Oatly IPO pumps fresh air into plant-based stocks 20 May 2021 The Swedish group that makes dairy substitutes out of oats surged 30% on its debut, valuing it at $13 bln. Despite heavy losses and growing competition, investors clearly believe the shift in consumption habits is more than a fad. It bodes well for other stock market hopefuls.
Capital Calls: JPMorgan, FirstGroup, Break fees 18 May 2021 Concise insights on global finance: Jamie Dimon is shuffling his deputies; the UK bus-to-rail group’s sale of its U.S. businesses to EQT has hit an investor revolt; deals involving AT&T and Canadian National Railway highlight the fees due for walking away.
JD’s logistics IPO delivers more value to parent 18 May 2021 Chinese web retailer JD.com wants to value its delivery arm at $34 bln in a Hong Kong IPO, or 128 times adjusted trailing earnings. Expansion costs are eating into profitability at the fast-growing unit. Its parent – and top client – could see more upside than other investors.
Capital Calls: AT&T’s bankers, Blackstone in Italy 17 May 2021 Concise views on global finance: The U.S. telecom giant’s unwinding of its purchase of Time Warner is a gift for advisers on Wall Street; a court rules that the U.S. private equity firm’s 2013 purchase of Corriere della Sera’s HQ was valid.
Three Gorges renewables IPO tests policy headwinds 17 May 2021 The green-energy giant’s $3.5 bln Shanghai listing ought to benefit from President Xi Jinping's climate push. But regulators are cutting wind and solar subsidies, and late government payments are piling up. Controlling costs is key to Three Gorges keeping its premium to rivals.
Chinese podcast IPO starts on shrill note 14 May 2021 Tencent-backed Ximalaya, last valued at $3.7 bln, is going public. It boasts a diversified model of subscriptions, ads and live-streaming sales. But growth is slowing and rival Lizhi, which floated last year, is already underwater. A premium price tag could leave ears ringing.
Poundland’s knock-down IPO is reassuringly cheap 13 May 2021 Pepco, owner of the chain that flogs cheap toiletries, is listing with a 4.8 bln euro price tag. Links to scandal-hit Steinhoff and weak sales growth justify a cut-price valuation of below 10 times this year’s EBITDA. If it can grab more market share, the discount won’t last.
Capital Calls: Disney misses the mark 13 May 2021 Concise views on global finance: Walt Disney reported nearly 104 million subscribers for its streaming flagship service.
UK chip IPO offers pricey harbour in tech squall 12 May 2021 Semiconductor design firm Alphawave IP is listing in London at $4.3 bln, even as other floats are pulled and technology stocks struggle. A lack of local peers explains the appeal. But a rich valuation means investors need to believe it can develop new products, and fresh clients.
Capital Calls: Uber, Roblox 11 May 2021 Concise views on global finance: Free rides for Covid jabs won’t help the ride-hailing app’s labor battle with Washington; the online games platform’s year-on-year growth decelerated sharply in April.
Capital Calls: Sabers down for Project JEDI 10 May 2021 Concise views on global finance: The Pentagon may end the $10 billion cloud project to consolidate U.S. military data after exhausting worse options.
India’s food delivery IPO arrives lukewarm 10 May 2021 Unprofitable Zomato is charging higher delivery fees and cutting discounts. At the same time, the pandemic hasn’t catalysed fortunes for the Ant-backed firm the way it did for peers such as U.S.-based DoorDash. That makes a $5.4 bln valuation from February look stuffed full.
Squarespace float brings tech deals full circle 7 May 2021 The website-building platform can easily justify a $10 bln valuation in its direct listing. A profitable history suggests it can appeal to investors without IPO underwriters, too. There are wrinkles, like an entrenched founder. Overall, though, it’s on-brand for a tech deal.
Green shoots’ salad days have come and gone 6 May 2021 Toppy valuations for wind and solar sparked Italy’s Eni, Spain’s Acciona and others to hire investment bankers for spinoffs and IPOs of renewables assets. Rising oil prices and fears of a green bubble mean firms now need size and a track record to play. That’s a good thing.
Meatless Manila IPO offers something to chew on 6 May 2021 Quorn owner Monde Nissin is set to go public. But its control of the Beyond Meat rival has so far been only a side dish in the vegan alternatives boom. The real protein supporting a properly cooked $5 bln valuation is the company’s Philippine snacks unit.
Capital Calls: Apple, UK SPACs 30 Apr 2021 Concise views on global finance: Apple’s European antitrust problem may start a global trend; UK regulators scramble to join SPAC party.
South Korean digital comics sketch animated future 30 Apr 2021 Content giants have lapped up Japanese storytelling, spurring on Korean “webtoon” makers. Kakao Entertainment’s boss reckons the unit might be worth $18 bln in an IPO. Compatriot Naver is eyeing a similar course. The fast-growing, quirky genre could draw up creative valuations.
Capital Calls: Endeavor’s Hollywood ending 29 Apr 2021 Concise views on global finance: The entertainment conglomerate’s IPO flipped the script on opening day.
Endeavor IPO sequel has more hope of Disney magic 28 Apr 2021 Ari Emanuel’s entertainment group is going public after scrapping plans in 2019. At around $10 bln, the indicated valuation would have been reasonable two years ago. Endeavor has simplified its script, casting UFC as its star. It may be a bit closer to minor Magic Kingdom status.
Italian IPO to square God’s work with capitalism 28 Apr 2021 Automatic door maker FAAC, worth some 2 bln euros, may float in Milan. The Catholic Church, which inherited the business from the owner, can use the proceeds to fund good deeds. The firm’s rapid growth may also convince investors their bet will be more solid than a parish raffle.