Mini-Salesforce puts mighty multiple in $9 bln IPO 13 Sep 2021 Freshworks, founded in India, focuses on small firms overlooked by Marc Benioff’s giant. A gradual shift upmarket to companies like Sotheby’s helped it deliver 50% top-line growth. It is seeking a multiple twice as high as bigger peers. It’s possible Freshworks can justify it.
Hong Kong market downs much-needed Friday drink 10 Sep 2021 Chinese bar operator Helens popped 22% on its debut. There are good reasons for investors to be wary of pub listings. But Helens’ proletarian, low-tech nature insulates it from Beijing’s crackdowns. And in a jittery year it’s no surprise local traders started happy hour early.
Viewsroom: Bitcoin, El Salvador and Roger Federer 9 Sep 2021 As the Central American country adopts the cryptocurrency as a coin of the realm, Richard Beales and Gina Chon discuss the merits of stablecoins and the scramble by regulators to catch up with the market. Karen Kwok takes a slice at Roger Federer-backed running shoe outfit On.
SenseTime IPO success rests on overseas investors 9 Sep 2021 The Chinese AI dragon has filed for a mooted $2 bln Hong Kong IPO despite being on a U.S. trade blacklist. There’s plenty of local appetite if regulators sign off. The real test is foreign funds’ ESG standards and if they share a desire to curb the country’s cutting-edge tech.
Capital Calls: AMC, German pet retailer 8 Sep 2021 Concise views on global finance: The movie theater chain enjoyed bumper Labor Day attendance; a trio of private equity suitors are circling Zooplus.
Capital Calls: UK interventions, Post-virus reset 7 Sep 2021 Concise views on global finance: U.S. bidder TransDigm’s withdrawal from the $8.7 bln race for Meggitt removes a tricky decision for the government; Boris Johnson’s new proposals will address social care but not generational wealth divides.
Fund investor’s IPO depends on Goldman connections 6 Sep 2021 Petershill, which buys stakes in buyout and hedge fund managers, is planning a $5 bln listing. It’s a punt on the enduring boom in alternative assets. It also depends on whether the Wall Street firm, which manages the portfolio, keeps finding attractive new firms to invest in.
UAE oil IPO looks safer than Saudi for foreigners 6 Sep 2021 Two years after largely spurning Aramco’s listing, international investors have another chance to buy into a Gulf national oil group. At a potential $11 bln, ADNOC’s drilling arm is smaller and in a less tricky locale. A successful sale would confirm the UAE’s overseas appeal.
Allbirds IPO peddles altruism with ESG feathers 3 Sep 2021 If the ethical shoemaker’s “sustainable public equity offering” is a hit, others will copy it. That would make finance a greater force for good. But Allbirds itself is easy to copy, too, and its governance is second rate. Above $2 bln, investors help the world at their own risk.
Viewsroom: Scoring Ronaldo’s return to Man Utd 2 Sep 2021 Shareholders cheered the prolific Portuguese striker’s surprise decision to rejoin his former club in England. His three-year stint at Juventus, though, was hardly a clear financial victory. Plus: An $80 bln IPO valuation for electric-truck maker Rivian would be too racy.
Capital Calls: New York City is on climate notice 2 Sep 2021 Concise views on global finance: Cities with a higher number of wealthier residents will be able to combat climate related events.
Rivian $80 bln IPO valuation risks electric shock 30 Aug 2021 The 12-year-old electric-truck maker is well funded and has credible backers like Ford and BlackRock. Another, Amazon, will buy 100,000 of its vans. Still, a price tag that high allows no room for error for a nascent manufacturer driving into a competitive market.
Warby Parker proposes float sans Groucho glasses 26 Aug 2021 In an equity market full of disruptors claiming to change the world, the eyewear seller has a simple pitch: It provides specs more conveniently, for less. Growth is average, executive comp unoriginal, and listing direct to investors. At a $4 bln valuation, it’s easy on the eye.
Capital Calls: Pennies matter to dollar stores 26 Aug 2021 Concise views on global finance: Low-margin U.S. retailers are suffering from supply-chain cost inflation, a direct hit to their business model.
Capital Calls: Delta Air Lines’ vaccine stick 25 Aug 2021 Concise views on global finance: The U.S. carrier will charge unvaccinated stateside employees $200 per month towards healthcare. Adding some push to the pull of incentives makes sense.
Federer injects Swiss topspin into On sneaker IPO 24 Aug 2021 The trainer maker favored by The Rock and First Lady is bypassing Zurich for New York, with a mooted valuation of some $6 bln, a pack-leading 7 times sales. Athleisure wear is a crowded space, but On is growing fast. Like its marathoning clients, it’ll need endurance on its side.
Capital Calls: Cook defeats Apple crumble risk 24 Aug 2021 Concise views on global finance: The CEO replaced the ailing Steve Jobs exactly 10 years ago. Despite fears at the time, Cook’s must be one of the most lucrative successions of all time for shareholders.
Branson’s second space SPAC draws awkward parallel 23 Aug 2021 Virgin Orbit, an offshoot of Galactic, inked a blank-cheque deal valuing it at $3.2 bln. With just three successful satellite launches, the projections are a leap of faith. But Orbit is using Galactic’s inflated multiples for validation. It underscores SPACs’ otherworldliness.
Instacart aims to deliver ads as well as groceries 23 Aug 2021 The online shopping service is valued at nearly $40 bln. Going public is on the firm's list, and tech unicorns like their price tags to ratchet upward. New ex-Facebooker boss Fidji Simo hopes to justify that with lots of advertising dollars. She'll need to grab market share fast.
Capital Calls: Amazon, Robinhood, GlobalFoundries 19 Aug 2021 Concise views on global finance: The e-commerce giant may open its own version of department stores; contrary to the stereoptype, Robinhood IPO buyers may be holding rather than flipping; a successful IPO by chipmaker GlobalFoundries would bolster the case for an Arm listing.