Ipo about turn

The 2019 IPO wave, which is on track to raise even more money than the record year of 2000, is likely to avoid the disastrous stock meltdown seen after the infamous 2000 Dotcom Bubble , according to several experts. While many are concerned about large losses at companies such as Lyft Inc., the first of the LUPA companies expected to go public this year, a meltdown is unlikely to occur for several key reasons, per the Wall Street Journal . Why IPOs of 2019 Will Survive (Comparison of 2019 IPOs vs. 2000 IPOs) Company Age: 12 years vs. 4-5 years Company Size in Annual Sales: $174 million vs. $12 million Source: IPO Expert Jay Ritter, per WSJ Older, Bigger In 1999, 547 companies hit the public markets, raking in a total of $107.9 billion, per Dealogic. Now, bankers who arrange IPOs say 2019 may surpass that total, with more money raised by fewer but bigger names like Pinterest Inc., Slack Technologies Inc., Uber Technologies Inc. and Postmates Inc. These … [Read more...] about Why IPOs of 2019 Won’t Crash Like 2000 Dotcom Bubble

- A + A SINGAPORE (June 27): Mirxes Pte, a Singapore-based biotechnology startup, is weighing an initial public offering in the city-state next year that could raise about US$300 million, according to people with knowledge of the matter. The company is in discussions with bankers about a potential offering that could value it at over US$1 billion, said the people, who asked not to be identified as the process is private. Deliberations are ongoing and Mirxes could decide not to proceed with the offering, said the people. Calls and emails to Mirxes seeking comment were not returned. Any listing would help to further stimulate the IPO market in Singapore. First-time share sales in the city-state totaled US$348 million so far this year, up from US$242 million in the same period last year, according to data compiled by Bloomberg . Founded in 2014 as a spinoff from Singapore’s Agency for Science, Technology and Research, also known as A*STAR, Mirxes focuses on early … [Read more...] about Biotech startup Mirxes said to weigh US$300 mil Singapore IPO

There’s no way Milan could have known what was coming, but in the years leading up to the pandemic, the city was preparing as if it had seen the future. advertisement advertisement In 2018, the city started a large-scale reinvention of its public space, focused specifically on land that was dedicated to car parking in neighborhoods that had little green space. Those spaces, with simple interventions, were converted into new public plazas . As the pandemic set in—Milan was one of the first epicenters of the outbreak in Europe—these outdoor spaces became essential lockdown escapes. Launched as part of Mayor Giuseppe Sala’s plan to make a more resilient and livable city by 2030, the piazza creation effort has been spearheaded by Bloomberg Associates , the consulting arm of Bloomberg Philanthropies. The program is being implemented under the guidance of Janette Sadik-Khan, who served as New York City’s transportation commissioner during Michael … [Read more...] about Milan turned 250,000 square feet of parking into public space

Claire Hogle’s golf skills and stunning good looks are attracting so much attention online that the Daily Star has dubbed her as the “next Paige Spiranac.” Hogle describes herself as being a “huge golf gal,” and has populated her Instagram page with a series of images in varying outfits, attracting well over 500,000 fans to her page. Her fan following is not yet at the level of Spiranac’s 3.4 million fanbase , but she’s definitely turning heads and gaining traction on social media. The Daily Star thinks she’s about to give Spiranac a healthy dose of competition. View this post on Instagram A post shared by Claire Hogle (@clairehogle) Interestingly, Hogle wasn’t interested in golf at all, but her mother insisted she give it a try. “My dad has played golf his entire life so I grew up around it, but I never played or pursued it. In eighth grade, my mom told me that I have to play at least one season of high school … [Read more...] about This Female Golfer Is Turning Up The Heat On Paige Spiranac

FILE PHOTO: A smoke rises over remains of a building destroyed by a military strike, as Russia’s attack on Ukraine continues, in Lysychansk, Luhansk region, Ukraine June 17, 2022. REUTERS/Oleksandr Ratushniak KYIV — Ukrainian President Volodymyr Zelensky on Monday urged Western leaders to supply anti-aircraft defense systems to his embattled nation as Russian forces assaulted Lysychansk, the last big city still held by Ukrainian troops in eastern Luhansk province. Addressing the Group of Seven summit in the Bavarian Alps via video link, Zelensky also asked for help to export grain from Ukraine and for more sanctions on Russia, a European official said. As the leaders met, Russian forces were bombarding Lysychansk, the Kremlin’s immediate battlefield target following the fall of neighboring Severodonetsk over the weekend. Luhansk governor Serhiy Gaidai said the city was suffering “catastrophic” damage from the shelling and he urged civilians to urgently evacuate. “The … [Read more...] about Ukraine pleads for air defense as Russia turns sights on Lysychansk

- A + A HONG KONG/JOHANNESBURG (June 27): Prosus NV is planning to sell more of its US$134 billion stake in Chinese internet giant Tencent Holdings Ltd to finance a buyback programme, reversing a pledge to hold onto the full shareholding. Tencent declined in Hong Kong on Monday as investors pondered the extent to which Prosus, the Chinese company’s biggest shareholder, will unload its stock. The shares fell as much as 2.5% and traded 1.6% lower at the close. “We will keep selling Tencent shares to buy back our own, it’s open-ended and an unlimited programme,” Prosus Chief Executive Officer Bob Van Dijk said in an interview. “It’s actually a small part of Tencent daily traded volumes — it should be maximum between 3% to 5%.” The move represents a change of heart by Dutch e-commerce giant Prosus — majority owned by South Africa’s Naspers Ltd — which said after its last sale in April 2021 it wouldn’t offload more shares for three years. The company, spun off from … [Read more...] about Tencent backer Prosus to cut US$134 bil stake to buy stock

Lim is accused of using his position as Penang chief minister to aid CZCSB secure the undersea tunnel project in return for 10% in the profits of the project from Zarul, which resulted in an alleged RM3.3 million in kickbacks to be received by the former. (Photo by Shahrin Yahya/The Edge) - A + A KUALA LUMPUR (June 27): “Dummy” documents were used to withdraw company money to make bribe payments to former Penang chief minister Lim Guan Eng, a former executive testified on Monday (June 27). Azli Adam, the former senior vice-president of finance and corporate services at of Consortium Zenith Construction Sdn Bhd (CZCSB), said falsified invoices and payment vouchers (PVs) were used to obfuscate the withdrawal of the company cash. Testifying in Lim’s undersea tunnel project graft trial at the Sessions Court, Azli said CZCSB director Datuk Zarul Ahmad Mohd Zulkifli "confessed" this to him after Zarul was arrested by the Malaysian Anti-Corruption Commission (MACC) in … [Read more...] about ‘Dummy’ documents used to facilitate bribe payments to Guan Eng, says former company exec

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A DESPITE the reopening of borders since April 1, when Malaysia allowed quarantine-free travel for fully-vaccinated travellers into the country, it will be some time before the hotel industry regains a strong footing following the debilitating lockdowns of 2020 and 2021. In fact, it may well take another year at least before operators can operate at their full capacities at pre-pandemic levels, Malaysian Association of Hotel Owners (MAHO) president Tan Sri Teo Chiang Hong tells The Edge. “Average occupancy rates are an estimated 30% to 50% of pre-pandemic levels,” says Teo, who is owner and director of One World Hotel in Petaling Jaya, Selangor. He notes that resort destinations are seeing full occupancies while city hotels still face low occupancy. As at November 2020, a total of 204 tourism and hotel operators had shut down following the impact of the … [Read more...] about The State of the Nation: Hospitality industry struggling to cope despite borders reopening, brighter prospects

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A LAST week, CTOS Digital Bhd made a bold move to raise its stake in RAM Holdings Bhd (RAM), in which it already owns a 19.225% stake. This is the third acquisition that CTOS has undertaken within a year. CTOS, which bought into RAM shortly after it was listed in July last year, launched a general offer last week to buy out the remaining shares that it does not own in the credit rating agency (CRA) soon after it got the green light from the Securities Commission Malaysia (SC) to own more than 51%. CTOS has so far spent the bulk of the RM173.8 million raised from a private placement in March on mergers and acquisitions (M&A). RAM will be the first local CRA to have a controlling shareholder upon the completion of the takeover offer. Dollars and cents aside, the takeover bid has prompted some quarters to question whether the independence of RAM’s rating … [Read more...] about Making sense of CTOS’ venture into RAM

This article first appeared in The Edge Malaysia Weekly, on June 20, 2022 - June 26, 2022. - A + A THE momentum to adopt environmental, social and governance (ESG) criteria and sustainability practices in the capital market has picked up significantly in the past few years. By the third quarter of 2021, assets in global sustainable funds hit a record high, according to investment research firm Morningstar. At the same time, more than 70 countries — including the biggest polluters — have set a net-zero target and over 1,200 companies have put in place science-based targets to reach net-zero emissions, according to the United Nations. In Malaysia, at least 44 out of the 54 Sustainable and Responsible Investment (SRI) funds approved by Securities Commission Malaysia were launched in the last two years. As at December 2021, 94% of the top 50 listed companies in Malaysia had ESG strategies and 68% had emissions reduction policies, according to PwC’s research. … [Read more...] about HONOURING MALAYSIA’S BEST PERFORMERS IN ESG EXCELLENCE: The Edge to roll out Malaysia’s first ESG awards