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New Zealand power company IPO prompts vigorous trading as 50M shares trade in 3 hours

The Canadian PressMay 10, 2013 01:00
WELLINGTON, New Zealand - Shares in a state-owned New Zealand power company rose 9 per cent in their stock market debut, giving a boost to the government's asset sale plans. The government sold 49 per cent of Mighty River Power to investors for 2.5 New Zealand dollars ($2.10) a share. The shares reached a high of NZ$2.73 in the first day of trading Friday. About 50 million shares changed hands within three hours. The government raised NZ$1.7 billion ($1.4 billion) from the share sale.

NY judge says he'll approve settlement in Empire State Building IPO lawsuit

The Canadian PressMay 2, 2013 15:30
NEW YORK, N.Y. - A Manhattan judge on Thursday backed a $55 million settlement in a court battle over the Empire State Building, effectively clearing the way for a plan to let the public buy shares in the famous New York City landmark. Judge O. Peter Sherwood told lawyers at a court hearing that he would formally approve the settlement in the coming days with a written ruling. "I'm satisfied that the settlement reached is fair," Sherwood said.

IPO fever signals confidence in Brazil economy

Agence France-PresseApril 26, 2013 19:00
A Brazilian insurer's market launch Thursday raised $5.7 billion, the world's biggest initial public offering this year and a sign of rising confidence in Latin America's biggest economy. The IPO of BB Seguridade, the insurance arm of state-owned Banco do Brasil, was also the biggest since September, when Japan Airlines raised $8.4 billion. For Brazil, it was the biggest IPO in the country since October 2009 when Spanish bank Santander raised the equivalent of $7 billion.

Ex-Oregon governor candidate charged in Facebook IPO fraud

March 19, 2013 14:30
By Bernard Vaughan NEW YORK (Reuters) - A former Oregon gubernatorial candidate was arrested on Tuesday for his alleged role in defrauding investors who had hoped to buy shares of Facebook Inc before its initial public offering in May 2012, federal authorities said. Craig Berkman, 71, falsely told investors he had access to scarce pre-IPO shares of Facebook and other social media companies such as LinkedIn Corp, Groupon Inc and Zynga Inc, the U.S. Securities and Exchange Commission said in a statement.

Russia exchange earns disappointing $4.2 bn valuation

February 15, 2013 08:31
The Moscow Exchange was priced Friday at $4.2 billion in a disappointing flotation that valued Russia's main bourse at the lowest end of its own estimates. The valuation was a blow President Vladimir Putin's efforts to transform Moscow into a global financial centre and underscores analyst mistrust of a bourse now mired by low volumes and regular trading in just a few big stocks. The exchange -- formed in a 2011 merger of the MICEX and RTS trading floors -- said the price for the initial public offering had been set at 55 rubles after a 10-day roadshow in Moscow and abroad.

German LEG raises 1.3 bn euros in largest property IPO

February 1, 2013 05:46
Shares in German property group LEG Immobilien began trading on the stock exchange Friday in the first stock market listing in Germany this year. LEG Immobilien, which manages a portfolio of 91,000 rented flats and apartments around Germany, said in a statement it issued more than 30 million shares at a price of 44 euros ($59) in its initial public offering (IPO) on Thursday. That raised more than 1.34 billion euros the group, making it the largest IPO ever in the real estate sector.
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