pipeline

Two US-listed Chinese issuers seek fresh capital, India’s Power Grid hits the market with a billion dollar deal and investor education launches for two more Hong Kong listing candidates.

Phoenix Healthcare is set for a good debut after attracting $5 billion of demand and Qinhuangdao Port is fully covered after three days, while Dongpeng is forced to cut the price and China Everbright hopes to be third time lucky.

Hospital operator Phoenix Healthcare will be the latest addition to a long line of listing hopefuls in Hong Kong when it kicks off an IPO of up to $191 million on Thursday.

More companies launch roadshows, while Kerry Properties and Power Assets announce Hong Kong spin-offs. Huishan Dairy falls 3% in its debut.

OUE Hospitality Trust launches an offering of up to $481 million one day after SPH Reit hit the market, while Ranhill Energy and Resources leads a host of listing hopefuls in Malaysia and Puradelta Lestari starts to gauge the demand for Indonesia’s largest IPO this year.

So far, only 26% of the funds raised in the equity capital markets in Asia have come from new listings, and the pipeline for the rest of the year suggests that is unlikely to change materially.

While bankers are hoping for a revival of the IPO market, all eyes are on AIG as the lockup of its remaining $7.3 billion stake in pan-Asian life insurer AIA expires on September 4.

The start of pre-marketing for Graff Diamonds' IPO this week marks the beginning of a series of billion dollar offerings that are expected to hit the market in the next few weeks.

For high-yield names, investors are demanding an attractive new-issue premium.