French cloud IPO is a bet on EU tech sovereignty 5 Oct 2021 OVHcloud is listing in Paris for up to 3.7 bln euros. Slow growth and the tight grip of founder Octave Klaba justify the IT group’s low valuation. But sales could surge if European businesses and governments push to keep data at home rather than with Amazon, Google or Microsoft.
Capital Calls: U.S. deal watchdog, Italian IPO 5 Oct 2021 Concise views on global finance: Blog posts from the FTC’s competition chief reveal plans to go way bigger when extracting concessions from merging companies; Italy's $5 billion security group Leonardo is taking a second run at listing its DRS unit in the United States.
Capital Calls: Pandora, Facebook files pack punch 4 Oct 2021 Concise views on global finance: A leak with rich people’s offshore activities and a Facebook exposé reinforce perceptions with facts; GitLab’s float shows Microsoft’s wise 2018 buy; Volvo IPO aims to supercharge EV plans; BT’s bid to rule UK broadband may face U.S. competition.
Rivian risks reckless run onto public markets 4 Oct 2021 The electric-vehicle maker backed by Amazon and BlackRock only just started selling its first model. It’s also burning cash fast and Jeff Bezos’s e-commerce empire has the upper hand as a big customer for delivery vans. A mooted $80 bln valuation sounds like a runaway IPO.
Capital Calls: Biodiversity, Email, Gene IPO 30 Sep 2021 Concise views on global finance: Taskforce on Climate-Related Financial Disclosures gets a nature-based counterpart; Sweden’s Sinch clinches its fourth communication-software deal in seven months; a 40% bounce on Oxford Nanopore's market debut puts some life into London.
Alphawave crash exposes fragility of UK tech hype 30 Sep 2021 The chip designer’s market value halved after a media report raised fears about related party transactions. Its punchy $4 bln IPO in May was a high point of London’s push to attract startups. Even then, a reliance on a handful of customers left a worryingly thin margin for error.
NordicTrack owner sets up underdog IPO 29 Sep 2021 Fitness firm iFit isn’t as exciting as rival bike maker Peloton, and it doesn’t have as many subscribers. But sales are growing about as fast, margins are better and it sells bikes to gyms, an advantage as basements become a bore. Plus at $6.7 bln, it’s cheap compared to Peloton.
Nordic retail robot IPO carries steep price tag 29 Sep 2021 AutoStore, the SoftBank-backed firm that sells automated warehouses, is listing in Oslo for up to $15 billion. It’s a bet on the boom in online shopping and grocery delivery. Yet the rich valuation relies on breakneck growth in a competitive market and downplays legal risks.
Trucker shortage turbocharges haulage payments IPO 28 Sep 2021 Eurowag has built a lucrative business planning routes and handling payments for haulage firms. A dearth of drivers makes it more important to minimise empty trucks. Even a top-gear 1.7 bln euro valuation leaves mileage for investors in the Czech company’s upcoming London float.
Capital Calls: OCC, China crypto ban 23 Sep 2021 Concise views on global finance: Biden’s pick for the U.S. bank regulator would be a square peg in a round hole; Beijing regulators declared all cryptocurrency activity to be illegal underlining the cons and a pro of the digital assets.
Pan-Asia insurers helpfully crowd onto bourses 24 Sep 2021 Just days after Prudential tapped Hong Kong for fresh funds, Richard Li’s FWD filed for a New York IPO valuing it at up to $15 bln. The upstart is smaller than its $50 bln rival or $137 bln AIA but at last the three offer a way of comparing performance in the fast-growing region.
IPO investors get the Toast without the jam 22 Sep 2021 The $20 bln restaurant booking group priced its offering above the target range amid strong demand for market debutants. Investors are shrugging off wider concerns including a possible economic slowdown in China. Yet even if the stocks pop, IPOs are trailing the broader market.
Time for sports data’s also-ran to Be Like Mike 21 Sep 2021 The $7.6 bln Sportradar’s shares are below last week’s IPO price, and its valuation multiple lags rival Genius Sports. On the plus side, famously competitive basketball icon Michael Jordan now advises the board. Maybe he can help it see that the businesses aren’t that different.
Funky fund IPO puts premium on Goldman factor 21 Sep 2021 Petershill, which owns stakes in buyout groups and hedge funds sourced by the Wall Street firm, is targeting a value up to $5.9 bln. That’s much more than the value of its assets, and closer to a listed investment manager. Investors are placing their faith in Goldman’s contacts.
Universal spin makes case for even slimmer Vivendi 21 Sep 2021 Tycoon Vincent Bolloré has enriched himself and other shareholders by listing the $53 bln label behind artists like Taylor Swift. But his remaining media business still trades with a hefty discount. Offloading his Italian holdings, and putting a stop to M&A, would help fix that.
Pru’s $3 bln Asia shift sets up new AIA battle 21 Sep 2021 The London-based insurer is completing its pivot to the fast-growing region by selling new shares in Hong Kong. The Fragrant Harbour is already home to the $137 bln rival that Prudential failed to buy a decade ago. Now they’re set to compete over punchy valuations.
Capital Calls: China/TPP, Flavourings, Chill-boxes 17 Sep 2021 Concise views on global finance: China formally applies to join the Pacific trade pact; EQT-owned Azelis has a strong market debut; Sweden’s Dometic is shelling out a cool $677 mln for Texan chill-box maker Igloo.
Gene hunter IPO is missing link in British biotech 17 Sep 2021 DNA sequencer Oxford Nanopore is eyeing a UK float, worth perhaps $5 bln. Shunning the bigger U.S. market looks bold, but the company’s niche position in a hot sector will help. While that’s hard to repeat, a success would boost London’s appeal for other life science groups.
Remitly cash-transfer IPO names a high-wire price 16 Sep 2021 The fintech firm that helps immigrants send money home could value its shares at up to $7 bln. Its founders have hit on a genuine need – there’s a $500 bln market for global remittance payments. Yet vast competition and lack of profit make this an expensive kind of transfer.
Federer’s sneaker IPO sets blistering pace 16 Sep 2021 Shares of On, backed by the tennis legend, soared 50% on debut, valuing the running-shoe maker at $11 bln. Rapid sales growth supports the steep valuation. But On has plenty of rivals, and its early success in China may fall foul of Beijing’s hostility to foreign brands.