Olam Adds Raft of Banks to IPO of $18 Billion Food Unit

Bloomberg2022-02-23

(Bloomberg) -- Olam International Ltd. has added a raft of additional banks to work on London initial public offering of its food unit, which could value the business at 13 billion pounds ($17.7 ...

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The IPO is being led by $Citigroup Inc(C-N)$., HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley, according to the people.\nOlam could look to raise about 2 billion pounds from the listing, the people said, asking not to be identified discussing confidential information. The company has been planning for an IPO of the business in the first half.\nDeliberations are ongoing and no final decision on the size of timing of the IPO have been taken, according to the people. A representative for Kepler Cheuvreux couldn’t immediately be reached for comment. Representatives for Olam and the other banks declined to comment, or didn’t immediately provide comment. \nThe listing of Olam’s food unit would help boost London’s flagging IPO market. \nThe U.K. capital has hosted just one IPO of more than $50 million this year, data compiled by Bloomberg show. At $280 million, London’s haul is a fraction of the $4.4 billion that companies had raised in the U.K. at this point a year ago, the data show.\nRisk appetite has dried up across the board as concerns about geopolitical tensions in Europe exacerbate the pressure exerted on equity markets by tightening monetary policy. Added to that, IPO investors have also had to contend with poor returns from some of last year’s large London listings, keeping them on the sidelines. \nMost Read from Bloomberg Businessweek\n\nRemoving Résumés From Hiring Process Can Improve Diversity\nA Pandemic Baby Bump Shines a Spotlight on the Nordic Welfare Model\nWall Street Is Buying Starter Homes to Quietly Become America’s Landlord\nElon Musk’s Boring Company Plots Texas Tunnels\nThe Abortion Pill Is Safer Than Tylenol and Almost Impossible to Get\n\n©2022 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2213995936"}