The decision to allow these filings came after lobbying from issuers saying that greater flexibility and more certainty was needed in planning their IPO prospectus offers. The OSC had allowed confidential filings in certain cases, such as cross-border IPOs, as the U.S.
ROADBLOCK IPO FULL
On March 5, the OSC published a bulletin introducing a harmonized process for full reviews of prospectuses on a confidential pre-file basis, for non-investment fund issuers (those issuers should still use the existing pre-file process). The stock opened on the TSX at $11.49 and closed at $14.80 on its first day. The IPO raised $150 million with a debut price of $7.50 per share.
ROADBLOCK IPO SOFTWARE
Shares of Dye & Durham, a provider of software for law firms and businesses, soared in its debut as a public company on July 17, fuelled by strong demand for technology stocks during Covid-19, especially those that help businesses collaborate as employees work remotely from home. So, having a shorter public period, thanks to the confidential process that allowed regulators to vet the IPO, allowed for more accurate pricing of the deal, and allowed underwriters to fill the order book with greater confidence that the price fairly reflected market conditions. Anjuke may re-attempt a listing next year if the market sentiment improves, people with knowledge of the matter said.This “really set the company up for success with the IPO,” Gorman said, because the time between the preliminary prospectus being made public and the final prospectus was “incredibly short,” just about two weeks when it usually is between five and six weeks.įellow Goodmans partner David Coll-Black, who also led on the IPO, says that the longer a prospectus is in the public eye, the greater risk that the market could change. However the combination of falling investor enthusiasm for tech stocks as well as the current travails of China’s debt-ridden property sector mean the timing was not opportune. The company, which had been seeking to raise as much as $1 billion, is no longer actively pursuing an IPO, people with knowledge of the matter have said.Īnjuke, backed by online classified marketplace 58.com Inc., had also been targeting a $1 billion IPO, IFR reported. Meanwhile WM Tech, which is behind the Wumart chain and Metro AG’s outlets in China, faced questions from the bourse about its business operations, Bloomberg News reported.
ROADBLOCK IPO UPDATE
The Tencent Holdings Ltd.-backed company plans to refile for a Hong Kong listing but any deal won’t be quick given the time needed to update financial numbers as well as regulatory uncertainty, according to people with knowledge of the matter. We Doctor’s planned float - which could have raised as much as $3 billion - got caught up in China’s tightening oversight of how its tech giants manage the data they collect. With $37.7 billion raised so far, this year is on track to be one of the best of the last decade.
To be sure, 2021 will still likely rank highly in terms of IPO proceeds thanks to the sheer volume of issuance in Hong Kong in the six months. “Companies in the consumer tech and real estate related sectors will continue to experience headwinds in the form of the ‘common prosperity’ campaign and regulatory reforms."Īfter a stellar first half, the value of IPOs dipped to just $6.2 billion in the third quarter - the lowest since the start of the pandemic and behind South Korea for the first time in four years. “Where the wind blows largely depends on the industry of the IPO-aspirant," said Justin Tang, head of Asian research at United First Partners in Singapore.
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