Nine, the most highly-anticipated float of the year, has not been knocking anyone’s socks off.
But don’t worry, UBS says this is not a bad sign for Australian IPOs in 2014.
Nine is trading around 6% below its issue price since listing earlier in the month, which is slightly lower than the broader market.
But according to the AFR, UBS is predicting ECM volumes to be up on this year in 2014.
“Activity in the range of $100 billion to $125 billion would be a good outcome in 2014,” UBS Australia head of corporate advisory, Anthony Sweetman said in the article.
“One reason we are more optimistic for 2014 is an increase in contested transactions, which wasn’t really the case for most of the past three years.”
There’s more here.