Shares of parka maker Canada Goose Holdings Inc. rose in their debut on Thursday in Canada and the United States, creating a steep valuation fuelled by investor hype on both sides of the border.
The stock soared 27 per cent to $21.53 in Toronto, closing 10 per cent, or $2.45, lower from its high. The retailer had priced the 20 million shares that were sold in its initial public offering at $17 apiece, above its expected $14 to $16 range. It is also listed on the New York Stock Exchange.
The order book for the IPO was more than 20-times oversubscribed, a source close to the matter says. Story
Painted Pony to buy IPO candidate Unconventional Gas
A Montney natural-gas producer tipped as a potential candidate for an initial public offering has agreed to sell itself instead.
Calgary-based Unconventional Gas Resources (UGR), backed by private-equity firms ARC Financial Corp. and Houston-based EnCap Investments LP, was among several producers in the British Columbia exploration zone said to be on track for a public stock sale.
Instead, it is being acquired by Painted Pony Petroleum Ltd. for $229.6-million in shares, plus the assumption of $47-million in UGR debt. Story
DAILY DEALS
Canada Pension Plan Investment Board (CPPIB), Singapore wealth fund GIC and property owner Scion Group LLC said on Thursday their joint venture had bought three U.S. student housing portfolios for about $1.6-billion, in its second major deal in the United States. Story
Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country's Orinoco Belt extra-heavy crude area, five industry sources said, in a sign of the Latin American nation's dire economic situation and Moscow's growing muscle there. Story
Indian billionaire Anil Agarwal said he wants to buy a 2 billion pound ($2.45-billion) stake in Anglo American, a major vote of confidence in the global miner's recovery. Story (Reuters)
The British government has referred Rupert Murdoch's planned £11.7-billion ($19.24-billion) takeover of European pay-TV group Sky to regulators to decide if the deal is in the public interest. Story
ELSEWHERE IN FINANCE
Goldman Sachs Group Inc. has become the largest buyer of severely delinquent home loans from mortgage giant Fannie Mae over the past year and a half, acquiring nearly two-thirds of $9.6-billion in loans the agency has auctioned, government records show. Story (WSJ, subscription required)
Financial institutions are increasingly applying their money-laundering monitoring systems to identify and disrupt human trafficking, a nascent effort that requires greater co-ordination with law enforcement and non-profit organizations for better results, according to a U.K. intelligence think-tank. Story (WSJ, subscription required)
In the most recent rankings of Americans' trust in big businesses, for instance, bulge-bracket banks occupied the lowest quartile, with Goldman Sachs and Wells Fargo filling in two of the lowest three spots on the 100-company list. Story (Dealbreaker)