014 – Iskander Waterfront (Malaysia) Around US$300m IPO. CIMB, DB, JPM, RHB
•2014 – SMC Global Power Holdings (Philippines) Ps27.3bn (US$619m). CIMB, StanChart, UBS, ATR Kim Eng, SB Capital
•2014 – China National Biotec Group (China) Up to US$2bn SEHK IPO. CICC, MS, UBS
•2014 – Energy Australia (Australia) US$3bn IPO. BofA Merrill, Deutsche, UBS
•2014 – Blue Bird Taxi (Indonesia) Up to US$320m IPO. CS, Danareksa, UBS, CIMB
•2014 – Keppel T&T Data Centre REIT (Singapore) Up to US$300m REIT IPO. CS, DBS, StanChart, DB, GS
•2014 – China CNR Corp (China) Up to US$1.5bn SEHK IPO. CICC, Macquarie, MS, UBS
•2014 – Seibu Holdings (Japan) IPO. Mizuho, UBS, BofA Merrill
H2 2014 – Line (Japan) Around US$2bn US IPO. GS, JPM, MS
