IPO

ZTO Express Faces Lawsuit Over Alleged Exaggeration of Profit Margins Before IPO

Some people called it China’s FedEx, ZTO Express (Cayman) Inc had its initial public offering (IPO) in 2016, luring institutional investors such as pensions and some sovereign funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, July 14, 2017

ADNOC Explores Opening up Service Stations Unit The Abu Dhabi National Oil Company (ADNOC), a government-owned oil company, is looking to have an initial public offering (IPO) of its service stations unit. ADNOC considering all options for the service stations unit, including not having an IPO. ADNOC’s service station distribution includes an excess of 300 […]


Egypt Plans Partial Privatization of ENPPI

Cairo-based Engineering for the Petroleum & Process Industries (ENPPI), Egypt’s state-owned oil company, plans to have an initial public offering (IPO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Permodalan Nasional Backs Lotte Chemical Titan Holdings

Malaysia-based Lotte Chemical Titan Holdings Sdn Berhad, an integrated petrochemical producer, is having its initial public offering, pricing it at 6.5 MYR per share, raising 3.77 billion MYR (US$ 878 million) in its IPO. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, June 26, 2017

NBIM Advocated Excluding Non-Voting Share Companies from Major Indices [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Sovereign Wealth Money Finds its Way into AIB Float

On June 23, 2017, the Irish government raised €3.36 billion by selling roughly 25% of Allied Irish Banks, p.l.c. (AIB) shares. At May 2017, AIB is the largest retail and commercial bank in Ireland with 2.3 million retail and SME customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to […]


ADIA is an Anchor Investor in Central Depository Services Ltd

The Abu Dhabi Investment Authority (ADIA) was an anchor investor for Mumbai-based Central Depository Services Ltd’s initial public offering (IPO). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, June 16, 2017

ADIA Expresses Interest in Cube Highways and Infrastructure The Abu Dhabi Investment Authority (ADIA) has expressed some interest in possibly investing US$ 200 million in Cube Highways and Infrastructure Pte Ltd, an Indian toll roads platform. Cube Highways and Infrastructure was formed by the International Finance Corporation (IFC) and I Squared Capital. Cube Highways and […]


SWFI First Read, June 14, 2017

ADIA Participated in Backing Tejas Networks Before IPO Bangalore-based Tejas Networks Ltd, a telecommunications equipment maker, had its initial public offering (IPO), offering 17.11 million shares. Some anchor investors right before the IPO were the Abu Dhabi Investment Authority (ADIA), private equity firm East Bridge Capital and PremjiInvest. PremjiInvest is the family office of Wipro […]


SWFI First Read, June 6, 2017

Turks and Caicos National Wealth Fund Bill Passes in House The Turks and Caicos National Wealth Fund Bill on May 31, 2017, had passed in the country’s House of Assembly. This wealth fund would be a non-commodity-based sovereign wealth fund. UBS Buys Majority Stake in Large Brazilian Multi-Family Office [ Content protected for Sovereign Wealth […]


Saudi Arabia Deputy Crown Prince to Target Majority of Aramco IPO Proceeds for Domestic Use

In early May 2017, Saudi Arabia Deputy Crown Prince Mohammad Bin Salman Al Saud, in a state televised address, commented that the Public Investment Fund (PIF) will use proceeds from the initial public offering (IPO) in Saudi Aramco will be spent between 50% to 70% domestically. PIF would support and further strengthen the country’s mining, […]


SWFI First Read, April 8, 2017

KWSP Invests in Melbourne Square Project Malaysia’s Employees Provident Fund, also known as KWSP, is investing 154 million AUD, alongside Malaysian industrial group OSK Holdings, in a mixed-use development in the centre of Melbourne in Australia called Melbourne Square. KWSP is taking a 49% stake in Yarra Park City, a unit of OSK Holdings that […]


Saudi Aramco Names More Advisors for Future Listing

The Saudi Arabian Oil Company (Saudi Aramco) has taken a number of forward steps regarding its planned initial public offering (IPO). For example, in March, the Saudi Arabian government lowered the tax rate paid by Saudi Aramco from 85% to 50%.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view […]


SWFI First Read, March 23, 2017

Amazon to Acquire Souq E-commerce giant Amazon has agreed to acquire Dubai-based Souq.com from its shareholders. Rumors say the sales price was roughly US$ 650 million. This transaction enables Amazon to expand retail e-commerce control in the Middle East. Institutional backers of Souq include Standard Chartered Private Equity, Singapore’s GIC Private Limited, Naspers, Baillie Gifford, […]


Wealth Funds Help Anchor DMart

DMart is a chain of supermarkets and hypermarkets across India that was founded by Radhakishan Damani. This chain lies under the Avenue Supermarts Ltd family, which also owns D Mart Minimax, D Mart Premia, D Homes, Dutch Harbour and others. This company has attracted sovereign funds, asset managers, private equity and family offices as anchor […]


Follow the Money – Episode 32

This episode was recorded on February 15, 2017. Rachel and I break into chatting about the SoftBank/Fortress Investment Group transaction. Rachel reports on VietJet, while I discuss direct wealth fund deals into mainland China. We dive into emerging market deals in countries such as Brazil and India. I talk about direct deals and the headaches […]


GIC Takes VietJet for a Ride

VietJet Aviation Joint Stock Company (VietJet), a Vietnamese budget air carrier, breathed life into plans to go public. VietJet was granted initial approval to operate in November 2007 by Vietnam’s Minister of Finance and was founded by Nguyen Thi Phuong Thao, a Vietnamese businesswoman. In the 1980s, Nguyen Thi Phuong Thao was a student in […]


Moelis Wins Advisory Role in Legendary Saudi Aramco IPO

Moelis & Co., a boutique investment bank, outmaneuvered its rivals to land the sole independent adviser role for the planned initial public offering (IPO) of Saudi Aramco, the state-owned oil colossus of Saudi Arabia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, February 2, 2017

QIA Sells Some Shares in Agricultural Bank of China According to Hong Kong filings, Qatar Investment Authority (QIA) sold 3.84 million H shares of Agricultural Bank of China Ltd. The shares were sold at an average price of HK$ 3.26 per share on January 27, 2017. Post-transaction, the QIA owns a 11.99% stake in the […]


SWFI First Read, January 27, 2017

OFFICIAL: OMERS Kicks in Juice for Fairfax Allies World Deal Toronto-based Fairfax Financial Holdings Limited and the Ontario Municipal Employees’ Retirement System (OMERS) announced that they have entered into an agreement pursuant to which OMERS will invest US$ 1 billion in order to indirectly acquire approximately 21% of the issued and outstanding shares of Allied […]