Wall Street’s finest take on the mighty sponge 17 Jun 2021 The $5 bln IPO of Mister Car Wash has amassed some of finance's most prestigious underwriters. No wonder: It has solid growth, is simple to understand, and shines with profit. The risk is that competition is plentiful - and includes a bucket of water and the neighbor's kid.
Didi IPO runs into flashing regulatory yield sign 17 Jun 2021 Beijing trustbusters are probing the ride-hailing giant as it readies a market debut. Its dominance at home depends less on the anticompetitive tactics used by tech peers. Abrupt crackdowns on Ant and other industries, however, mean investors have been warned of the risks.
Fintech Wise’s hybrid IPO may be a one-off for UK 17 Jun 2021 Like Spotify in the U.S., the money transfer group will list in London without inviting bids from would-be investors. A direct listing is alluring, but only open to companies that don’t need cash and already have a base of external shareholders. Few other hopefuls fit the bill.
Data IPO is bet vs. Amazon, Google and Microsoft 16 Jun 2021 Confluent, which helps companies knit together streams of data, is seeking an $8 bln valuation. Revenue quadrupled from 2018 to 2020. But that's not enough to justify a toppy valuation multiple when cloud competitors include three of the four biggest tech groups on the planet.
Calculator: Didi’s valuation drive 16 Jun 2021 China’s Uber is hoping its IPO will raise $10 bln, which would give it a $100 bln price tag. Justifying that target on current form requires a rich valuation multiple on par with the one sported by Southeast Asian super-app Grab. Barring that, Didi will need to accelerate growth.
Capital Calls: Platinum Equity, FTC chair, Tui 16 Jun 2021 Concise views on global finance: The buyout firm acquires textbook company McGraw Hill and the maker of Singer sewing machines; Joe Biden’s pick for the Federal Trade Commission brings swagger; and another capital hike will still leave the German holiday group heavily indebted.
China’s Didi is less Grab, more Uber 16 Jun 2021 The ride-hailing group’s mooted $100 bln target valuation in New York requires the same chunky acquisition multiple assigned to Southeast Asia's top SPAC target. But Didi is less diversified, and Beijing's crackdown threatens growth. A lower, Uber-like figure is more reasonable.
Del Monte’s slicing and dicing gets fresh twist 16 Jun 2021 An $800 mln IPO of the Philippines unit carries on a fruity M&A obsession that stretches back at least to KKR’s 1989 buyout of RJR Nabisco. Many segments of the brand’s multiple deals have gone sour. Maybe extracting more juice from pushing pineapples to China will be sweeter.
Bolloré and Ackman will beat the Vivendi activists 15 Jun 2021 Agitators including Dan Loeb own stakes in the French tycoon’s conglomerate. A messy plan to list most of music label Universal, while selling 10% on the cheap to Bill Ackman’s SPAC, gives them plenty to aim at. But Vincent Bolloré’s near-30% control means he has the upper hand.
Capital Calls: Corporate America blowback 15 Jun 2021 Concise views on global finance: An investor lawsuit against Trump-era rules on shareholders' proposals is the latest sign of the tables turning.
Capital Calls: U.S. malls are a tale of two REITs 14 Jun 2021 Concise views on global finance: Shopping center operator Washington Prime filed for bankruptcy protection, but the outlook is a bit rosier for premium mall owners.
Greener Acciona comes with stiff family discount 11 Jun 2021 The $9 bln Spanish group’s valuation is yet to reflect the potential uplift from spinning off its renewables unit. That may be because the clan that owns Acciona will also control the new entity. Even so, investors may warm to the fact it could be worth more than its parent.
Didi embarks on ultimate IPO road-test 11 Jun 2021 The Beijing-based ride-hailing giant, last valued at $62 bln, unveiled plans to go public in New York. It’s growing quickly, but cruising into record-high markets, U.S. political pressure on Chinese issuers and tech crackdowns at home. The fare could be steep for new investors.
Icelandic bank’s rebirth is reassuringly prudent 9 Jun 2021 The state is selling 35% of Íslandsbanki, formerly known as Glitnir, which failed in 2008. Its funding, size and asset mix are a far cry from the racy pre-crisis days, when the country’s banking assets hit 10 times GDP. A $1.5 bln price tag looks cheap compared with peers.
Capital Calls: GEO meme, United Parcel Service 9 Jun 2021 Concise views on global finance: The meme stock good-vs.-evil fairy tale is wearing thin with the private prison operator; the logistics company is focusing on high-margin deliveries rather than volume, and investors aren't loving it.
Blocked Nvidia-Arm M&A would hit SoftBank hard 8 Jun 2021 CEO Masayoshi Son agreed to sell his chip designer to the U.S. giant for $40 bln. If governments or competition authorities scupper the deal, an IPO would be the obvious Plan B. Based on sector valuations, $20 bln may be a realistic public price tag, landing SoftBank with a loss.
Russian gold IPO hunters can afford to wait 8 Jun 2021 London listing candidate Nord Gold boasts scale, healthy margins and a decent dividend. But it’s owned by a tycoon and his sons. Given miners’ track record in snubbing minorities, investors may find it preferable to wait for the stalled IPO of peer GV Gold to return.
Capital Calls: Warren Buffett’s taxes 8 Jun 2021 Concise views on global finance: A ProPublica report unveils the true tax rate of the Sage of Omaha, Jeff Bezos and other members of the uber-rich elite.
Electronic waste unearths green China unicorn 8 Jun 2021 Used-phone retailer Aihuishou wants to go public at a $5 bln valuation. Thanks to frugal and environmentally conscious shoppers, demand for second-hand goods is booming. The company has yet to turn a profit, but backer JD's deep pockets and rare ESG credentials should appeal.
Danish hydrogen adds hygge to market green malaise 7 Jun 2021 Green Hydrogen Systems is planning a Copenhagen float that will value the electrolyser maker at $500 mln. Of late, pulled IPOs reflect investor scepticism about so-so renewable energy listings. The green gas’s key role in cutting EU carbon emissions may make this a comfier fit.