Video IPO live-streams cost of ByteDance rivalry 20 Nov 2020 Chinese app Kuaishou wants to go public at a $50 bln valuation. The Tencent-backed company swung into the red in the first half as growth slows and fierce competition with TikTok’s owner takes a toll. It’s a preview of the costly battles playing out across the industry.
Russia is blessing and curse for e-commerce IPO 19 Nov 2020 Online marketplace Ozon’s New York offering values it at up to $5.6 bln. A big and underpenetrated market is a plus, as are barriers to foreign rivals. But subsidising deliveries in the world’s biggest country means it’s burning cash. The $1 bln fundraising may not be its last.
Gatecrashers join Europe’s telecom tower M&A bash 17 Nov 2020 Vodafone’s mobile mast unit might be worth 14 bln euros when it lists. Telefonica, Orange and Deutsche Telekom are carving out their businesses. With half of Europe’s 700,000 towers still potentially up for grabs, acquisitive Spanish operator Cellnex faces some stiff competition.
Airbnb’s IPO doesn’t require head-in-sand moment 16 Nov 2020 The home-sharing app’s revenue fell 30% in the first nine months of the year as Covid cut into travel. That isn’t great, but it forced Airbnb to rein in unnecessary spending just as similar firms’ stocks rose. An IPO valuation above $31 billion – its last marker – isn’t a stretch.
Look past Chinese makeup IPO’s glossy sheen 9 Nov 2020 Unprofitable Yatsen wants to raise money for deals and data analysis. Its hot Perfect Diary line reflects tech nous targeting millennials and their growing appetite for local brands. Comparable sales multiples imply a $7 bln valuation, but that’s before applying a fad discount.
Chinese regulators add Ant to cursed mega-IPOs 3 Nov 2020 The fintech group suspended its record-breaking $37 bln share sale after watchdogs met founder Jack Ma. Other big offerings like Saudi Aramco and Facebook also hit temporary snags. Whatever happens next, the delay reflects badly on Shanghai as a venue for corporate fundraising.
SPACs give Wall Street another slice of the pie 3 Nov 2020 Blank-check companies generate smaller fees than traditional public offerings. But they also bring less financial and reputational risk for banks who underwrite them. As SPACs go mainstream, they could give equity bankers a new raison d’etre.
Corona Capital: Ferrari, E-commerce, Fox 3 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: Ferrari leaves its auto rivals in the dust; Russia’s online marketplace Ozon heads for a New York IPO; and Fox avoids the virus-induced advertising drought.
Brace for a post-euphoric Ant IPO swoon 2 Nov 2020 Investors set records in their bids for the Chinese fintech giant’s $34 bln stock sale. The fear of missing out is a powerful drug. Even if Jack Ma’s company eventually lives up to mammoth expectations, the market honeymoon can be short if Facebook and Alibaba are any guide.
Lufax slips softly priced IPO past Ant hullaballoo 30 Oct 2020 The Ping An-backed Chinese fintech outfit has garnered less hype than Jack Ma’s record-shattering rival. It isn’t growing as fast, but its online lending unit is profitable and established. A $33 bln valuation, at 13 times forecast 2021 earnings, makes for a compelling option.
Ant’s $312 bln valuation puts faith in fast growth 27 Oct 2020 Both the Hong Kong and Shanghai shares priced with a lucky number eight. To achieve the symbolised prosperity, the Chinese fintech giant’s profit would have to double by 2022 based on the conservative 24 times multiple. Much rides on winning over customers and regulators alike.
Could Bill Ackman’s SPAC buy Bloomberg or Airbnb? 21 Oct 2020 The media firm and the home-sharing app have both been reported as possible targets for the activist hedge fund manager’s blank-check company. His $5 billion hook could land a big fish by taking a small stake. But large, well-known private firms don't need a SPAC to go public.
Roblox IPO has just enough buzzwords 21 Oct 2020 The online video game for kids isn’t just something that entertains. It combines social media, unique content and even a cryptocurrency. The mooted $8 billion value may be a stretch, especially given the faddish nature of gaming. But Roblox is unique enough to justify it for now.
Lufax may find three’s a China fintech IPO crowd 19 Oct 2020 It’s like the proverbial bus: long waits before multiple new share sales arrive at once. The Ping An-backed outfit, last valued at $39 bln, is touting small-business bona fides to stand apart from Ant and JD Digits. New York could be a tougher venue to make the case, however.
Corona Capital: Kazakhs, Norwegians, Airlines 15 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Kaspi gives ECM bankers something to smile about; Norway’s sovereign wealth fund has a so-so third quarter; and United Airlines has more bad news on jobs.
CICC seeks edge in increasingly cutthroat market 15 Oct 2020 The investment bank leading Ant’s IPO is planning a $1 bln secondary listing in Shanghai. It could fund mergers as officials push industry consolidation and help fend off Wall Street rivals. Local peers are also angling for super-broker status, making more capital essential.
Ant’s IPO delay flags a recurring headache 14 Oct 2020 The Chinese fintech behemoth is being probed for using its Alipay app to collect subscriptions for mutual funds set up for its $35 bln listing. That’s unlikely to derail the process, but it’s a reminder of the risks Ant runs by constantly testing regulatory grey areas.
Chinese discount chain Miniso sells upscale IPO 14 Oct 2020 Now more than ever consumers should be attracted to the retailer’s fast-changing inventory of cheap-and-cheerful items. Overseas growth also looks promising despite the pandemic hit. A potential $6.2 billion valuation, however, would put a luxury price on designer dollar stores.
Italian Insta-star IPO to test influencer model 12 Oct 2020 Fashion blogger Chiara Ferragni wants to monetise her lifestyle brand with a market debut worth nearly $100 mln. The social media celeb counts 21 mln fans and links to Dior and Lancôme. A deal would test investor faith that digital-inspired businesses are more than skin-deep.
JD Digits IPO sells mutant Ant 12 Oct 2020 E-commerce giant JD.com’s fintech arm plans to raise $3 bln to fund credit businesses, plus ventures into pig farm AI and smart cities. It’s smaller than Jack Ma’s rival operation, and executives keep leaving. The listing will test investors’ ability to discriminate between species.