IPO WATCH: Perform Group, Topaz, AMAG Join Europe Pipeline
March 10 2011 - 11:48AM
Dow Jones News
Digital sports media company Perform Group started pre-marketing
an initial public offering in London on Thursday, while a series of
other deals including France's Canal Plus and Dubai's Topaz Energy
and Marine made their way through the pipeline.
Perform Group said it aims to raise GBP70 million from new
shares and an unspecified amount for majority owner Access
Industries from existing shares. The IPO is expected to value the
company at well over GBP500 million. The company will be looking to
tap investor interest in new media platforms and online
advertising. Perform's two main sources of revenue are from
distributing sports content--ranging from Italian club football to
Thai basketball--to betmakers and online media across the world,
and revenue from ads running within content on its own and others'
websites.
A price range should be issued in the next couple of weeks.
Credit Suisse and Morgan Stanley are joint-global coordinators.
Another new deal for London emerged this week, for Topaz Energy
and Marine, the Dubai-based oilfield services unit of Oman's
Renaissance Services SAOG (RNSS.ON). Renaissance said it wants to
raise around $500 million in new capital that Topaz would use for
capital expenditure, and that it would consider selling some of its
existing shares as well, for a free float of no more than 49%.
Austrian aluminium group Austria Metall GmbH, or AMAG, is also
considering an IPO to fund expansion, the company said Wednesday,
appointing BNP Paribas and JP Morgan to handle the offer.
Bankers on Thursday said more IPOs and capital raisings are
expected to be announced in the next few days, as issuers look to
get deals done before Easter. Among these is Germany's Kabel Baden
Wuerttemberg, which a person familiar with the matter said will
initiate a float soon while private equity owner EQT Partners
continues to consider private offers.
German industrial parts maker Norma Group on Thursday said it
plans to IPO in Frankfurt in the first half, in a deal consisting
of new shares to raise around EUR150 million, and existing shares
being sold by owner 3i Group PLC (III.LN).
In France, pre-marketing continued this week for an IPO in Canal
Plus France that is being brought by 20% stakeholder Lagardere SCA
(MMB.FR). Lagardere Chief Executive Arnaud Lagardere on Thursday
said the stake sale is on track and that it would let the market
know if Vivendi SA (VIV.FR), the holder of the other 80% of the
company, made an offer for it.
And Denmark's ISS A/S continued a roadshow for its planned offer
that values it at up to $5 billion. Order books close on March 17
and the shares are to start trading in Copenhagen the next day.
-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451;
margot.patrick@dowjones.com
(Eyk Henning in Frankfurt contributed to this article.)