DEALTALK-Australia's Macquarie grabbing share of Asia IPOs

miércoles 3 de junio de 2009 12:11 CEST

* Macquarie among banks that may arrange AIA IPO-sources

* Macquarie IPO share gains comes after a 5-year build-out (For more Reuters' Dealtalks, click [DEALTALK/]

By Michael Flaherty

HONG KONG, June 2 (Reuters) - Wall Street and European banks have long sat atop the rankings for arranging initial public offerings across Asia.

So it comes as a surprise to some that Australia's Macquarie Group (MQG.AX: Cotización), which until last year was all-but-invisible in the Asian market for new issues, is involved in a spate of new listings in Hong Kong.

In addition to arranging several IPOs of Chinese companies, sources say Macquarie is among the banks being considered to handle the listing of AIA, the Asian life insurance group of AIG (AIG.N: Cotización) that is seeking to raise around $4 billion. Macquarie and AIA declined to comment on the matter.

Macquarie's quick rise from virtually nowhere in the Asia IPO scene could be attributed by rivals to a few lucky breaks in a previously dead market that's just coming back to life.

But analysts, people close to the bank and even some rivals say Macquarie's market share grab isn't a fluke. The bank began its equity capital markets build-out in 2004 through a deal with Dutch financial group ING ING.AS.

It has since aggressively expanded the ECM business, hiring several hundred people, building an international distribution network critical to syndicating equity offerings and establishing a large fleet of research analysts.   Continuación...