IPO

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.

Buyout barons’ IPO castoffs trade may be repeated

16 Jul 2024

Clayton Dubilier & Rice’s $2.6 bln offer for software firm Exclusive Networks would see it scoop up a stock that has drifted since a 2021 listing. Majority-owner Permira would get a handy way to cut exposure. A long list of struggling initial offerings mean more deals may follow.

Li clan take a tiny step to beat China value trap

12 Jul 2024

A plan for an additional listing, possibly in London, for their $15 bln infra company will allow investors shunning Hong Kong to buy the stock. As for CKI's larger parent, its revenue is globally diversified. The family faces a long slog to limit damage from its China roots.

UK’s Labour takes dicey punt on a laxer City

11 Jul 2024

Chancellor Rachel Reeves’ endorsement of pre-existing regulatory proposals to boost London’s stock market will endear her to bankers working on deals and IPOs. But asset managers dislike plans that involve diluting shareholder rights. And Labour needs their help to boost growth.

Stubborn IPO lull defies supply and demand logic

9 Jul 2024

Despite solid market debuts by Reddit, Galderma and Viking, the $49 bln raised in the first half is the lowest tally since 2016. It’s vexing for buyout firms with $3 trln of assets to sell and investors with $10 trln in cash to spend. Economic theory suggests a price imbalance.

Shein maps out how to charm the world in India

5 Jul 2024

The $63 bln fast fashion giant is relaunching four years after it was banned, this time in an alliance with Mukesh Ambani's Reliance. If Shein can claw its way back into a country that aggressively curtailed Chinese interests, partnerships may be the way forward elsewhere too.

Nvidia customer’s valuation voodoo tests AI mania

2 Jul 2024

Germany’s $1.4 bln Northern Data has access to the US giant’s sought-after chips and makes money by renting them out. It may re-list parts of the business on the Nasdaq. If investors accept a mooted $10-16 bln price tag, it’s a sign the market has truly lost touch with reality.

Shein would lose all its shine in a Hong Kong IPO

2 Jul 2024

The $63 bln online retailer may debut in the Asian hub if its plan to list in London fails, per the FT. Not only would that confirm its failure to thread the needle between its Western markets and its Chinese roots. It would result in a slashed valuation and orphan-stock status.

Wanted: A buffed-up board to put a sheen on Shein

28 Jun 2024

The $63 bln fast-fashion giant needs to find a chairman and board directors ahead of a London IPO. Providing comfort to fund managers jittery about Shein’s supply chain and cheap clothes will be tough. Breakingviews imagines how a headhunter might approach potential candidates.

Ola sets a mileage test for India’s EV market

27 Jun 2024

Investors are resisting the electric scooter maker's mooted IPO price-tag. At $7 bln, it's 30% higher than the SoftBank-backed company's last fundraise. Bhavish Aggarwal's startup has an early-mover advantage and deserves a premium valuation but peers are catching up fast

China’s bureaucrats can repopulate unicorn herd

24 Jun 2024

President Xi Jinping wants to know why the number of new $1 bln startups has dwindled. His crackdown on the tech sector and a sluggish economy have discouraged venture capitalists and entrepreneurs. Deploying state funds and reopening IPO markets can help revive animal spirits.

Permira has many motives to kill its Golden Goose

19 Jun 2024

The sneaker brand blamed Europe’s political uncertainty for pausing its $1.9 bln listing. Yet a sluggish luxury market and slower growth had already forced it to scale back its price ambitions. For the private equity shop, avoiding a repeat of Dr. Martens’ IPO flop is paramount.

Didi IPO would give Hong Kong its dream comeback

19 Jun 2024

Hong Kong listings have raised a paltry $1.5 bln this year. To restore animal spirits, the city needs a big offering from a well-known Chinese firm to showcase Beijing's support for offshore share sales and the end of tech crackdowns. Few tick as many boxes as the ride-hailer.