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A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Based on the low end of the range, Birkenstock could be valued at as low as $8.5 billion. Their shares have, however, given up gains since going public, muddying the outlook for the IPO market. As of Tuesday's close, Instacart shares were 10% below their IPO price. The company had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30.

Persons: Fabrizio Bensch, Bernard Arnault, Louis Vuitton Moet Hennessy, Susannah Streeter, Hargreaves Lansdown, Margot Robbie, Barbie, Tommy Tranfo, Tranfo, Birkenstock, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Arm Holdings, Hargreaves, Reuters, Reuters Graphics, Thomson Locations: Berlin, Germany, French, Langen, Bengaluru

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. The company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, positioning the 250-year-old brand for a smooth market debut. "Arguably, this should position Birkenstock more favorably in an environment where real interest rates are high and still rising. Birkenstock had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30. The brand has partnerships deal with luxury fashion brands, including Dior, Stüssy, Manolo Blahnik and Rick Owens.

Persons: Fabrizio Bensch, Susannah Streeter, Hargreaves Lansdown, Birkenstock, Javier Gonzalez Lastra, France's Bernard Arnault, Louis Vuitton Moet Hennessy, Margot Robbie, Barbie, Michael Ashley Schulman, Tommy Tranfo, Tranfo, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Hargreaves, Arm Holdings, Tema, Reuters Graphics, Running, Capital Advisors, Thomson Locations: Berlin, Germany, Langen, Bengaluru

☆ Birkenstock shares fall 11% in market debut to notch $8.32 bln valuation
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS/Toby Melville Acquire Licensing RightsOct 11 (Reuters) - Luxury sandal maker Birkenstock (BIRK.N) notched a valuation of $8.32 billion in its market debut on Wednesday after shares opened 11% below their offer price. The stock began trading at $41 apiece on the New York Stock Exchange, compared with the initial public offering price of $46 apiece. Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Thomson Locations: London, Britain, Bengaluru

The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Oct 11 - Goldman Sachs (GS.N) has agreed to sell GreenSky, its home improvement lender, and associated loans to a consortium led by investment firm Sixth Street Partners, it said on Wednesday. The charge on earnings equates to about $62 million, according to Reuters calculations based on Goldman Sachs' outstanding shares. Goldman Sachs declined to comment on the price. "We plan to continue the company's legacy of driving growth through enhanced technology and great user experiences," said Alan Waxman, co-founder and CEO of Sixth Street.

Persons: Goldman Sachs, Brendan McDermid, Goldman, David Solomon, Solomon, Alan Waxman, GreenSky, Saeed Azhar, Niket, Lananh Nguyen, Leslie Adler, Diane Craft Organizations: New York Stock Exchange, REUTERS, Sixth Street Partners, Wall Street, Street Journal, Sixth, KKR, Bayview Asset Management, Pacific Investment Management Co, Investments, Thomson Locations: New York City, U.S, Bayview, Bengaluru

"This quarter is all about higher interest rates for longer," said Mike Mayo, an analyst at Wells Fargo. "There is a constructive environment, and investment banking fees tend to be higher through the end of the year," said Jason Goldberg, a banking analyst at Barclays. Despite the renewed optimism, investment banking activity remains depressed. As rates rise, bond prices fall, representing losses on paper that would be realized if the banks sold the bonds. More broadly, "we're back into this environment where investors think interest rates are going to remain higher for longer," he said.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Goldman Sachs, Morgan Stanley's, Mike Mayo, Ebrahim Poonawala, Jason Goldberg, Richard Ramsden, James Demmert, Ramsden, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Nick Zieminski 私 Organizations: JP, Co, REUTERS, JPMorgan, Citigroup, Wells, Bank of America, Federal Reserve, Wall Street, SoftBank's Arm Holdings, Barclays, U.S, Treasury, Valley Bank, Federal Deposit Insurance Corporation, Reuters, Street Research Locations: New York, Wells Fargo, dealmaking, Israel, Bengaluru

☆ Top issues in Detroit Three's negotiations with UAW
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

Oct 10 (Reuters) - The United Auto Workers (UAW) secured a "major breakthrough" in labor talks with the Detroit Three automakers as General Motors (GM.N) made some concessions by allowing workers at joint-venture battery plants to be covered by union contracts. Here is a look at the top talking points, and how negotiations have progressed three weeks after the strike began, according to UAW President Shawn Fain and the companies:Source: Fain's statement, company statementsReporting by Niket Nishant and Abhinav Parmar in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Shawn Fain, Niket Nishant, Abhinav Parmar, Shinjini Ganguli Organizations: United Auto Workers, UAW, Detroit, General Motors, Thomson Locations: Bengaluru

☆ Truist in talks to sell insurance business for $10 bln - Semafor
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Truist Financial (TFC.N) is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday, citing people familiar with the matter. Stone Point bought a 20% stake in the unit, known as Truist Insurance Holdings, in April in a deal that valued the business at $14.75 billion. When the transaction was unveiled in February, before the industry turmoil, Truist said it would continue to own 80% of the unit. The talks with Stone Point are ongoing, according to the Semafor report, which added that a deal may hinge on Stone Point's ability to scrounge up enough debt. Truist Financial declined to comment on the Semafor report, while Truist Insurance and Stone Point did not immediately respond to Reuters requests for comment.

Persons: Semafor, Truist, Shivani Tanna, Niket, Maju Samuel, Shounak Organizations: Truist, Truist Insurance Holdings, Truist Insurance, Thomson Locations: U.S, dealmaking, Bengaluru

☆ Prosperity Life's unit to buy insurer National Western in $1.9 bln deal
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: 1 min

Oct 9 (Reuters) - A unit of Prosperity Life Group agreed to buy life insurer National Western Life Group (NWLI.O) in a deal valued at $1.9 billion, the companies said on Monday. The deal gives National Western a value of $500 per share, a premium of nearly 20% to its stock's last close on Friday. Mergers and acquisitions in the U.S. corporate space are starting to pick up pace after a dull 2022, boosted by hopes that the Federal Reserve could engineer a soft landing for the economy. The acquisition is expected to close in the first half of 2024, the companies said. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Niket, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Prosperity Life, Western Life, Federal Reserve, Thomson Locations: U.S, Bengaluru

☆ Prosperity Life's Unit to Buy Insurer National Western in $1.9 Billion Deal
▼ + stars: | 2023-10-09 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

(Reuters) - A unit of Prosperity Life Group agreed to buy life insurer National Western Life Group in a deal valued at $1.9 billion, the companies said on Monday. The deal gives National Western a value of $500 per share, a premium of nearly 20% to its stock's last close on Friday. Mergers and acquisitions in the U.S. corporate space are starting to pick up pace after a dull 2022, boosted by hopes that the Federal Reserve could engineer a soft landing for the economy. The acquisition is expected to close in the first half of 2024, the companies said. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-Phillips)

Persons: Niket, Shailesh Kuber, Sherry Jacob, Phillips Organizations: Reuters, Prosperity Life, Western Life, Federal Reserve Locations: U.S, Bengaluru

☆ Visa launches $100 mln venture fund for generative AI startups
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Credit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 2 (Reuters) - Payments processor Visa (V.N) on Monday launched a $100 million venture fund for generative artificial intelligence (AI) startups, joining a list of investors who have flocked to the sector this year. Several high-profile names such as Microsoft (MSFT.O) and Alphabet's (GOOGL.O) Google have backed the AI space, a buzzword in technology circles this year, after chatbot ChatGPT's popularity. Generative AI is a technology that creates brand new content based on what it has learnt from past data. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Jack Forestell, Niket, Shilpi Majumdar Organizations: REUTERS, Monday, Microsoft, Google, Thomson Locations: Bengaluru

☆ ByteDance's valuation slumps to $223.5 bln - The Information
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: 1 min

The ByteDance logo is seen at the company's office building in Shanghai, China July 4, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 2 (Reuters) - Short video app TikTok parent ByteDance was valued at $223.5 billion in a new employee share buyback, about 26% lower than a year ago, the Information reported on Monday. The company did not immediately respond to a Reuters request for comment outside of normal business hours. ByteDance is planning to buy at least $300 million worth of stock from current and former U.S. employees, the report said. Reporting by Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Niket, Shinjini Organizations: REUTERS, Thomson Locations: Shanghai, China, Bengaluru

☆ Wells Fargo sells $2 billion of private equity investments
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsSept 29 (Reuters) - Wells Fargo (WFC.N) said on Friday it had sold about $2 billion of its private equity investments as the bank aims to sharpen focus on its core businesses. "With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo's core businesses and customers," Wells Fargo CFO Mike Santomassimo said. The investments were in certain funds managed by Norwest Equity Partners and Norwest Mezzanine Partners. They were sold to a group of buyers that included private equity firm Carlyle Group's (CG.O) unit AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon, according to Wells Fargo.

Persons: Stephanie Keith, Wells, Mike Santomassimo, Carlyle Group's, Lazard, Niket, Shounak Dasgupta Organizations: REUTERS, Federal Reserve, Norwest Equity Partners, Partners, AlpInvest Partners, Atalaya Capital Management, Lexington Partners, Thomson Locations: New York City, U.S, Wells Fargo, Bengaluru

☆ Robinhood sees $100 million finance costs tied to regulatory issues in third quarter
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 29 (Reuters) - Robinhood Markets (HOOD.O) expects a $100-million charge in the third quarter to resolve some legal and regulatory matters that were previously disclosed, the trading app operator said on Friday. However, a stormy economic climate last year spooked retail traders, Robinhood's chief customer base. The company beat revenue expectations during the second quarter and reported a profit for the first time as a public company in August. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Robinhood's, Niket, Shilpi Majumdar, Shounak Organizations: Inc, REUTERS, GameStop, Thomson Locations: New York City, U.S, Bengaluru

Trading information and logo for Endeavor Group Holdings, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 28 (Reuters) - Endeavor Group (EDR.N) and Boston Red Sox owner Fenway Sports Group have expressed interest in investing in the PGA Tour, according to a source familiar with the negotiations. After a very public war of words, PGA, DP World Tour and Saudi-backed LIV Golf circuit in June announced a shocking agreement to merge and form one unified commercial entity. PGA's talks with Endeavor and Fenway are still at an early stage, the source said, requesting anonymity because the matter is confidential. Both Fenway and Endeavor are already major players in the sporting industry.

Persons: Brendan McDermid, LIV, PGA's, Niket, Shilpi Majumdar, Shweta Agarwal Organizations: Endeavor Group Holdings, Inc, New York Stock Exchange, REUTERS, Endeavor, Boston Red Sox, Fenway Sports, PGA, Saudi Arabia's Public Investment Fund, U.S, Senators, Fenway, Bloomberg News, Public Investment Fund, Major League Baseball's Boston Red Sox, Premier League club Liverpool, World Wrestling Entertainment, Thomson Locations: New York City, U.S, Saudi, Bengaluru

☆ Union urges US regulators to deny GM's self-driving Cruise a safety exemption
▼ + stars: | 2023-09-27 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/2] A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsCompanies General Motors Co FollowWASHINGTON, Sept 27 (Reuters) - The International Brotherhood of Teamsters union on Wednesday asked U.S. auto safety regulators to deny a petition by General Motors (GM.N) to exempt its autonomous vehicle unit Cruise Origin from vehicle safety standards. The Cruise petition, filed in February 2022, seeks government approval to deploy vehicles annually without steering wheels, mirrors, turn signals or windshield wipers. Current on-road self-driving Cruise vehicles have human controls. NHTSA said Cruise vehicles "may engage in inappropriately hard braking or become immobilized."

Persons: Elijah Nouvelage, Ann Carlson, Cruise, Sean O'Brien, Carlson, David Shepardson, Niket, Shounak Dasgupta, Marguerita Choy Organizations: GM Bolt, REUTERS, General Motors, Brotherhood of Teamsters, Wednesday, U.S, Traffic Safety Administration, NHTSA, California Department of Motor Vehicles, Cruise, Reuters, GM, Congress, Thomson Locations: San Francisco , California, U.S, WASHINGTON, San Francisco, Washington, Bengaluru

☆ OpenAI in talks with investors for sale of existing shares - sources
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

A keyboard is placed in front of a displayed OpenAI logo in this illustration taken February 21, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 26 (Reuters) - OpenAI, the artificial intelligence startup behind ChatGPT, is talking to investors on a possible sale of existing shares, according to two sources familiar with the matter. The deal could value Microsoft-backed OpenAI at between $80 billion to $90 billion, according to the Wall Street Journal, which first reported on the potential share sale. In a sale of existing shares no new capital is raised, but insiders and investors are allowed to sell their shares. OpenAI's new valuation would be almost triple of what the company was worth after a share sale earlier this year, the WSJ reported.

Persons: Dado Ruvic, OpenAI, Krystal Hu, Niket, Shounak Dasgupta Organizations: REUTERS, Microsoft, Wall Street, Thomson Locations: Silicon Valley, San Francisco, Bengaluru

☆ Rupert Murdoch: the billionaire mogul at the helm of a global media empire
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +3 min

Media mogul Rupert Murdoch leaves his home in London, Britain March 4, 2016. Murdoch wed former supermodel Jerry Hall in a low-key ceremony in central London on Friday, the fourth marriage for the media mogul. REUTERS/Stefan Wermuth/File Photo Acquire Licensing RightsSept 21 (Reuters) - Rupert Murdoch stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O) on Thursday, ending a long reign that saw him develop and lead a global media empire. SPLIT OF THE MURDOCH EMPIREBowing to pressure from shareholders, Murdoch separated News Corp's (NWSA.O) publishing and entertainment assets in 2013. Murdoch reportedly has an unflattering opinion of the former president and has also criticized Fox News anchors for siding with Trump.

Persons: Rupert Murdoch, Murdoch, Jerry Hall, Stefan Wermuth, Ann Lesley Smith, Michael Bloomberg, Donald Trump, Niket Nishant, Noor Zainab Hussain, Saumyadeb Organizations: Fox Corp, News Corp, Daily Express, San, Murdoch's, New York Times, Fox News, Trump, Forbes, Thomson Locations: London, Britain, Australia, United States, U.S, New York City, San Francisco, Bengaluru

☆ Klaviyo, Arm, Instacart wobble, raising doubts over IPO revival
▼ + stars: | 2023-09-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Among other companies that have been gearing up for U.S. stock market listings are German premium footwear maker Birkenstock Holding and Vietnam internet company VNG Corp (VNZ.HNO). Chip designer Arm's stock on Wednesday hit a low of $51.52, coming close to its $51 IPO price in this year's biggest IPO last Thursday. Shares of grocery delivery app Instacart, which debuted Tuesday, fell to a low of $29.96, below their $30 IPO price. Klaviyo also surrendered most of its initial gains, hitting a low for the day of $30.26, just above its $30 IPO price. Arm and Instacart were "pumped up to do the IPO," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Persons: Dado Ruvic, Robert Pavlik, Klaviyo, Jerome Powell, haven't, ”, Jake Dollarhide, Ortex, Peter Tuz, Mark Luschini, Janney Montgomery Scott, Caroline Valetkevitch, Savyata Mishra, Niket, Lewis Krauskopf, Noel Randewich, Marguerita Choy, Stephen Coates Organizations: REUTERS, Arm Holdings, Investment, Dakota Wealth, Birkenstock, VNG Corp, Federal, Nasdaq, Longbow, Management, Chase Investment, People, Thomson Locations: Fairfield , Connecticut, Vietnam, Tulsa , Oklahoma, Charlottesville , Virginia, Bengaluru, New York, San Francisco

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSept 20 (Reuters) - Shares of Klaviyo (KVYO.N) were set to open up to 23% above their IPO price on Wednesday, giving the marketing automation company a potential valuation of $11.4 billion. The stock was indicated to open between $35 and $37, compared with the initial public offering (IPO) price of $30. The Boston-based company's IPO of 19.2 million shares was priced above range on Tuesday, raising $576 million in proceeds, part of which will go to existing investors who cashed out some of their holdings. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Jaiveer Singh, Anil D'Silva, Vinay Dwivedi, Shounak Organizations: New York Stock Exchange, REUTERS, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

☆ Instacart stock subdued as debut enthusiasm loses steam
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsSept 20 (Reuters) - Grocery delivery app Instacart's stock (CART.O) fell nearly 5% in premarket trading on Wednesday, on course to join other new stock market entrants in failing to keep up with their strong gains on debut. Shares of San Francisco-based Instacart ended 12% higher in their Nasdaq debut on Tuesday, failing to hold onto an intraday gain of as much as 43%. The company's initial public offering on Monday had given it a valuation of nearly $9.9 billion. In August, it announced interest from PepsiCo (PEP.O), which has agreed to buy $175 million in preferred convertible stock. Reporting by Savyata Mishra and Niket Nishant in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Eric Cohn, Cheney Orr, Instacart, Alex Frederick, Frederick, Instacart's, Andrew Lipsman, Savyata Mishra, Niket, Devika Organizations: Safeway, REUTERS, Investors, San, Nasdaq, Walmart, Amazon, PitchBook, PepsiCo, Insider Intelligence, Thomson Locations: Tucson , Arizona, U.S, San Francisco, Bengaluru

☆ Klaviyo prepares for US market debut after pricing IPO above range
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

Trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. The offering gave Klaviyo a valuation of $9.2 billion. BlackRock (BLK.N) and AllianceBernstein have agreed to buy up to $100 million worth of shares each, accounting for a big chunk of the total IPO proceeds. A successful debut of Klaviyo would underscore a revival in the IPO market, which has been on ice for nearly 18 months after the end of an easy-money regime prompted investors to question the valuations of high-flying startups. However, their shares are still above their respective IPO prices.

Persons: Brendan McDermid, AllianceBernstein, Andrew Bialecki, Ed Hallen, Klaviyo, Niket, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Arm Holdings, BlackRock, Thomson Locations: New York City, U.S, Boston, Bengaluru

The IPO gave Instacart a valuation of nearly $9.9 billion, a fraction of the $39 billion it was worth in 2021, the company's last funding round. Reuters GraphicsSeveral startups' valuations have shrunk since 2022 as inflation, geopolitical tensions and the Federal Reserve's rapid rate hikes soured the economic climate. But a lukewarm reception to Neumora Therapeutics' (NMRA.O) IPO last week hinted at limited investor enthusiasm for new listings. Arm soared on its first day of trading but has dropped every day since then. Goldman Sachs and J.P. Morgan are the lead underwriters for Instacart's IPO.

Persons: Eric Cohn, Cheney Orr, Hogan, Riley, Instacart, Apoorva Mehta, Fidji Simo, Goldman Sachs, J.P, Morgan, Niket, Noel Randewich, Devika Syamnath, Anil D'Silva, Nick Zieminski, Richard Chang Organizations: Safeway, REUTERS, Nasdaq, SoftBank's Arm, San, Maplebear Inc, Reuters, Federal, Investors, Neumora Therapeutics, Instacart's, Thomson Locations: Tucson , Arizona, U.S, San Francisco, Bengaluru, Oakland , California

☆ Marketing firm Klaviyo lifts IPO price range, targets $9 bln valuation
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Sept 18 (Reuters) - Marketing automation company Klaviyo on Monday increased the proposed price range for its initial pubic offering (IPO) due this week, targeting a fully diluted valuation of up to $9 billion. Klaviyo said in a filing nearly 19.2 million shares would be sold in the IPO, priced between $27 and $29 each. The IPO, which is scheduled to price on Tuesday, is nearly 20 times oversubscribed because of investor demand, Reuters reported last week. A strong debut from SoftBank's Arm Holdings last week raised hopes of a rebound in the IPO market, but the lukewarm reception to Neumora Therapeutics (NMRA.O) has tempered some optimism. Klaviyo's hike comes after another IPO contender, Instacart, raised its price range on Friday.

Persons: Klaviyo, Instacart, SoftBank, Andrew Bialecki, Ed Hallen, Jaiveer Shekhawat, Nivedita Bhattacharjee Organizations: Reuters, SoftBank's Arm Holdings, Neumora Therapeutics, BlackRock Inc, Thomson Locations: U.S, Dealogic, Bengaluru

☆ Instacart raises IPO price range after robust Arm debut
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

The price hike signals robust investor demand for San Francisco-based Instacart, which is looking to finally list its shares this month after years of waiting in the wings. Investors will be pinning hopes on robust debuts from Instacart, Klaviyo and Neumora to carry the momentum in the IPO market after Arm's strong showing on Thursday. Instacart said it is now seeking to sell 22 million shares at $28 to $30 each. At the top end of the range, the IPO will fetch $660 million compared with the earlier target of $616 million. The company's raised valuation target, however, would still be just one-fourth of the $39 billion it was worth after its last funding round more than two years ago.

Persons: Dado Ruvic, Group's, Instacart, Goldman Sachs, J.P, Morgan, Niket, Krishna Chandra Organizations: REUTERS, Arm Holdings, San, Neumora Therapeutics, Instacart, Cornerstone, PepsiCo, Instacart's, Thomson Locations: San Francisco, Bengaluru

☆ Birkenstock reveals 21% revenue jump in updated financials ahead of IPO
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsSept 15 (Reuters) - German premium footwear maker Birkenstock Holding's revenue jumped 21% in the nine months ended June 30, it said in updated paperwork for a U.S. stock market listing on Friday. The company, backed by private equity firm L Catterton, is one of a handful of high-profile firms gearing up for a stock market debut. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 16% to 387 million euros in the same period. Goldman Sachs, J.P. Morgan and Morgan Stanley are among the underwriters for the IPO.

Persons: Fabrizio Bensch, Birkenstock, Barbie, Margot Robbie, Goldman Sachs, J.P, Morgan, Morgan Stanley, Niket, Krishna Chandra Organizations: REUTERS, SoftBank, Arm Holdings, underwriters, Thomson Locations: Berlin, Germany, U.S, Bengaluru

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