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Equity rout derails IPOs from Spain to India

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By Chitra Somayaji

The volatility in global equity markets derailed more companies plans for initial public offerings as stocks in Asia and Europe dropped on Monday and U.S. equity futures pointed to further declines.

Key Developments:
Abu Dhabi on Monday shelved plans for an initial public offering of a 25 percent stake in Spanish oil refiner Cepsa as investors balked at the valuation in what would have been Europes largest oil IPO in a decade.

Indian real estate company Lodha Developers Ltd. has also postponed an IPO, in which it had initially anticipated raising about 55 billion rupees ($743 million), people with knowledge of the matter said.

OCC Cables Ltd. on Friday said it will no longer proceed with an IPO in Hong Kong due to adverse market conditions.

Vehicle fleet operator LeasePlan Corp. fell victim on Thursday, citing market conditions for its decision to abandon an IPO that could have valued it at as much as 7.4 billion euros ($8.1 billion).

Sonae SGPS SA on Thursday said it wouldnt proceed with the 412 million-euro IPO of its Sonae MC unit, owner of Portugals biggest supermarket chain, “due to current adverse conditions in international markets.”

Tencent Music Entertainment Group, the online-music arm of Chinas largest social-media company, is also pausing its plans for an IPO in the U.S., a person with knowledge of the matter said last week.

On the Other Hand:
Porsche AGs chief financial officer said a share sale of Volkswagen AGs most profitable unit could see the sports-car maker valued at as much as 70 billion euros.

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National Atomic Company Kazatomprom, the worlds largest producer of natural uranium, is considering a London IPO and said it plans to publish its registration document on Monday.

SoftBank Group Corp. has picked banks including Nomura Holdings Inc., Goldman Sachs Group Inc. and Deutsche Bank AG as lead underwriters for a 3 trillion yen ($27 billion) IPO of its Japanese wireless business, people with knowledge of the matter said Friday.

Business-planning software company Anaplan Inc., which raised $263.5 million in an IPO, soared about 43 percent in its U.S. trading debut on Friday, giving the San Francisco-based company a market value of almost $3 billion.

Knorr-Bremse AG, the worlds biggest maker of truck and train braking systems, climbed in its first day of trading to end Friday with a market value of 13.1 billion euros ($15 billion); the German company this month listed its stock in Europes second-largest IPO of the year.

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