IPO

Capital Calls: Couch-potato habits help Roblox

9 Nov 2021

Concise views on global finance: The video game app’s shares surged 36% on Tuesday after it said sales nearly doubled in the quarter.

Indian startup repackages deliveries for investors

9 Nov 2021

Delhivery has grown its reach by relying on partners for warehousing and last mile, so it owns fewer assets than FedEx and Chinese peers. That leaves it more dependent on tech and exposed to volatile costs like rising rents. A $5.5 bln IPO valuation might be slow to stack up.

Richard Li’s FWD could use an IPO insurance policy

4 Nov 2021

The Asian indemnifier added China risk factors to its U.S. prospectus even though it doesn’t operate there. It feels like a last-ditch attempt to secure SEC approval before any buzz dies down. The Hong Kong bourse, which probably should have been Plan A, makes a suitable Plan B.

Allbirds upsizes its IPO, downsizes its ideals

3 Nov 2021

A $2.2 bln offering raised more money than the ethical shoe company expected. Its blueprint for a "sustainable" IPO got diluted, though - and a pledge to pick banks on ESG credentials vanished. Even a red-hot brand can only push Wall Street's underwriting oligopoly so far.

Chinese IPOs return to New York with a whimper

2 Nov 2021

LianBio, the first Chinese company to float in the city since Didi’s catastrophic listing, fell 14% on its debut. It touts a Cayman Islands domicile and U.S. backers but most of its business is in the People's Republic. Investors who once loved such hybrids distrust them now.

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.