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…

Direct Listings Are Gaining Steam – Do They Make Better Investments, Too?

An unconventional way of going public is gaining momentum. At a recent event in San Francisco, leading venture capitalists and entrepreneurs gathered with the goal of urging more private companies to pursue direct listings — a rare form of public offering that bypasses the typical IPO process of working with investment banks to underwrite shares. Spotify (SPOT – Get Report)  and Slack (WORK) are the two best-known companies to have pursued direct listings in recent years. In its planned 2020 public offering, Airbnb is also considering a direct listing — and…

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…

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…

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…