Sun, Aug 2, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Pre-IPO investors lining up for Rusal offering, include J. Paulson, Rothschild, maybe BlackRock

Tuesday, December 29, 2009
Opalesque Industry Updates - The Russian aluminum giant UC Rusal is planning an IPO of $2bn in Hong Kong in January, according to various press reports - as it is trying to raise cash to restructure its debts. This IPO has attracted a list of well-know investors.

The main four investors, according to the WSJ, are Malaysian-Chinese tycoon Robert Kuok, a member of the Kuok Group whose principle business is Hong Kong-listed Kerry Properties Ltd.; blue-blood hedge fund manager Nathaniel Rothschild through NR Investments; Paulson & Co., the hedge fund run by John Paulson; and Russian state development bank Vneshekonombank, or VEB.

These “cornerstone” investors, who will buy shares before the listing, will be guaranteed shares in the IPO in exchange for a pledge not to sell them for several months, said BusinessWeek.

BlackRock may also be among the cornerstone investors, Reuters reported.

BRIC countries (Brazil, Russia, India and China) are showing signs of recovery in the new issue market. This summer, Russian steel producer Evraz Group raised $900m via a combined equity sale and convertible bond in the largest Russian ECM deal in more than a year, according to data provider Dealogic, Financial News reported.

Two of the world’s biggest IPOs this year were from BRICS countries (China State Construction Engineering Corp and the Brazilian affiliate of Visa Inc known as VisaNet). Barton Biggs, who runs New York-based hedge fund Traxis Partners, told Bloomberg “No question, it shows the growing power of the BRICs. Clearly the BRICs are the big growth areas of the world and will need a lot of foreign capital.”

Russell Julius, global head of equity capital markets at HSBC, said investors look at emerging markets as a leveraged play on GDP growth so the first companies that tend to list are banks, telecoms firms and property-related businesses.


Be

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

  5. Cargill’s Black River Asset to shut down four hedge funds[more]

    Komfie Manalo, Opalesque Asia: Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’

 

banner