WeWork’s IPO Implosion Imperils a Blessing of Other Similar Unicorns

It may not be the end of the big “concept” IPO, but the We Co.’s announcement Monday that it is shelving its IPO plans for the time being casts a pall over all the billion-dollar startups that were going to bring liquidity of various sorts to industries large and small. We Co., parent to office leasing giant WeWork, said, a week after co-founder and CEO Adam Neumann relinquished the top spot, that it will “postpone our IPO to focus on our core business, the fundamentals of which remain strong.”  The…

Iceland Cuts Key Interest Rate For Fourth Time

Iceland’s central bank cut its key interest rate in October for the fourth successive rate-setting session, as growth continued to ease amid slowing inflation and uncertain economic outlook. The Monetary Policy Committee of the Central Bank of Iceland, on Wednesday, decided to lower the key interest rate by 0.25 percentage points to a record low 3.25 percent. Economic activity has been better than expected, but the outlook remains uncertain, particular for the global economy. Hence, domestic economic growth could slow rapidly than is expected now, the bank said. That said,…

IRCTC IPO subscribed 3.25 times on Day 2

NEW DELHI: The initial public offer (IPO) by state-run IRCTC was subscribed 3.25 times on Day 2 of the bidding process. By 5 pm, the issue received bids for 6,54,95,400 shares against the issue size of 2,01,60,000 shares. The retail quota was subscribed over 6 times. The quota limits of the company employees, qualified institutional buyers and non institutional investors were also fully subscribed. IRCTC has set IPO has a price band of Rs 315-320 per share. At the upper price band, the stock is available at P/E multiple of…