Russian IPO is carsharing model’s crash test dummy 1 Nov 2021 Delimobil, which is listing in New York, maintains a fleet of 18,000 cars for short trips. It’s fast-growing and EBITDA positive, helped by municipalities offering cheap parking. Its model can accelerate in richer countries, but only if taxes make owning a car too expensive.
Rent the Runway models two clashing looks 26 Oct 2021 The clothing-rental company is pitching a way to lessen the load on its balance sheet as it plans to go public. It’s trying to share the risk of wear and tear of dresses and coats with designers. If it can be less Avis, more Airbnb, its $1.3 bln valuation could be a good fit.
Capital Calls: Zooplus frenzy, Volvo 25 Oct 2021 Concise views on global finance: Buyout barons EQT and Hellman & Friedman are going halves in their pursuit of the $4.3 bln petfood supplier; the $19 bln Swedish carmaker priced its IPO at the bottom of the range.
CoComelon owner faces channel-changing risk 22 Oct 2021 The producers of the hit toddlers’ show may list with a $3 bln valuation, according to the Wall Street Journal. Fresh cash would help them spot the next big sensation. The risks are clients like Netflix cutting out the middleman and kids getting hooked on a rival’s rhymes.
Capital Calls: WeWork listing, Polish games maker 21 Oct 2021 Concise views on global finance: The battle-scarred office-sharing outfit finally started trading on the NYSE after its deal with a blank-check company closed; CD Projekt delays chunky updates to its flagship “Cyberpunk” video game, avoiding a repeat of last winter.
Capital Calls: Spanx’s “velvet ghetto” 20 Oct 2021 Concise views on global finance: Blackstone’s investment in the undergarments company was closed by an all-woman team. That’s progress, but not the best kind.
Volvo Cars’ IPO valuation is suitably smoggy 19 Oct 2021 The marque owned by China’s Geely could be listed at around $21 bln. Hiving off the combustion engine unit was meant to boost its green bona fides. Yet a reliance on gas guzzlers and optimistic battery targets mean the Swedish group will struggle to stand out from dirty rivals.
Russian IPO salad hides some dodgy ingredients 18 Oct 2021 Helped by a global boom, new listings by the country’s companies are at their most active since 2007. Investors are more used to sanctions risk, while Covid-19 has spruced up hopefuls such as real estate website Cian. Others, like St Petersburg’s bourse, may be lumpy leftovers.
London’s IPO revamp gets its cautionary tale 18 Oct 2021 THG’s founder is giving up his golden share in the stricken online retailer, just as regulators prepare to make it easier for executives to keep control after listing. It’s a timely reminder of the benefits of “one-share-one-vote” governance. It’s not too late to turn back.
Solo Brands IPO tests investor taste for “DTC” fad 15 Oct 2021 The direct-to-consumer hawker of a bevy of products, from fire pits to paddle boards to swim trunks, is going public. While the precedents aren’t particularly encouraging, Summit Partners-backed Solo may just get a $1 bln valuation by pitching itself as a traditional M&A rollup.
Capital Calls: Real estate distress is tricky call 15 Oct 2021 Concise views on global finance: Barry Sternlicht’s Starwood Capital has raised a $10 bln fund to buy struggling buildings. With the pandemic's long-term effects unclear, the key will be avoiding those destined to remain empty.
IPO could be the next spin for WPP’s PR combo 13 Oct 2021 The $16 bln ad firm’s Finsbury Glover Hering is merging with Sard Verbinnen to make a $917 mln group. The latter’s owners get a partial exit and option to sell out later on. But, by dangling a potential float, WPP gives the company’s spinners an incentive to make the merger work.
SPAC sponsor giveaways keep IPOs coming 12 Oct 2021 New U.S. blank-check companies are still managing to raise cash, though not at the heady pace of early 2021. To keep the bandwagon rolling, investors are getting incentives like almost-free shares. The vehicles’ backers make so much money that they have plenty of room to share.
Eni’s green listing shows appropriate restraint 12 Oct 2021 The $50 bln Italian oil major’s renewables IPO may value it at 10 bln euros. Recent efforts by rivals don’t inspire confidence, but Eni’s offer blends a nascent green power business with its more established energy retail arm. That should get takers at a more modest valuation.
African phone-mast IPO priced for smooth safari 11 Oct 2021 IHS, which operates 30,000 towers across the continent, is listing in New York after an aborted attempt in 2018. Though its exposure to turbulent Nigeria is a worry, telecom kit has proved its worth in chaotic places. A market value of up to $8 bln reflects a generous discount.
Richard Li’s family baggage weighs on insurer IPO 11 Oct 2021 The Hong Kong tycoon is putting a limit on how long he can keep the supervoting stock he’ll get in the $2 bln float of Asia-focused FWD. But it can be extended while his nearest and dearest can for a time inherit the rights. That erodes the value of such sunset clauses.
Beijing discord drowns out Chinese tech playlist 11 Oct 2021 After dropping New York IPO plans, podcast app Ximalaya is eyeing a $1 bln float in Hong Kong. The prospectus details regulatory uncertainties ranging from censorship to whether it can list at all. It highlights the risk that crackdowns might stifle innovation.
Sweden’s tiny tech investor is proxy bet on Klarna 8 Oct 2021 Sebastian Siemiatkowski is listing his investment firm in Stockholm, including a small stake in the $46 bln buy-now-pay-later lender he runs. Klarna will account for less than a third of the $31 mln portfolio. Still, Flat Capital offers rare exposure to the group before it lists.
Acquisitive Swedes may turn into overseas turnips 7 Oct 2021 Serial acquirer Storskogen has listed in Stockholm and is worth $8 bln. It makes its money hoovering up cheap, small companies from jewellery suppliers to trailer manufacturers. But rapid overseas expansion beyond its home territory will bring fresh risks, and more competition.
Viewsroom: Electric-car global roundup; Facebook 7 Oct 2021 Rivian drops its IPO prospectus, Volvo readies its public market return, Hertz brings on a car guy and GM gets a thumbs up from Engine No. 1. Antony Currie puts it all together. And what does Facebook’s outage mean for shareholders? Gina Chon and Richard Beales weigh in.