Locker IPO is amped up play on Polish e-commerce 14 Jan 2021 Operating storage units for online deliveries may seem a humdrum business. But Advent-backed InPost is expanding rapidly as Poles embrace internet shopping, and its lockers. A mooted 8 bln euro valuation depends on both trends continuing - and on locking out rivals like Amazon.
German used-car IPO tests investor haggling skills 13 Jan 2021 SoftBank-backed Auto1 is dragging the backstreet business into cyberspace. The question is whether CEO Christian Bertermann deserves a technology-style valuation for selling second-hand rides online. Thin margins suggest a mooted valuation of up to 8 billion euros is ambitious.
Corona Capital: Target, IPOs keep coming 13 Jan 2021 Concise views on the pandemic’s corporate and financial fallout: Retailer Target gets an extra sales boost from its earlier e-commerce efforts, while buy-now-pay-later company Affirm continues one of 2020’s less-hated features – a smoking hot IPO market.
Moonpig IPO echoes last-minute Christmas card rush 12 Jan 2021 Lockdowns made the online greetings firm a hit with customers out of options. But a heady 1 bln pound valuation only looks valid if Moonpig can maintain virus-level earnings post-vaccines. That puts owners trying to cash out in a similar boat to hapless Christmas Eve punters.
Casual-chic fad polishes Permira’s Dr. Martens bet 11 Jan 2021 The buyout firm will list the UK bootmaker after a seven-year turnaround. The IPO will also benefit from rising demand for informal wear, as workers stay home. Valued between peer Deckers and Moncler, the punk icon may be worth 3 bln pounds, roughly 10 times Permira’s investment.
Becoming a bank would shrink but not squash Ant 11 Jan 2020 Regulators are set to treat Jack Ma’s financial group more like a regular Chinese lender. Though it has enough capital to support its online credit business, growth would be crushed. A bank-like valuation would imply it’s barely worth a tenth of its previous $300 bln price tag.
Roblox float seeks to share public-listing love 7 Jan 2021 The gaming platform scrapped its IPO for a direct listing of its shares. That’s an easier financial decision with $520 mln of new funds raised at a valuation of nearly $30 bln – more than 7 times its worth a year ago. But it also offers more stakeholders a chance to participate.
Qualtrics’ German parent will SAP its IPO value 6 Jan 2021 The survey maker’s float coincides with sky-high multiples for software peers. Its high revenue growth rate could in theory merit a price tag of $20 billion or more. Yet a potentially meddlesome controlling shareholder in European behemoth SAP argues for a hefty discount.
IPO cheerleader trend deserves zero cheers 5 Jan 2021 Pre-IPO endorsements from potential investors like BlackRock have helped produce big pops in recent U.S. debuts like C3.ai. These resemble the cornerstone investments seen in Asia, but without the shared risk. Such sweetheart deals are the last thing a frothy market needs.
Tokopedia neatly channels Indonesia’s potential 5 Jan 2021 The online shopping site, valued at $7.5 bln, lags Singapore’s Sea in the country. But the smaller company stands out for its single focus on one of the world’s fastest rebounding and digitalising economies. No wonder everyone from Gojek to Peter Thiel sees it as a hot target.
Covid-19 brings capital-raising fee bonanza 31 Dec 2020 Investment banks led by JPMorgan collected a record $125 bln in fees in 2020. Merger advisory, topped by Goldman, was so-so. The real gold came from selling bonds and equity, partly to meet clients’ pandemic liquidity needs. For bankers, 2021 will probably be less exciting.
Look out Europe: a SPAC craze is around the corner 29 Dec 2020 Such listings have been big in America but rare across the pond, where they have a bad rap. But a dearth of typical IPOs will keep investors keen. French rainmakers Xavier Niel and Matthieu Pigasse have broken the ice. Andrea Orcel, Ivan Glasenberg and others should take note.
IPO engineers get double Christmas bonus 24 Dec 2020 A new blank-check company that could spawn another rather than starting over is no surprise after 2020’s surge in SPAC activity. Meanwhile watchdogs have approved the raising of capital alongside so-called direct listings. The menu of options for going public is getting longer.
China’s WM Motor will overtake Tesla wannabes 24 Dec 2020 The electric-car maker is set to list on Shanghai’s Star Board. It’s late to market and underhyped compared to Elon Musk’s operation and local rivals like Nio or Xpeng. But having targeted the mass market, a gross profit will already be in sight when it lists.
Corona Capital: Tesla’s Apple snub 23 Dec 2020 Concise views on the pandemic’s corporate and financial fallout: Tesla boss Elon Musk asked to meet with Apple back in the day, and got rebuffed. Musk’s company has been the better investment recently, especially during the Covid-19 period. That doesn’t mean Tim Cook missed out.
Tea bubble is set to inflate in China 23 Dec 2020 Coffee has been all the rage across the country as McDonald’s and the local KFC owner challenge Starbucks. On the rise, however, are bubble tea chains Heytea and Nayuki, which are angling for IPOs. Exuberance for consumer companies will have investors gulping down their shares.
Big Oil will cash in on sun and wind 21 Dec 2020 Covid-19 and ESG have crushed the stock prices of companies like Total and BP. Listing their growing renewables businesses would help capitalise on inflated valuations. There’s a hedge of sorts: if the spinoffs don’t work they can be bought back on the cheap, Iberdrola-style.
Repsol stake sale could speed up green shift 16 Dec 2020 The 13 bln euro Spanish oil group may offload 25% of its gas stations arm. Flogging a chunk of what is a relatively highly valued business could raise 2.5 billion euros. That would provide critical firepower to get Repsol’s renewable energy capacity closer to rivals like Total.
Corona Capital: Filming drama, Spanish bank 16 Dec 2020 Concise views on the pandemic’s corporate and financial fallout: Actor Tom Cruise’s outburst about social distancing may not have been scripted, but it’s on point; Spanish bank Sabadell lines up a new leader.
Tech IPOs uncork too much of a good thing 14 Dec 2020 First-day pops like Airbnb and DoorDash’s look like success, but have left rivals hesitant. Gaming platform Roblox and payments startup Affirm are delaying IPOs after peers left billions on the table. Firms like a share-price jump but exaggerated moves leave losers close to home.