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.
Tencent Music may have further depths to plumb 17 Aug 2021 The $15 bln company is adding subscribers at an impressive pace, suggesting its antitrust woes are over. Its karaoke apps, though, are losing users as censors prepare to crack down on streaming services. Shares have more than halved this year, yet it’s too soon to call bottom.
Capital Calls: Authentic Brands nabs Reebok 12 Aug 2021 Concise views on global finance: The Juicy Couture owner is buying Reebok from Adidas for up to 2.1 bln euros. It looks like a relative bargain, both compared with the German group overall and what the company paid for Reebok 15 years ago.
China Telecom’s U.S. exile is a boon for investors 12 Aug 2021 The mobile network’s $7.3 bln Shanghai share sale is the world’s largest this year. The listing comes with a buyback pledge and higher dividends as China’s watchdogs push those kicked off U.S. bourses to bolster payouts. It’s almost a pity Washington didn’t ban more companies.
Capital Calls: Olympics on TV, Abrdn 10 Aug 2021 Concise views on global finance: NBC Universal's prime-time viewers for the Tokyo games were only half as many as for London 2012, boding ill for traditional U.S. TV; the British asset manager formerly known as Standard Life Aberdeen may be turning the corner.
Capital Calls: Brookfield, Macquarie 9 Aug 2021 Concise views on global finance: An insurance wing of the Canadian financial empire may bring a dash of risk to a conservative Texan insurer, while Australian investment bank Macquarie has snapped up a stake in British utility Southern Water.
Beauty shop IPO makes Indian tech listings blush 9 Aug 2021 Falguni Nayar’s Nykaa is growing fast by selling cosmetics and fashion products to a loyal band of millennials in far-flung cities. Unlike its high-profile compatriots racing to market, it ekes out a profit too. That makes its mooted up to $4.5 bln valuation look less dolled up.
Capital Calls: U.S. jobs, BBQ IPOs, Wm Morrison 6 Aug 2021 Concise views on global finance: The Delta variant puts a leisure job boom at risk; two grill makers’ floats show the IPO market isn’t frozen; Fortress strikes in the bidding war for a UK supermarket.
South Korea’s fintech wars put banks on back foot 6 Aug 2021 Web giant Kakao’s digital bank and payments affiliates are going public while rival Toss raised funds at a $7.4 bln valuation. Up for grabs is the country’s $1 trln lending market. The digital disruptors’ early gains in retail loans spell trouble ahead for incumbents.
Capital Calls: GM, Hugo Boss, NYT, Frontier tech 4 Aug 2021 Concise views on global finance: The U.S. automaker finds inflation cuts both ways; the German-listed fashion brand hopes to double sales by 2025; advertising is a bright spot for the New York Times; Zymergen vaporized 75% of its value under four months after a $3 bln IPO.
Policybazaar IPO stacks up in a price comparison 4 Aug 2021 The SoftBank-backed insurance and loans marketplace is worth 42 times sales on a mooted $5 bln valuation. Its leading digital market position and blistering growth justify the high multiple, despite rising competition from rivals like Paytm which could beat it on distribution.
Capital Calls: Grab, Gaming, SocGen, Stellantis 3 Aug 2021 Concise views on global finance: The Southeast Asian super-app delivers some of the goods; Tencent shares tank after Chinese state-media criticism; the French lender’s investment bank overhauls goals; the carmaker hikes operating margin targets to a chunky 10%.
Li Auto’s Hong Kong debut extends battery hedge 3 Aug 2021 The New York-traded carmaker aims to raise $1.9 billion by adding an HKEX listing. Unlike peers Xpeng and Nio, it sells hybrids, with no pure-electric models on the road until 2023. It’s a wager on a slower energy transition in China that could bring profitability before rivals.
U.S. IPO market hits oversupply problem 30 Jul 2021 There are too many companies coming to market, even excluding record numbers of blank-check vehicles. Robinhood’s vaunted offering fell flat, battery maker Clarios delayed its debut, and fruit purveyor Dole downsized. Other IPOs did better, but investors can afford to be choosy.
Capital Calls: China, Disney, Banks, P&G, Fintech 30 Jul 2021 Concise views on global finance: The SEC wants more disclosures on IPO risks related to Beijing regulators; plus Scarlett Johansson’s lawsuit, EU stress tests, consumer prices, and Qatar’s investment in an African fintech.
Grab’s tiny deal spotlights big Indonesia turf war 30 Jul 2021 A deal to shore up ties with a Jakarta conglomerate recalls the country’s importance for the super-app’s growth ahead of its $40 bln New York debut, and as top local rivals merge. Grab’s Southeast Asian footprint has benefits, but Indonesia carries outsize strategic value.
Robinhood spoons up taste of own medicine 29 Jul 2021 The limp day one stock performance of Vlad Tenev’s online brokerage following its $32 bln IPO says little about its prospects. Consider Facebook’s debut on the one hand, or Ask Jeeves on the other. The sour part is that rapid growth for Robinhood depends on share prices going up.
IPO U-turn is probably Didi’s most sensible route 29 Jul 2021 The beleaguered $40 bln Chinese ride-hailing group denied a report that it plans to go private a month after its U.S. debut. Changing course would be embarrassing and quite costly. But it may be the best way to get back in Beijing’s good graces amid a continuing crackdown.
Capital Calls: U.S. GDP 29 Jul 2021 Concise views on global finance: Supply chain woes are tripping up solid U.S. economic growth. GDP grew 6.5% in the second quarter, a big miss from estimates of 8.5%.