The after-market performance of companies with secondary offerings has held up, with shares rising an average of 5.5% above their offer price after the deals, according to data compiled by Bloomberg. The Las Vegas Sands share sale ended up at a 7.7% discount, which, though wider, is still within the typical 5% to 8% range for such offerings. General Electric priced this month’s sale of $2 billion worth of shares in AerCap Holdings NV at a 3.6% discount to the company’s last traded share price, while Sempra’s $1.2 billion offering was sold at a mere 2% discount, Bloomberg calculations show. Read More: Smaller Discounts for Europe’s Block Trades Show Investor Appeal

Several large deals were priced at relatively small discounts, echoing a trend in Europe, and reflecting a growing appetite for share sales. The Las Vegas Sands offering brings the tally of deals raising over $1 billion this month to five, the most in any month this year, according to Bloomberg calculations. The S&P 500 is up nearly 9% this month as investors pile in, even with ultra-safe 10-year US Treasuries offering yields above 4%. The jump in activity in November comes with broader equity benchmarks headed for their best monthly performances since July 2022. A well-known, seasoned issuer or an issuer that has an effective shelf registration statement can get these deals together pretty quick,” said Rachel Phillips, a partner at Ropes & Gray. “With a follow-on, you have more flexibility to be opportunistic.

take advantage of a rising stock market and earnings reports in the rear-view mirror. The flurry of sales comes as a wide range of investors, from family moguls like the Adelsons to conglomerates including General Electric Co. With one day to go, November is almost certain to become the busiest month for the offerings since November 2021. The share sale bolsters the windfall for Corporate America and its biggest investors to $15.38 billion this month, just shy of the $15.39 billion raised in May, according to data compiled by Bloomberg. The family of the late casino mogul Sheldon Adelson offloaded more than 46 million shares of the company in a move to buy a stake in the Mavericks from 65-year-old tech billionaire Mark Cuban. shares to acquire a stake in the NBA’s Dallas Mavericks has the market for secondary offerings on pace for the busiest month in two years. (Bloomberg) - Miriam Adelson’s sale of roughly $2 billion in Las Vegas Sands Corp.

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