Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge.
The cryptic data-analytics company is setting a guide valuation of $20 billion for its direct listing next week. Its novel governance means the three founders are in control indefinitely. Incoming shareholders should assume their views won’t count.
The data-analytics firm is making its big pitch this week. There is plenty to cover, like the rationale for variable-voting shares. Unlike an IPO, at least it’s a public event. Work-management outfit Asana is next. Future candidates for direct listings may raise capital, too.
Shareholders of the hedge fund manager’s blank-check company backed the $2.6 bln purchase of Global Blue. The payments business gets a listing and new investors despite a battering from Covid-19. But the SPAC structure and Loeb’s extra tweaks ended up looking ragged.