Jefferies LLC

Indian pharmaceutical firm Laurus Labs has opened books for an IPO that could raise Rp13.3bn ($195.3m), set to be the year's last big listing in the country.

In another sign of the cautious mood gripping the IPO market in Western Europe, Varta AG, the German microbatteries maker, has called off its €150m Frankfurt IPO. Yet the Nordic market continues to show its resilience, as three successful flotations reach their conclusion this week.

Varta AG, the German maker of micro-batteries for hearing aids and wireless headphones, has withdrawn its Frankfurt IPO that was due to be priced on Tuesday, blaming the “current unfavourable market environment”.

Laurus Labs is raising as much as Rp13.6bn ($198m) from an IPO in India which will open books early next month, after setting the terms of the transaction.

The busy equity block trade action, widely predicted by ECM bankers when the US presidential election produced a bounce in share prices, has continued this week with a string of sales totalling over $1.5bn.

One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.

Saudi Arabia’s International Co for Water and Power Projects (ACWA Power) is lining up the first corporate bond from the country since the sovereign’s $17.5bn debt sale in October. But ACWA’s “complicated” bond has left some investors perplexed and planning to sit out the trade. However, the bookrunners say there are decent anchor orders to support the book nonetheless, writes Virginia Furness.

The momentum in the equity block trade market since the US presidential election has continued this week, with nearly $1.4bn of issuance, as vendors rush to sell assets before the loss of US distribution for the Thanksgiving holiday on Thursday.

Shares in Dometic Group, the Swedish company that makes fridges and freezers for boats and camper vans, fell 3.6% on Tuesday morning after EQT has sold the last of its shares in the company, through an accelerated bookbuild that was covered in half an hour.

Varta AG, the German micro-batteries manufacturer spun out of the historic Varta Group in 2002, has announced the price range for its Frankfurt IPO, aiming to raise €150m.

Greencore Group, the Irish convenience food supplier, has announced plans for a £439m rights issue to partly finance its takeover of Peacock Foods, a US competitor, alongside its preliminary full year results on Monday.

Equity block trade business came back to life this week, as sellers hastened to monetise stakes before the US presidential election.