IPO

Filmmaker’s SPAC deal stages Oscar-worthy horror

4 Oct 2024

Angel Studios is going public at a $1.6 bln valuation with scary self-dealing and bitcoin featured. It also lost its biggest show, owes damages to Disney and courted controversy with child-trafficking movie “Sound of Freedom.” Even seasoned blank-check pros will be spooked.

German IPO gives buyout shops scant cause to cheer

4 Oct 2024

Academic publisher Springer Nature rose 7% on its Frankfurt debut. But it had been offered at a tangible discount to help owner BC Partners offload a long-held stake. Private equity sellers in a similar position won’t get much encouragement to take the plunge too.

India’s Swiggy tries enticing IPO bargain hunters

30 Sep 2024

The money-losing food delivery group is eyeing a valuation of up to $15 bln, or 10 times forecast sales, in its debut. That’s a sensible discount to profitable and faster-growing rival Zomato. The bet is that customer loyalty and improving earnings will help Swiggy catch up.

Blackstone polishes its diamond bet to perfection

25 Sep 2024

The buyout shop may target a $4 bln valuation for rock certifier IGI, seven times what it paid last year. Restructuring the Belgium-founded business into an India-led entity and floating it in Mumbai where valuations sparkle helps. At least the company's dressing-up makes sense.

Beijing IPO meddling leaves bad taste in Hong Kong

23 Sep 2024

Regulators have put three bubble tea firms’ offerings on hold. Why? Because listed peers have performed poorly amid tough competition, Reuters reports. That may be true, but it’s a decision for companies and investors. China’s heavy handedness bodes ill for the city’s bourse.

For global firms, India IPOs are a honey trap

17 Sep 2024

Hyundai and LG Electronics are each keen to float their local subsidiary on Mumbai bourses. Rich valuations are on offer. Companies have been burnt, though, by chasing additional listings around the world. The risk of getting hurt looks particularly bad in India.

India’s mortgage IPO builds on many riches

16 Sep 2024

Shares of Bajaj Housing surged 125% on their debut. That reflects faith in its $56 bln investor darling parent and robust demand for expensive homes. It also hints at deep scepticism among sellers about the sustainability of rich valuations in the country's equities market.

German $10 bln publisher IPO is buyout exit test

12 Sep 2024

BC Partners wants to list Springer Nature, after past floats of the group failed. Rivals imply a $10 bln valuation is possible. Private equity firms keen to get shot of over-leveraged deals will keep a very close eye on whether the seller gets anywhere near that level.

Midea listing promises Hong Kong a shot in the arm

12 Sep 2024

The electronics maker’s $3.5 bln offering stands to raise more in one deal than the city has seen all year. With solid earnings, diversified revenue sources and strong investor interest, the share sale could provide a boost to sentiment in the deal-starved market.

Reliance can afford to sit out India’s IPO boom

30 Aug 2024

The annual meeting of Mukesh Ambani’s $245 bln behemoth offered few of the customary big-bang announcements. He's not rushing to fulfil promises made to backers KKR and Meta to list his telecom and retail units. A slim conglomerate discount makes waiting easier for everyone.

Buyout shops would cash in redesigned blank checks

27 Aug 2024

Shell-company activity has slowed, but not halted. Deals involving SPACs old and new ensure Wall Street steady fees. A wider resurgence, however, may depend on structural changes. With $3 trln of aging assets in need of exits, private equity could benefit by leading a charge.

India convincingly overcomes its IPO demons

14 Aug 2024

Cautious pricing is paying off. E-bike maker Ola surged on its debut and e-commerce platform Brainbees jumped 46%. The success by the unprofitable SoftBank-backed firms clears the way for big deals that will help the country retain Asia's IPO crown as other venues falter.

Glencore may be the next UK listing to head west

7 Aug 2024

The $61 bln miner had planned to spin off its coal unit via a New York IPO. Given the pollutant’s profit remains alluring, it now won’t. But Glencore boss Gary Nagle could weigh up US investors’ greater fondness for fossil fuels, and opt to move the whole company instead.

Bill Ackman will never be the next Warren Buffett

1 Aug 2024

The hedge fund boss wanted to replicate his idol’s success, starting by raising money from the investing masses. The message failed to register: he pulled his IPO after originally aiming for $25 bln. There’s far more to the Oracle of Omaha than his returns.

Ola down round will worry India’s IPO hopefuls

30 Jul 2024

The SoftBank-backed e-scooter maker wants to go public at a valuation up to $4 bln, a quarter lower than when it last raised money. It's a sign that investor patience towards unprofitable tech stars is running thin. Upstarts eyeing a debut, like Swiggy, will be paying attention.

Chinese EV IPO drives a precarious line in Asia

26 Jul 2024

Hozon may raise $1 bln in Hong Kong to finance a regional expansion. Countries like Thailand and Indonesia hold even more appeal for the Neta maker and rivals like BYD as the EU and US erect roadblocks. But pushing hard into small markets risks rapid saturation and a backlash.

Cold storage IPO merits a warm reception

23 Jul 2024

Lineage, a food warehouse REIT, is seeking a valuation as high as $19 bln in the biggest US public offering this year. The deal values it at a premium to smaller rival Americold. But that makes sense. Scale, which Lineage has, matters. A public currency will only make it bigger.

WH Group’s US spinoff can undo hamfisted bet

23 Jul 2024

The China-based pork producer aims to relist the Smithfield unit it bought for $7.1 bln over a decade ago. Trade wars and swine fever have dashed hopes of integrating US and mainland operations. By the same token, Smithfield's Wall Street return can unlock value for its parent.

Vivendi only half-solves its valuation discount

22 Jul 2024

The 11 bln euro French media group is spinning off and listing pay-TV arm Canal+ in London and ad group Havas in Amsterdam. It should unleash value. Yet the remaining listed bits, holding media assets and a ragtag of investments, may just suffer from an even more acute markdown.

Stripe would be an ugly pattern for Silicon Valley

16 Jul 2024

The fintech firm led by the Collison brothers has outlived most venture capital funds without going public. Its $70 bln valuation looks generous for a sluggish IPO market anyway. Sequoia cashing out older backers with newer funds buys time, but also distorts the investment model.