GQG Partners IPO price tightened, bookbuild accelerated (from...

GQG Partners IPO price tightened, bookbuild accelerated (from AFR)
The book messages were flying around the market on Wednesday morning, as brokers moved to wrap up early finishes for the GQG Partners and SiteMinder initial public offerings.GQG Partners’ bookbuild was brought forward to Wednesday from Friday, while SiteMinder’s would be done by lunchtime on Wednesday.Street Talk. Louise KennerleyGQG Partners’ brokers, UBS and Goldman Sachs, were calling for bids at $2 to $2.10 a share, which was a narrower range than the earlier advertised price range at $2 to $2.20.In a book message on Wednesday morning, the brokers said there was demand in excess of the offer size at $2 a share prior to the books formally opening.They were calling for bids by close of business on Wednesday.AdvertisementAt $2 a share, GQG Partners would raise $1.187 billion to list with a $5.91 billion market capitalisation. At $2.10, it would be a $1.25 billion raising and $6.2 billion market cap.Meanwhile the same two brokers, plus Barrenjoey, also told fund managers that the bookbuild for SiteMinder’s IPO would close ahead of schedule at 1pm on Wednesday.SiteMinder was seeking to raise $627 million to value the group at $1.36 billion on a market capitalisation basis. The deal was underwritten over the weekend, following a round of cornerstone bids.