saudi aramco ipo: Saudi Aramco’s record IPO starts November 17, prospectus says

Riyadh: Saudi Aramco’s much-anticipated initial public offering will begin on November 17, the company’s prospectus said, without revealing the size of the stake sale or the pricing range. The 658-page document, released just before midnight Saturday, said the final share price will be determined on December 5 — a day after the subscriptions close — in what is expected to be the world’s biggest IPO. After years of delays and false starts, Aramco officials last week announced a share sale on the Riyadh stock exchange for the world’s most profitable…

Direxion Debuts 3X High Beta, Internet Stock ETFs

Direxion debuted four new 3X leveraged ETFs on Thursday designed to be a dynamic way for tactical traders to gain access to key parts of the equity market that either systematically look to capture a high volatile basket or to take advantage of the internet industry’s potential for booms and busts. The Direxion Daily S&P 500® High Beta Bull and Bear 3X Shares (NYSEArca: HIBL/HIBS), and the Direxion Daily Dow Jones Internet Bull and Bear 3X Shares (NYSEArca: WEBL/WEBS) seek to achieve 300%, or 300% of the inverse, of the…

WeWork: Fund managers waiting out high-profile unicorn IPOs after string of flops

NEW YORK: A deep disconnect between private market valuations of companies and the prices their shares fetch on the open market is pushing more mutual fund managers to the sidelines during high profile IPOs, anticipating the newly listed stocks will inevitably fall. The war over what a company is worth comes as a generation of Silicon Valley darlings exit the insulated world of venture capital, where investors are more focused on a company’s growth and potential, and enter the public markets, where fund managers and analysts put a premium on…