Australia’s I-MED Radiology pulls $350 mln IPO due to volatility, says source: Reuters

(Reuters) Australia’s largest X-ray provider I-MED Radiology Network cancelled a A$500 million ($350.45 million) initial public offering because of volatility in global markets, a person with direct knowledge of the situation told Reuters on Thursday. I-MED’s owner, Swedish private equity firm EQT Holdings AB, pulled the sale of a 50 percent stake in the company after company representatives finished a roadshow in Asia, added the source, who asked not to be identified because he was not authorised to comment publicly. The decision to pull the sale came a day after smaller rival Integral Diagnostics priced its IPO at the bottom of a target range of A$133 million to A$157 million, but the catalyst behind EQT’s decision was overall market volatility, said the source. Australian shares have experienced substantial gyrations in 2015 as concerns about a slowdown in top trading partner China hit commodities prices. Stocks are down 6 percent so far in 2015 and the three months to end-September were their worst quarter in four years. An I-MED spokeswoman and the bank appointed to advise on the IPO, Rothschild, were not immediately available for comment. Private equity-backed IPOs have slumped accordingly, to about a quarter of 2014’s record level, as buyout firms consider holding on to their investments or trade sales to sidestep a skittish market. In June, South African insurer Hollard Group pulled a listing of its Australian unit that sought to raise nearly A$1 billion while New Zealand wood products firm Carter Holt Harvey delayed a dual Australian-New Zealand IPO worth about the same amount because of investor uncertainty. The biggest Australian listing of the year so far, software maker MYOB Ltd, is trading below its issue price, while fruit and vegetable producer Costa Group Holdings is trading at a 1 percent premium to its issue price.

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Australia’s I-MED Radiology pulls $350 mln IPO due to volatility, says source: Reuters

Payment processor First Data to raise up to $3.2 billion in IPO: Reuters

(Reuters) — Credit card processor First Data Corp said it plans to raise up to $3.2 billion from its initial public offering and will use the proceeds to cut down debt. The company was taken private in 2007 by KKR & Co LP for about $29 billion in one of the biggest leveraged buyouts before the financial crisis. Atlanta-based First Data expects its IPO to price between $18 and $20 per class A share, valuing the company at about $17.58 billion at the upper end of the range. The company plans to use proceeds from the IPO to reduce its $21.03 billion debt pile. Citigroup, Morgan Stanley, BofA Merrill Lynch and KKR are the offering’s joint bookrunning managers.

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Payment processor First Data to raise up to $3.2 billion in IPO: Reuters

Neiman Marcus leaves IPO bankers hanging: Reuters

(Reuters) — Investment bankers put on their best business attire to pitch luxury department store operator Neiman Marcus Group Inc for underwriter roles in an initial public offering. Yet more than a month after their beauty parade, banks are still in the dark. At stake for bankers are not just tens of millions of dollars in underwriting fees, but assignments in what was expected to be one of this year’s biggest and most high-profile IPOs in the United States. “For a marquee name such as Neiman Marcus, it is not just the fees you generated, but the ability to leverage that name. Everybody knows the name Neiman Marcus, whether you shop there or not,” said Timothy Golomb, executive director at Dresner Corporate Services, an investor relations and IPO advisory firm. Neiman Marcus’ delay in handing out roles finds IPO bankers already on the edge, with many of their deals having frozen due to the stock market turmoil that started last month. Among other high-profile IPOs that are waiting in wings are Spanish language broadcaster Univision Holdings Inc and payments processor First Data Corp. While Neiman Marcus has not provided a reason for the holdup to banks, carrying out underwriter interviews without following up with appointments is rare in investmentbanking, according to people familiar with the matter who requested anonymity to discuss the matter. “It’s like getting engaged without getting married,” one banking source said. Neiman Marcus, which also operates under the Bergdorf Goodman and MyTheresa brands, registered with the U.S. Securities and Exchange Commission on Aug. 4 for an IPO, close to two years after private equity firm Ares Management LLC (ARES.N) and Canada Pension Plan Investment Board acquired it for $6 billion. Earlier this month, Neiman Marcus reported that its adjusted earnings before interest, tax, depreciation and amortization were $710.6 million in the 12 months to Aug. 1, slightly up from $698.4 million the year prior.

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Neiman Marcus leaves IPO bankers hanging: Reuters

CVC mulls $3.4 bln IPO of Sweden’s Ahlsell, say sources: Reuters

Buyout firm CVC is mulling a stock market listing for Swedish construction products and tools supplier Ahlsell, which could be worth around 3 billion euros ($3.4 billion) including debt, people familiar with the matter said. The sources said CVC had invited banks to discuss options for an initial public offering (IPO) of Ahlsell which could happen next year, although no firm timing had been set. “They invited a few selected banks to pitch last week,” one source familiar with the matter said. CVC and Ahlsell declined to comment. The sources declined to be identified because the plans are not public. Plans to list Ahlsell add to a big IPO pipeline of private equity-owned Swedish companies after a record first half of the year, when 12 companies floated on the Stockholm bourse’s main board. Most of them have strongly outperformed the wider market. Ahlsell, which CVC bought in 2012 for 1.8 billion euros from Cinven and the private equity arm of Goldman Sachs, would probably be the biggest among known IPO candidates in Sweden in the next year. Private equity-owned companies on track for listings this year include Bain’s Bravida, EQT’s Dometic and AcadeMedia, as well as PAI’s Perstorp. Deutsche Bank advised CVC when it bought Ahlsell, whereas Goldman Sachs and Nordea advised the sellers. All three banks helped finance the deal. Ahlsell employs around 4,800 people and had earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.9 billion Swedish crowns ($227 million) in 2014 on sales of 21.8 billion, most of it in Sweden. Apart from the Nordic countries, it has some sales in Estonia, Russia and Poland.

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CVC mulls $3.4 bln IPO of Sweden’s Ahlsell, say sources: Reuters

Sequoia-backed Indian anti-virus software firm files for IPO: Reuters

Indian anti-virus software maker Quick Heal Technologies Ltd, which is backed by Sequoia Capital, filed a prospectus for a stock listing with the domestic market regulator on Wednesday. The IPO will involve the sale of new shares worth up to 2.5 billion rupees ($38.03 million) and 6.8 million shares currently held by promoters including Indian units of Sequoia Capital and company founders, Quick Heal said in a statement. Sequoia, which currently holds more than 10 percent stake in Quick Heal, is looking to sell about 4.6 percent of its stake, according to a source familiar with the matter. ICICI Securities, Jefferies and JP Morgan will be the underwriters, according to Quick Heal.

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Sequoia-backed Indian anti-virus software firm files for IPO: Reuters

LendingClub co-founder Soul Htite leads funding of Credible

San Francisco-based Credible, which operates a platform for borrowing and refinancing student loans, raised a $10 million Series A round of funding led by Soul Htite, founder and CEO of Dianrong.com and co-founder of LendingClub. Ron Suber, president of Prosper, also participated in the round, along with peer-to-peer lending investor Scott Langmack. The company previously raised $2.7 million in seed funding from multiple investors and individuals, including Carthona Capital, Redbus Group, Mark Goines and Bruce Gibney. PRESS RELEASE Credible Closes $10 Million in Series A Funding, Signaling a New Era of Transparency in Student Lending Credible answers the increasing demand for choice in online lending San Francisco, CA (September 29, 2015) – Credible (credible.com), the multi-lender student loan marketplace, allows borrowers to receive competitive loan offers from its vetted lending partners. Credible’s goal is to empower borrowers with more options to finance and refinance their student loans. The $10 million in Series A funding is led by Soul Htite, Founder & CEO of Dianrong.com and Co-founder of LendingClub, with participation from Ron Suber, President of Prosper, and online lending pioneer Scott Langmack. “We’re building Credible for the future of online lending – providing borrowers with choice, better information, and simplicity of process”, said Stephen Dash, Founder & CEO of Credible. “Simply put, we are making student loans more fair. In Soul, Ron and Scott, we have three of the most experienced individuals in online lending which will allow us to accelerate our growth.” As an independent, multi-lender marketplace that has been adopted by some of the most prestigious organizations in the country, including the American Medical Association, the American Pharmacists Association, and Georgia Tech Alumni Association, Credible provides borrowers with unbiased information and multiple offers from its lending partners. “The speed of innovation occurring in financial services has created a once in a generation opportunity” said Soul Htite. “Credible’s unique model is fundamentally changing the dynamics of the loan selection process. We see Credible as a core fixture of the next phase of online lending.” About Credible Credible’s founding principle is to provide borrowers the level of transparency they deserve. As a multi-lender marketplace that allows borrowers to receive competitive loan offers from its vetted lenders, Credible empowers consumers to take control of their student loans. Borrowers can fill out one form, then receive and compare personalized offers from numerous lenders and choose which best serves their individual needs. Credible is fiercely independent, committed to delivering fair and unbiased solutions in student lending. Existing investors include Mark Goines, Carthona Capital, Redbus Group, and Bruce Gibney.

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LendingClub co-founder Soul Htite leads funding of Credible