Canadian steelmaker Stelco Inc (TSX: STLC) said a syndicate of underwriters has agreed to buy up to 9.2 million of the company’s common shares from selling shareholders. The secondary offering is expected to generate more than $208 million in proceeds, including the greenshoe option. As part of the deal, U.S. private equity firm Bedrock Industries Group, Stelco's majority investor, will distribute a portion of its interest to affiliates of Lindsay Goldberg, a Bedrock partner. Following the offering's close, Bedrock's stake in the company will be reduced to about 63.1 percent. Hamilton, Ontario-based Stelco went public last year, raising $230 million.
SurveyMonkey has filed to go public on the Nasdaq, according to an Aug. 29 SEC filing. The company did not reveal how many shares it would sell or their price. That will come in future filings. Tiger Global owns about 29 percent of the company while a Sheryl Sandberg Revocable Trust has nearly 10 percent, the filing said. Spectrum Equity has 8.4 percent. SurveyMonkey, of San Mateo, California, provides software that allows businesses to poll their employees and customers.
Luxury carmaker Aston Martin plans to float on the London Stock Exchange, completing a turnaround for the once perennially loss-making company that could now be valued at up to 5 billion pounds ($6.4 billion), Reuters reported.
China’s Tianqi Lithium Corp (002466.SZ) is looking to raise up to $1 billion in its Hong Kong stock market flotation, despite this year’s fall in lithium prices, sources told Reuters.
Tenzing Acquisition Corp, an India-focused blank check company, has debuted its IPO after pricing its 5.5 million shares at $10 per share. The stock began trading August 21, 2018 on the NASDAQ under the ticker symbol "TZACU." Maxim Group LLC is the underwriter.
Canaccord Genuity Growth Corp (CGGC), a Canadian special purpose acquisition corporation (SPAC), has filed a preliminary prospectus with regulatory authorities outside of Québec for an initial public offering. The IPO is for Class A restricted voting units at a price of $3 per unit. The number of units on offer was not released. CGGC, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $50 million to $250 million. Last year, Canaccord Genuity Acquisition Corp raised $30 million from its IPO. Earlier in 2018, the SPAC agreed to merge with Spark Power Corp, an electrical power services and solutions company.
SIG Combibloc is on track to announce in September its intention to float on the stock market in Zurich, two sources told Reuters, in a listing that could value the Swiss packaging maker at about 4.5 billion euros (US$5.2 billion). Goldman Sachs, Credit Suisse and Bank of America are global coordinators for the listing. SIG, which makes cartons for beverages and food, is owned by Canadian private equity firm Onex Corp. Onex acquired the company in 2015 for 3.75 billion euros.
Spartan Energy Acquisition Corp, a blank check company focused on the energy industry in North America, has debuted its IPO after pricing its 48 million shares at $10 per share. The stock began trading August 10, 2018 on the New York Stock Exchange under the ticker symbol "SPAQ.U." Citigroup Global Markets Inc and Credit Suisse Securities (USA) LLC are the lead underwriters. Spartan Energy Acquisition Corp is backed by Apollo Global Management LLC.
Chinese online group discounter Pinduoduo Inc (PDD.O) priced its U.S. initial public offering (IPO) at $19 per American depositary share (ADS), raising $1.63 billion in the second-biggest U.S. float by a Chinese firm this year, according to sources told Reuters.
Focus Financial Partners, a partnership of independent, fiduciary wealth management firms, has debuted its IPO after pricing its over 16 million shares at $33 per share. The stock began trading July 26, 2018 on the NASDAQ under the ticker symbol "FOCS." Goldman Sachs, BofA Merrill Lynch, KKR Capital Markets, BMO Capital Markets, RBC Capital Markets and SunTrust Robinson Humphrey are the underwriters. Focus Financial's pre-IPO backers are KKR and Stone Point Capital.