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☆ UBS sees shift in new billionaires away from entrepreneurs to inherited wealth
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

The number of billionaires rose by 7% to 2,544 people globally, UBS said in its 2023 Billionaires Ambitions Report, with their total worth rising by 9% to an estimated $12 trillion. For the first time since the study started in 2015, billionaires accumulated more wealth via inheritance than through their own business activities. Among the 137 new billionaires, a total of $150.8 billion was inherited by 53 heirs over the last year, exceeding the 84 new self-made billionaires' total of $140.7 billion, the bank said. The study highlighted a trend away from self-made billionaires, created by the tech industry boom and symbolised by the rise of Tesla boss Elon Musk and Amazon founder Jeff Bezos. Still, despite the large inherited wealth, this did not necessarily mean a new generation of super-rich 20 somethings.

Persons: Denis Balibouse, Benjamin Cavalli, Cavalli, Elon Musk, Jeff Bezos, Michael Viana, King Charles, John Revill, David Evans Organizations: UBS, Credit Suisse, REUTERS, Rights, UBS Global Wealth Management, Amazon, Thomson Locations: Swiss, Zurich, Switzerland, flotations

☆ Grocery delivery app Instacart aims for up to $7.7 bln valuation in US IPO
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

As the Federal Reserve raised borrowing costs to tame inflation, several high-flying startups have had to raise funds at lower valuations. Instacart too has had to cut its internal valuation to as low as $10 billion in December in its long walk toward a Nasdaq debut. Instacart would join SoftBank's (9984.T) chip designer Arm and marketing automation firm Klaviyo, which are also gearing up for market debuts in September. Instacart and its selling shareholders are looking to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing. Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Niket Nishant, Manya, Arun Koyyur Organizations: Federal Reserve, Nasdaq, Reuters, Instacart, Fed, Cornerstone, Norges Bank Investment Management, Norges Bank, Sequoia Capital, D1 Capital Partners, Valiant Capital Management, Manya Saini, Thomson Locations: United States, San Francisco, U.S, Ukraine, TCV, Sequoia, Bengaluru

☆ Tech firm Klaviyo reveals revenue rise ahead of US IPO
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - Klaviyo's revenue rose 51% for the recent quarter, the data and marketing automation company disclosed in its paperwork for a U.S. initial public offering (IPO) submitted on Friday. Other marquee names testing the IPO market include SoftBank Group-backed chip designer Arm and grocery delivery app Instacart. Successful stock market flotations from these companies could underscore the return of investor appetite for high-growth technology firms and could buoy the IPO market, encouraging other startups to move ahead with their offerings. The company reported revenue of $164.6 million for the quarter ended June 30, compared with $109 million a year earlier. Goldman Sachs, Morgan Stanley and Citigroup are acting as lead underwriters of the offering, the company said in its filing.

Persons: IPOs, Klaviyo, Goldman Sachs, Morgan Stanley, Manya Saini, Niket, Shilpi Majumdar, Krishna Chandra Organizations: U.S, SoftBank, Reuters, New York Stock Exchange, Summit Partners, Citigroup, Thomson Locations: United States, Bengaluru

☆ This year's best-performing IPO is a company that makes golf putters after shares soar more than 600%
▼ + stars: | 2023-08-16 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

This year's best-performing IPO is a company that makes golf putters. Shares in Sacks Parente Golf soared more than 600% on their Tuesday debut. Shares in Sacks Parente Golf soared more than 600% on their Tuesday debut, before paring gains after-hours. The 624% bounce cemented Sacks Parente as the best-performing market debut of 2023 and gave some hope for the subdued IPO market. Fears of a recession have waned, and the Fed's rate rises appear to be working with consumer price inflation easing to about 3%.

Persons: Sacks, putters, Sacks Parente, There's, Dow Jones Organizations: Service, Nasdaq, CNBC Locations: Wall, Silicon, California

Rubrik may raise more than $750 million in its IPO, three of the sources added, though that may change based on market conditions as the preparations are still at an early stage. Rubrik currently generates annual recurring revenue of about $600 million, one of the sources said. Three of the sources said Rubrik could choose to go public in 2024, if the IPO market becomes more welcoming. Founded in 2014 by venture capitalist Bipul Sinha, Rubrik makes cloud-based ransomware protection and data-backup software. SoftBank-backed Cohesity Inc, which competes with Rubrik, is also preparing to go public, having filed confidentially for an IPO in late 2021, Reuters reported.

Persons: Goldman Sachs, Rubrik, Bipul Sinha, Johnson, Echo Wang, Milana Vinn, Krystal Hu, Matthew Lewis Organizations: YORK, Microsoft Corp, Barclays Plc, Citigroup Inc, Barclays, Citi, Nvidia Corp, Depot Inc, Bain Capital Ventures, Lightspeed Venture Partners, Kenvue Inc, Johnson, SoftBank Group Corp, Inc, Reuters, Cohesity Inc, Thomson Locations: U.S, Palo Alto , California, ., New York

Despite a rebound in fundraising and block trading activity, year-to-date IPO volumes came in at their lowest level since 2019. Equity capital markets (ECM) advisers, however, are optimistic of a recovery in listing activity in the latter part of the year. In the United States, IPO volumes jumped more than 50% from the fourth quarter of 2022, but were still 11% down from the same period last year. IPOs briefly flickered back to life in February, as companies including solar tech firm Nextracker (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) pushed ahead with their listings. RECOVERY DELAYEDIn Europe, investment bankers said the market volatility spurred by the banking crisis is likely to affect the pipeline of deals.

☆ Britain eyes shake-up in listing rules to attract more company flotations
▼ + stars: | 2023-03-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, March 29 (Reuters) - Britain's financial watchdog said on Wednesday it will consult on streamlining its company listing rules to help London compete better with New York in company floats. It said it would consult on replacing its twin-track standard and premium company listing regime with a single regime and set of requirements. Britain made some changes to listing rules in 2021 to help attract tech company flotations as part of a wider set of reforms to keep London a globally competitive financial centre after being largely cut off from the European Union by Brexit. The watchdog will propose scrapping requiring companies to have a three-year financial track record as a condition of listing, a challenge for start ups, Rathi said. A more permissive approach to dual class share structures - whereby founders can retain control of a company - would also be proposed.

☆ KKR-backed BMC Software confidentially files for U.S. IPO - source
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Feb 17 (Reuters) - KKR-backed technology firm BMC Software has confidentially filed for an initial public offering in the United States, a person familiar with the matter told Reuters, offering an early sign of a thawing market after a virtual shutdown for most of last year. As BMC sets out to test the IPO waters, a listing could see the company valued at between $14 billion and $15 billion, depending on the scale of market recovery, the source added. In 2018, private equity giant KKR & Co (KKR.N) had acquired BMC for $8.5 billion, including debt. The U.S. IPO market has recently begun to show some signs of recovery as investor fears around a looming recession and further monetary policy tightening from the Federal Reserve ease. The news of BMC filing for an IPO confidentially was first reported by Bloomberg News.

☆ After World Cup, Qatar sets sight on reviving its stock market
▼ + stars: | 2023-01-10 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

Qatar, the world's top LNG exporter and recent host of the FIFA World Cup 2022, is turning its attention to diversifying its economy away from gas. That strategy includes building its equities market by opening it up to a wider investor base and introducing more listings. "Now that the World Cup has been successfully hosted, we can see the focus is shifting to other diversification areas," said Osama Ali, HSBC's head of global banking in Qatar. With a market capitalisation of about $158.2 billion, Doha's exchange is dwarfed in size by Abu Dhabi's $718.8 billion and Riyadh's $2.72 trillion. ($1 = 3.6580 Qatar riyals)Reporting by Hadeel Al Sayegh; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Aramco's Luberef gets regulator nod for IPO
▼ + stars: | 2022-11-24 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

DUBAI, Nov 24 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. Saudi Aramco Base Oil Company (Luberef), formerly Saudi Aramco Lubricating Oil Refining Co, will offer investors 50.045 million of its shares, equivalent to 29.656% of its share capital. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment owns the remaining 30%. Gulf issuers have raised about $16 billion in initial public offerings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. Saudi Aramco's record listing on Riyadh's Tadawul exchange in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

☆ Oman's sovereign wealth fund eyes tech investments in UK
▼ + stars: | 2022-10-26 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

RIYADH, Oct 26 (Reuters) - Oman's sovereign wealth fund, the Oman Investment Authority, is considering investing in the United Kingdom's technology sector to take advantage of valuations hit by rising interest rates and the fall in sterling, an OIA executive said on Wednesday. Ibrahim Al Eisri, director general of private equity at OIA, told Reuters the wealth fund was looking at unlisted technology firms in the UK and expanding them. The UK's economy is experiencing a cost-of-living crisis as Rushi Sunak became its third prime minister in two months on Tuesday. The fund is focused on alternative energy technology, logistics and messenger-RNA technology used in some COVID-19 vaccines. Reporting by Hadeel Al Sayegh in Riyadh; Writing by Hadeel Al Sayegh and Yousef Saba in Dubai; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ ADNOC invites banks to pitch for IPO of logistics unit- sources
▼ + stars: | 2022-10-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

LONDON, Oct 20 (Reuters) - State oil firm Abu Dhabi National Oil Company (ADNOC) has invited banks to pitch for roles in an initial public offering of its marine services and logistics unit, two sources with knowledge of the matter said on Thursday. Reuters reported last year that ADNOC was weighing a potential float of ADNOC Logistics & Services (ADNOC L&S) in 2022. Banks are pitching for roles this week on the latest IPO of an ADNOC subsidiary, planned for next year, the sources said. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. ADNOC began floating units in late 2017, raising $851 million in an IPO of its fuel distribution unit.

Sept 29 (Reuters) - Initial public offerings by U.S. tech companies have sunk to their lowest levels since the global financial crisis of 2008, as stock market volatility, soaring inflation, and interest rate hikes have soured investor sentiment towards new listings. Register now for FREE unlimited access to Reuters.com RegisterUS tech IPOs total proceeds in first three quartersAnalysts interviewed by Reuters said a steep drop in stock market valuations has deterred tech firms from pursuing stock market launches. "This is a terrible backdrop for IPOs, in particular tech IPOs, which rely on bull markets and momentum investors to bolster their market entries." The Renaissance IPO index, which captures the largest and most liquid U.S IPOs, has slumped 50.4% this year, compared with the S&P 500 index's drop of 23%. YTD performance of the Renaissance IPO index and S&P 500 indexShares of Corebridge Financial Inc (CRBG.N), which launched the largest IPO in the U.S. this year, were trading about 4% below its offer price of $21 on Wednesday.

☆ Toll-road operator Salik jumps 20% on market debut
▼ + stars: | 2022-09-29 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Sept 29 (Reuters) - Dubai toll-road operator Salik (SALIK.DU) rose 20% above its listing price on its market debut on Thursday in a sign that investors still have appetite for local flotations despite skittish global markets. The company, which has 3.6 million vehicles registered on its system, raised 3.735 billion dirhams ($1.02 billion) by selling a 24.9% stake in its initial public offering (IPO), giving the company a market value of 15 billion dirhams. Salik was priced at 2 dirhams per share but rose to a high of 2.40 dirhams at the market open on Thursday. Cornerstone investors UAE Strategic Investment Fund, Dubai Holding, Shamal Holding and the Abu Dhabi Pension Fund have committed about 606 million dirhams, Salik said on Sept. 13. ($1 = 3.6727 UAE dirham)Register now for FREE unlimited access to Reuters.com RegisterReporting by Hadeel Al Sayegh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby MelvilleLONDON, Sept 20 (Reuters) - Investment banks are likely to be hit by a dip in trading revenue next year and will be counting on a bounce back in advisory fees to support their finances, Barclays' CEO C.S. A trading surge has helped investment banks report robust results this year and helped to offset a dire year for fees on company flotations and M&A deals amid global market turbulence. Register now for FREE unlimited access to Reuters.com Register"Trading revenue pools will probably shrink a bit and investment banking revenue pools will probably rise. And so the declining trading revenue pools seasonally adjusted is more likely to happen in the second half of next year."

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