|
Sam Dean: Flexible |
The UK’s Financial Services Authority announced that it was launching an enquiry into competitive IPOs, because of concerns that the process encouraged banks to put forward inflated valuations to win business.
The process has worked well in some recent deals, such as private bank EFG’s Sfr1.6 billion ($1.2 billion) IPO in October, and the £355 million ($610 million) IPO of Inmarsat, a UK satellite operator, in June. But concerns were raised by the spectacular disappointments of a number of competitive IPOs towards the end of October, when optimistic valuations fell foul of the secondary market’s seasonal malaise.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
