CVC, SCPEL may list Amtek
CVC Capital Partners Asia Pacific and Standard Chartered Private Equity Ltd. investee Amtek Engineering, Singapore's largest metal stamping company and second largest precision engineering company, reportedly plans to raise as much as S$446-547 million ($344-421 million), including greenshoe and upsize options, through a listing in Singapore.
Amtek was delisted from the SGX in 2007 following a privatization bid launched by CVC Capital Partners and Standard Chartered Private Equity for S$552 million ($425 million), taking 90% of the company. The company reportedly plans to complete its final pricing on November 22nd and is slated to list on Dec 1st, with the public offer held between Nov 24th-29th. According to Reuters reports, Credit Suisse and Morgan Stanley will be acting as joint global coordinators, as well as joint lead managers, bookrunners and underwriters with Standard Chartered Bank.
Southeast Asia sources told AVCJ that the IPO had been expected for over a year, and that other LBO assets in Singapore and Southeast Asia, invested during the peak years prior to the GFC, might be seeking listings soon. Private equity firms, the sources said, would be looking to take advantage of the recovery in public markets valuations to exit their holdings within their fund life cycle timeframes.
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