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Bloomberg
5 days ago
- Business
- Bloomberg
Dan Loeb Risks Winning a Pyrrhic Victory in UK Trust Fight
US hedge fund manager Dan Loeb has all but won the battle to reinvent his ailing UK investment trust as an insurance company mimicking mighty private asset manager Apollo Global Management Inc. Along the way, this tiny transaction has become symbolic of the awkward choice facing London stock-market members who are struggling — liquidate, or change strategy. Third Point Investors Ltd. is a UK-listed closed-end fund that invests in Loeb's New York-based Third Point LLC hedge fund. As a London stock, it's arguably failed, having long traded at a wide discount to the underlying value of its holdings. The standard fix — buying back cheap stock — hasn't worked. The simple, albeit somewhat drastic, remedy would be to sell the assets, return the cash to shareholders and shut down. Instead, the board opted to transform the firm by merging with — and thereby becoming — an insurance company, Malibu Life Reinsurance SPC. TPIL's assets will become capital to fund Malibu's growth.
New Indian Express
7 days ago
- Business
- New Indian Express
SBI, two other investors to make a killing from Rs 3,600-crore JSW Cement IPO
MUMBAI: JSW Cement, the slag-focused cement maker that had scaled down its primary share sale size by Rs 400 crore, has fixed the price-band for the Rs 3,600-crore issue that opens on August 7 at Rs 139-147, valuing it at the upper end at Rs 20,040 crore. The issue consists of Rs 1,600 crore in fresh issue, making this the largest fresh issue in the cement sector in the past 10 years, and Rs 2,000 crore in offer for sale by Apollo Global, Synergy and SBI, which had collectively invested Rs 1,600 crore in the company in the third quarter of FY22. The company was planning the IPO in January 2025 but last September the regulator Sebi had withheld permission for alleged regulatory lapses involving the inter-se transfer of investments held by Hexa Securities and Finance in which several Jindal family members, including group chairman Sajjan Jindal, were holding director positions. The Rs 2,000-crore OFS involves SBI and two other investors AP Asia Opportunistic Holding (Apollo Global) and Synergy Metals Investments Holdings offloading their stakes. While AP Asia Opportunistic Holdings, and Synergy Metals will be selling shares worth Rs 937.5 crore each in the OFS, SBI will be selling shares worth Rs 125 crore, making a clean profit over its weighted average investment cost of Rs 65.45 per share or 124.6% gains on its investment. The other two investors will be making 115% and 117%, respectively off their investment in four years. The company intends to utilise Rs 800 crore of the fresh issue proceeds for part financing the capex on a new integrated cement unit at Nagaur in Rajasthan, and a further Rs 720 crore to repay debt which stood at Rs 6,166.6 crore as of March 2025, up from Rs 5,836 crore a year before. The company has already deployed Rs 287.8 crore in its Nagaur unit till June 2024, out of a total estimated cost of Rs 2,697.3 crore. The remaining Rs 2,409.4 crore will be funded from IPO proceeds (and project loan of Rs 1,609.4 crore). The company with 20.6 million tonnes of annual capacity, which it is planning to take to 41.8 million over the next four to five years, had filed the IPO papers with Sebi in August 2024, but Sebi kept the approval on hold in September and the final approval was accorded only this January.
News18
03-08-2025
- Business
- News18
JSW Cement IPO: Rs 3,600-Crore Issue Opens August 7; Check Key Dates, Financials & More
Reported By : Last Updated: August 03, 2025, 11:47 IST JSW Cement To Launch Rs 3600 Cr IPO On August 07. JSW Cement IPO: The Sajjan Jindal-led JSW Group and backed by private equity firms Apollo Global and Synergy Metals, JSW Cement, is set to raise Rs 3,600 crore through its initial public offering (IPO), opening on August 7. The offer will remain open for subscription till August 11, while the anchor book for institutional investors will open on August 6. The total issue size is lower than the previously proposed Rs 4,000 crore, as per the latest red herring prospectus (RHP). The allotment of JSW Cement will be finalised on August 12, and JSW Cement shares will debut on the BSE and NSE on August 14. If launched, this would mark the first IPO from a large Indian cement player since Nuvoco Vistas' Rs 5,000 crore listing in August 2021, which was backed by the Nirma Group. It also comes less than a year after JSW Infrastructure's public listing in October 2023—the first IPO from the JSW Group in 13 years. JSW Cement's IPO plans arrive at a time of heightened consolidation and competitive intensity in India's cement sector, which has seen a series of mergers and acquisitions involving top players like UltraTech Cement (Aditya Birla Group) and the ACC-Ambuja combine (Adani Group). JSW Cement had earlier acquired Shiva Cement in 2017, which now acts as a clinker supplier—a key ingredient in cement manufacturing—for the parent company. The IPO is being managed by a consortium of investment banks including JM Financial, Kotak Mahindra Capital, Jefferies, Axis Capital, Citi, Goldman Sachs, DAM Capital, and SBI Capital Markets. Khaitan & Co is acting as the company's legal counsel. GMP for JSW Cement IPO has not started yet. JSW Cement's Expansion Plans JSW Cement focuses on manufacturing green cementitious products such as portland slag cement, portland composite cement, and ground granulated blast furnace slag. The company also produces ordinary portland cement and a range of allied products including ready-mix concrete, construction chemicals, waterproofing compounds, and screened slag. As of March 2024, the company had an installed grinding capacity of 20.60 million metric tonnes per annum (MMTPA) and clinker capacity of 6.44 MMTPA. According to the DRHP, proceeds from the fresh issue will be utilised for setting up a new integrated cement plant in Nagaur, Rajasthan, repaying debt, and general corporate purposes. Swipe Left For Next Video View all Founded in 2009 in southern India, JSW Cement currently operates seven plants across the country. The company aims to more than double its grinding capacity to 40.85 MMTPA and clinker capacity to 13.04 MMTPA in the coming years. Its long-term target is to reach a total cement production capacity of 60 MMTPA. Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. Varun Yadav Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst... Read More Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst... Read More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! view comments News business » ipo JSW Cement IPO: Rs 3,600-Crore Issue Opens August 7; Check Key Dates, Financials & More Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Read More
Reuters
23-07-2025
- Business
- Reuters
Private equity firms including Clearlake have bid for Forward Air, sources say
NEW YORK, July 23 (Reuters) - A handful of private equity firms, including Clearlake Capital, Platinum Equity and EQT, have submitted bids to buy Forward Air (FWRD.O), opens new tab, three sources familiar with the matter said, as the process to sell the U.S. trucker picks up speed. Forward Air, which specializes in moving hauls which do not take up a full truckload, signaled to investors it wants the strategic alternatives review it announced in January to be wrapped up in a few weeks, possibly around the time the company is expected to release earnings on August 11. Sources said buyout firms Apollo Global Management (APO.N), opens new tab and AIP have also made bids to buy Forward Air. It could not be immediately learned what the bidders were offering to pay, the sources said. Representatives for Forward Air and AIP declined to comment. Clearlake, Apollo, Platinum and EQT did not immediately respond to requests for comment. The sources spoke on the condition of anonymity to discuss the private talks, and cautioned no deal is guaranteed and other bidders could still emerge. In June, Reuters reported that Apollo and Blackstone (BX.N), opens new tab, as well as Platinum and Clearlake, had expressed interest in bidding for the company, signing confidentiality agreements in order to review documents that would help inform their decisions. Greeneville, Tennessee-based Forward Air's share price has tumbled roughly 75% since the company said two years ago it would acquire Omni Logistics, a deal that closed in early 2024. But it has jumped 27% over the last month, pushed by expectations the company will eventually be sold. It traded at $28.14 on Wednesday. The company is currently valued at $855 million, but on a fully diluted basis, including net debt, analysts said the company's enterprise value is closer to $3 billion. Frustrated by the unpopular acquisition, several investors last year began pushing for a sale of the company, which was officially announced in January. Ancora Holdings, which owns 4% of the company, in May sought to speed up the process by pushing for the removal of three long-serving directors it blamed for signing off on the Omni deal and stalling the sales process. The directors resigned soon after the company's annual meeting.
Yahoo
21-07-2025
- Business
- Yahoo
Citi Joins Goldman in Asking Junior Bankers to Reveal If They Accepted Other Jobs
(Bloomberg) -- Citigroup Inc. is asking its new class of investment-banking analysts to disclose whether they've already accepted a job offer from another firm, in the latest step by banks to clamp down on aggressive recruitment by private equity firms. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital First-year analysts will be required to complete an 'attestation' intended to 'foster a fair and transparent environment,' according to a memo sent to analysts' managers on Monday and seen by Bloomberg News. The attestation is expected to be a one-time form, but the bank might also ask analysts to repeat it annually, according to a person familiar with the matter. Each analyst's situation will be assessed on a 'case-by-case basis,' the bank said in the memo, which was confirmed by a spokesperson for the bank. Citigroup's move echoes steps by other investment banks to dissuade analysts from leaving after short stints and taking their talent elsewhere. Private equity firms have become more competitive in recent years by recruiting young bankers — freshly trained at a cost to investment banks — with the promise of higher pay. JPMorgan Chase & Co. has said it will fire any analysts who accept outside job offers within 18 months of joining the firm, and private-markets firms such as Apollo Global Management Inc. have said they'll scale back such early stage recruitment efforts. Bloomberg News reported that Goldman Sachs Group Inc. will be asking its new analysts to confirm every three months whether they've taken outside offers. Goldman has also leveraged its own private markets arm as a sweetener to investment-banking analysts thinking of leaving. It plans to offer a select group of interns the guarantee of a move to its asset- and wealth-management division after two years of work in its investment-banking business, according to a memo last week. Citigroup is also tightening oversight at a time when it's trying to build out its investment bank under new leadership. Head of Banking Vis Raghavan, who joined the firm last year from JPMorgan, has recently hired senior bankers from his former firm and Goldman in a push to increase the share of Citigroup's work with the same private-market investors who are scouting for recruits at investment banks. A Rebel Army Is Building a Rare-Earth Empire on China's Border Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
