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.
Anglo spinoff points to darker future for coal 7 Jun 2021 The mining giant’s thermal coal unit, Thungela, was valued at just $250 mln on its market debut. That’s a third of the EBITDA its South African mines may earn this year. It’s a stark reminder of the black stuff’s rapidly declining worth, and of public investors’ aversion to it.
Ackman SPAC falls flat with Universal denouement 4 Jun 2021 After sniffing at Airbnb and Bloomberg, the billionaire’s blank-cheque firm may instead buy 10% of the music label for $4 bln. It’s a fair price but Universal was going public anyway. And Bill Ackman’s “Tontard” acolytes could get it cheaper simply by buying its parent, Vivendi.
Capital Calls: Turkish gas, Generali, Garuda 4 Jun 2021 Concise views on global finance: President Erdogan’s “good news” on hydrocarbons smells off; the Italian insurer’s 1.5 bln euro bid for NN Group’s asset management unit may trigger a shootout; the Indonesian flag carrier’s long struggle to avoid bankruptcy is coming to a head.
Viewsroom: Vaccine carrots and sticks, plus donuts 3 Jun 2021 Governments and companies are dangling incentives for people to get jabbed against Covid-19. But it will take more than free weed, lottery tickets and beer to reach herd immunity, Jeff Goldfarb explains. And Dasha Afanasieva says take the pastries, leave the Krispy Kreme shares.
Capital Calls: Russia and US, Clothing IPOs, Food 3 Jun 2021 Concise views on global finance: The Kremlin tells its national state fund to get out of greenback-denominated assets; Rent the Runway thinks about going public; the FAO’s global food index hits its highest level in nearly a decade.
Marqeta asks $13 bln for fintech picks and shovels 2 Jun 2021 That’s the market cap at the top of the IPO range proposed by the issuer of digital payment cards. Marqeta is riding a big trend, mostly serving Square. That brings protection, but also exposure – not only to rivals, but to customers’ own capabilities and their customers’ whims.
Krispy Kreme IPO looks half-baked 2 Jun 2021 Five years after buying it, JAB is listing the doughnut maker. In that time, it’s opened shops and developed new treats. But growth and profitability are patchy, and demand for sugary pastries may ease as punters become more health-conscious. A mooted $4 bln valuation looks bold.
Porsche family applies some gas to VW untangling 1 Jun 2021 The 135 bln euro carmaker’s controlling shareholder could take a direct stake in the eponymous luxury marque if it listed. Getting the Porsche-Piech family, VW bosses and public investors to play ball could be tricky, but they could all get something out of a deal.
Capital Calls: Greensill/Bluestone 1 Jun 2021 Concise views on global finance: The collapse of the supply-chain finance group may have left the governor of West Virginia personally on the hook for $700 million.
Truck-sharing IPO hurtles down risky road 1 Jun 2021 The $20 bln valuation China’s Manbang is targeting is an axle-stressing 465 times last year’s small adjusted profit. The SoftBank-backed firm operates in a fast-growing market, but faces stiff competition and heightened regulation. Justifying the IPO price will be a long haul.
Capital Calls: Klarna, Dan Loeb, Fashion IPO 28 May 2021 Concise views on global finance: The Swedish “buy now, pay later” group’s possible $50 bln price tag may leapfrog rivals Afterpay and Affirm; the corporate agitator deserves a taste of his own medicine; About You’s mooted 3 bln euro valuation implies a discount to rivals.
Capital Calls: Airbus signals liftoff, Bill Gates 27 May 2021 Concise views on global finance: The global aircraft industrial complex got a boost after the European plane maker said it hopes to churn out more of its A320 short-haul workhorses per month than expected; Microsoft founder’s huge private investment vehicle under scrutiny.
UK sends mixed message with London IPO veto 26 May 2021 Chancellor Rishi Sunak is seeking powers to block stock market offerings that threaten national security. Even if used rarely, the move is at odds with his drive to lure firms to list in London after Brexit. It’s another sign of the government’s ideological inconsistency.
Bain discount auto IPO is cheap for a reason 25 May 2021 The private equity firm is listing French car parts seller PHE to raise 450 mln euros to pay down debt and prep for M&A. Europe’s fragmented after-sales market is due an overhaul. The jalopy-like multiple reflects uncertain growth and the threat from cheap-to-run electric motors.
Capital Calls: BlackRock/Exxon, Media deals, SPACs 25 May 2021 Concise views on global finance: The giant asset manager will vote for three dissident nominees for Exxon Mobil’s board; boutique adviser LionTree has benefited from a rash of media deals; Lordstown Motors show why blank-check merger projections can’t be relied upon.
North Sea oil IPOs had best take the plunge soon 24 May 2021 Ex-Centrica boss Sam Laidlaw is mulling a float that may see his Neptune Energy group valued at $10 bln. Equity markets are skittish and rival driller Wintershall Dea also wants to list. But question marks over gas demand make it riskier for owners CVC, Carlyle and CIC to wait.
Capital Calls: “Friends” reunion, SPACs in D.C. 24 May 2021 Concise views on global finance: AT&T's HBO Max is streaming a delayed 25-year reunion of the popular sitcom cast just as the company ditches its media assets; busybody U.S. Congress is taking a hands-off approach to blank-check firms.
Bike sharing shifts into a more manageable gear 24 May 2021 Sloppy investment and price wars wiped out stacks of startups. Now survivors are pedalling toward public markets. China’s Hello has teed up an IPO in New York while a SPAC deal values California’s Bird at $2.3 bln. Both lose money, but revenue and regulation issues look fixable.
Capital Calls: Bitcoin, Procore 20 May 2021 Concise views on global finance: Getting paid in cryptocurrencies loses allure in U.S. President Joe Biden's tax plan; the $11 bln building software firm is a bargain compared to peers.