The IPO went off without a hitch. The Japanese markets were highly volatile in the last quarter of 2018, and global stock market listings were down 20 per cent for the quarter. Yet, Arteria Networks Corporation managed to float smoothly on the Tokyo Stock Exchange, raising $220 million in an IPO that valued the telecoms and internet provider at $550 million. The round was oversubscribed, with “long-only” investors accounting for the majority of the demand, and retail backers also signing up. Within days, the share price was up 3 per cent. For CVC Capital, the global private equity giant with…

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