Capital Calls: U.S. CEO pay 12 Apr 2021 Concise views on global finance: The median big-company boss is ending up with $13.7 mln for the 2020 pandemic year, a payout that's heading for a record.
Capital Calls: Netflix, GameStop 9 Apr 2021 Concise views on global finance in the Covid-19 era: The video-streaming service sprays webs of money to secure movies; GameStop’s “Chewy of Gaming” strategy.
Anglo American tests shareholders’ ESG bona fides 8 Apr 2021 The miner is giving investors one share in its spun-off thermal coal unit for every 10 already held. The commodity’s kryptonite status means many European institutions will want to get rid of them for the same reason as Anglo. But rising coal prices may turn some heads.
Capital Calls: Cellebrite good times 8 Apr 2021 Concise views on global finance in the Covid-19 era: The Israeli cracker of mobile-phone encryption is going public via a SPAC at a $2.4 billion valuation.
TuSimple $8 bln IPO destination looks out of range 8 Apr 2021 It values the self-driving truck firm run by financiers and a gamer at 4,260 times 2020 sales. Volkswagen’s Traton, UPS and others are partners. But autonomous vehicles are years off, TuSimple is hauling a load of governance issues and has an investor in a U.S. regulatory probe.
Applovin IPO is magic money chest for KKR 7 Apr 2021 The private equity giant invested $400 million in the mobile app and gaming company in 2018 and helped it expand. Now that the firm is seeking a valuation of up to $30 billion, the buyout baron is going to turn a tidy profit. Relations with Apple could be the only small hitch.
Investment behemoth IPO can fly without Reddit mob 7 Apr 2021 Asset management platform Allfunds will list in Amsterdam. Its model of channelling banks’ clients into funds means it will miss the amateur share trading frenzy. But its 1.2 trln euros of assets, profitability and growth record make a mooted 7 bln euro valuation attractive.
Capital Calls: Trucking IPO 7 Apr 2021 Concise views on global finance in the Covid-19 era: Startup TuSimple will be listing shares via a traditional initial public offering.
Covid-testing IPO is bet on long hypochondria 7 Apr 2021 German diagnostic tester Synlab is planning to float with a mooted $7 bln valuation. A receding pandemic may mean its 38% revenue growth in 2020 isn’t repeated. But the price reflects that, and consumers may well continue to obsess about other aspects of their health.
Didi’s IPO could be as bumpy as Dida’s 7 Apr 2021 The Chinese ride-hailing firm is navigating toward public markets and a $100 bln valuation. Its smaller, similarly named rival's listing effort has stalled in Hong Kong after hitting regulatory, legal, and operational potholes. Didi will have to buckle up for a comparable ride.
Capital Calls: Elon Musk, LeBron James 1 Apr 2021 Concise views on global finance in the Covid-19 era: Endeavor, Ari Emanuel’s entertainment group, is hoping the Tesla boss’s stardust will help a second attempt at an IPO; the basketball star’s stake in the Red Sox is a foil to Steve Cohen’s Mets deal.
Chinese AI dragon confronts fiery new realities 1 Apr 2021 Megvii wants to raise over $900 mln in a Shanghai IPO after a U.S. blacklist torpedoed its 2019 Hong Kong listing. Revenue growth is slowing and losses widening, as Beijing proceeds with its own crackdowns. It also may not be the best time to have Alibaba and Ant as big backers.
Deliveroo is unsavoury appetiser for UK IPO revamp 31 Mar 2021 The food delivery group’s shares dropped up to 30% on their stock market debut. Hefty losses, a punchy valuation and founder Will Shu’s super-voting stock proved a turnoff. The flop should prompt a rethink of the government’s rushed plans to lure more such companies to London.
Capital Calls: Volvo IPO, Walgreens, Saudi Arabia 31 Mar 2021 Concise views on global finance in the Covid-19 era: Geely’s mooted $20 bln valuation for its Swedish brand still looks ambitious; Amazon can't match the transatlantic pharmacy chain's in-store clinics; Mohammed bin Salman grabs private cash to pay for a switch away from oil.
Robinhood IPO comes with forest of perils 30 Mar 2021 The U.S. retail brokerage has expanded its user base and profile fast. But its main revenue, payments from market makers, is under pressure from regulators and rivals. Other parts of the top line are under pressure too. It’s hard to square that with a $30 billion valuation.
IPO laggards pay price for predecessors’ chutzpah 30 Mar 2021 Miner GV Gold, defence firm Leonardo DRS and soccer team Club Brugge shelved their listings. Investors have been stung by the poor performance of a wave of richly valued tech floats earlier this year. With the pipeline still full, hopeful issuers will now have to offer bargains.
Deliveroo’s IPO cash hunger leaves sour aftertaste 30 Mar 2021 The UK food delivery firm’s offering values it at 7.6 bln pounds, the bottom of the target price range. Despite its rapid growth and big ambitions, investors face post-pandemic uncertainty. Boss Will Shu’s order for 1 bln pounds of fresh cash suggests profitability is a way off.
China Evergrande spinoff is draped in red flags 30 Mar 2021 The indebted property conglomerate plans to list its online market for flats and cars, valued at $23 bln. Unlike rival Ke, the unit has grown by taking stakes in customers, mostly real estate agencies, and giving them equity. Brash financial engineering is unlikely to pay off.
Capital Calls: WFH deals, Suez Canal, NorNickel 29 Mar 2021 Concise views on global finance in the Covid-19 era: Fintech firm Broadridge pays a full price for trading platform; with the waterway clear, all sides will be taking up positions for a legal battle royal; the Russian nickel producer cashes in on high copper prices.
Deliveroo’s main sustainability doubt is financial 25 Mar 2021 Some fund managers are shunning the food delivery group’s IPO over its treatment of workers. Unlike most ESG laggards, the $11 bln group is loss-making. Concern about labour rights and founder Will Shu’s super-voting stock are secondary to whether it can turn a consistent profit.