Here’s what Manchester United’s ditched IPO did to Singapore’s ECM market
Formula One’s postponed IPO also caused Singapore-listed equity deals to be in its lowest half-year level since 2005.
According to Thomson Reuters, overall Singapore equity capital markets activity dropped by 74.3% at the close of second quarter 2012, with Singapore-listed equity deals amounting to US$4.6 billion, the lowest half-year level since 2005 (US$4.0 billion).
Here’s more from Thomson Reuters:
The withdrawal of Manchester United's US$1 billion IPO from Singapore in exchange for the US market along with Formula One's postponed IPO are amongst the factors contributing to lowered equity offerings.
Atypical of the breakdown in other Asian markets, convertible securities generated the most equity proceeds so far this year, with 15 deals raising US$2.9 billion, despite declining by 64% compared to the same period last year.
The largest convertible offering in Singapore thus far belongs to Pegatron Corporation, issuing a CVT valued at US$300 million. Citigroup ranks as the top bookrunner for Singapore, with current proceeds raised of US$670 million from 5 convertible securities and a placement by ASCENDAS REIT.