Canadian steelmaker Stelco Inc (TSX: STLC) said a syndicate of underwriters has agreed to buy $217.5 million of the company's common shares from U.S. private equity firm Bedrock Industries Group. The amount bought may increase with the exercise of the secondary bought deal offering's 15 percent greenshoe option. Bedrock, which closed a restructuring deal with Stelco last June, currently holds an interest of about 84.9 percent. With the offering's close next month, this interest will be reduced to about 73.7 percent or lower. Hamilton, Ontario-based Stelco went public in 2017, raising $230 million.
Bilibili, a Chinese online video platform, has raised $483 million for its IPO after pricing its 42 million shares at $11.50 per share. The stock began trading March 28, 2018 on the NASDAQ under the ticker symbol "BILI." Morgan Stanley & Co. International plc, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC are the lead underwriters. The company's pre-IPO backers include IDG-Accel and Legend Capital.
Bedford, Massachusetts-based Homology Medicines Inc, a genetic medicines company, has raised $144 million for its IPO after pricing its 9 million shares at $16 per share. The stock began trading March 28, 2018 on the NASDAQ under the ticker symbol "FIXX." BofA Merrill Lynch, Cowen and Evercore ISI are the lead underwriters. Homology's pre-IPO backers include Deerfield Management, Fidelity Management and Research Company, HBM Healthcare Investments, Maverick Ventures, Novartis, Rock Springs Capital, Vida Ventures, Vivo Capital, Alexandria Venture Investments, 5AM Ventures, ARCH Venture Partners and Temasek.
Cushman & Wakefield, which is backed by TPG, is interviewing advisers to help take the company public, Bloomberg reported. The IPO could take place this year, the story said. Cushman & Wakefield, a real estate brokerage, began holding informal talks about a listing with banks last year.
Apollo Global Management is weighing an IPO for Rackspace Hosting, the cloud computing company it has owned for less than two years, Bloomberg reported. Apollo has held early talks with advisers and may seek to begin the process before the end of 2018, the story said. Rackspace could be valued at $10 billion, Bloomberg said.
Ceridian HCM Holding Inc, a U.S. human resources software and service solutions provider, has filed with the U.S. Securities and Exchange Commission for an initial public offering of its common stock. The company, which intends to list on both the New York Stock Exchange and Toronto Stock Exchange, did not disclose the IPO's pricing; however, the Globe and Mail reported Ceridian is seeking US$200 million. Minneapolis, Minnesota-based Ceridian is led by David Ossip, a Canadian entrepreneur. The company was acquired in 2007 for US$5.3 billion by Thomas H. Lee Partners and Fidelity National Financial.
UK-based Mereo BioPharma Group plc, a specialty biopharmaceutical company, has filed for an IPO. The number of shares that will be sold as well as the pricing terms have yet to be set. Mereo BioPharma plans on listing the stock on the NASDAQ under the ticker symbol "MREO." Cowen and Company LLC, BMO Capital Markets Corp and RBC Capital Markets LLC are the lead underwriters. Mereo's backers include Woodford Investment Management and Invesco.
Blackstone and Thomson Reuters Corp are considering an initial public offering or sale of their stake in Tradeweb Markets LLC, Bloomberg reported. The firms have held talks with Tradeweb shareholders, which include Deutsche Bank, UBS and Royal Bank of Scotland, about selling the company or taking it public this year, the story said. Any sale or IPO won’t happen until U.S. private equity firm Blackstone completes its acquisition of Thomson Reuters' financial and risk unit, Bloomberg said. Tradeweb, a New York bond trading platform, could be valued at more than US$4 billion in an IPO or sale.
Blackstone and Thomson Reuters Corp are considering an IPO or sale of their stake in Tradeweb Markets LLC, Bloomberg is reporting. The firms have held talks with Tradeweb shareholders, which include Deutsche Bank, UBS, Royal Bank of Scotland, about selling the company or taking it public this year, the story said. Any sale or IPO won’t happen until BX completes its buy of Thomson Reuters financial and risk unit, Bloomberg said. Tradeweb, a New York bond trading platform, could be valued at more than $4 billion in an IPO or sale.
First Read kicks off the day with news that Saudi Aramco is delaying its international IPO debut, listing first on the Saudi stock exchange, Kroger's Fred Meyer Stores will stop selling guns, and the Weinstein Co. has finally filed for bankruptcy.