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☆ Porsche's blockbuster IPO is no 'gamechanger' for Europe's battered markets
  + stars: | 2022-09-28 | by ( Lucy Raitano Andres Gonzalez | Lucy Raitano | Andres Gonzalez | ) www.reuters.com   time to read: +5 min
As market volatility persists amid Europe's energy crisis and worsening economic forecasts, companies are holding off on their plans to go public. Register now for FREE unlimited access to Reuters.com Register"One transaction alone cannot re-open the floodgates of IPO executions. This requires more predictable macro and reduced equity market volatility," said Antoine de Guillenchmidt, co-head of EMEA Equity Capital Markets at Goldman Sachs. Going forward, as interest rates continue to rise and companies look for financially efficient ways of refinancing their balance sheets, equity capital markets are likely to see a surge in convertible bond activity. "We will see many more convertibles and mandatory convertible instruments because some issuers don't have many alternatives, and investors are still very keen," said Andreas Bernstorff, head of equity capital markets at BNP Paribas.
☆ Exclusive: Blackstone to sell $400 mln stake in Indian REIT Embassy, ADIA eyes investment
  + stars: | 2022-09-23 | by ( M. Sriram Aditya Kalra Aditi Shah | M. Sriram | Aditya Kalra | ) www.reuters.com   time to read: +4 min
It is the largest office REIT in Asia by area. Shares in the Embassy REIT closed at 354.42 Indian rupees on Friday in Mumbai, giving it a market capitalisation of $4.15 billion. Blackstone currently has a 32% stake in the Embassy REIT and at the current market value the proposed sale by Blackstone would represent 7.2% to 9.6% of its stake, according to Reuters calculations. ADIA INTERESTADIA is likely to pick up about $200 million of Blackstone's stake sale, with talks also ongoing with other possible investors, the first source said. For ADIA, the investment would expand its interest in the Indian office market.
☆ We got an exclusive look at the 9-slide pitch deck Innovafeed, an insect protein startup, used to raise $250 million
  + stars: | 2022-09-22 | by ( Tasmin Lockwood | ) www.businessinsider.com   time to read: +3 min
We got an exclusive look at the 9-slide pitch deck it used to secure the funding. A startup developing insect-based food for aqua-farming, pet food, and eventually humans just raised $250 million to ramp up production. "One of the products we replace in aqua-feed is fish meal," Ray said. "Fish meal is made of small fish caught in South America, in Africa, turned into a meal to feed other food production. Replacing fish meal with Innovafeed's product reduces the carbon footprint of salmon feed by 50%, the cofounder said.
☆ Demand for Porsche AG listing strong as retail investor subscription period begins
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterA Porsche Taycan is displayed at a car show in Oslo, Norway, November 10, 2021. Indicated demand for the listing, due to take place on Sept. 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunning said. It was too early for visibility on retail demand, they added. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive. Register now for FREE unlimited access to Reuters.com RegisterReporting by Matt Scuffham, Lucy Raitano in London, Victoria Waldersee in Berlin; Editing by Miranda Murray and Madeline ChambersOur Standards: The Thomson Reuters Trust Principles.
☆ The IPO drought is about to break with Porsche set to raise $9.4 billion in its public debut
  + stars: | 2022-09-20 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
Luxury car maker Porsche is set to go public in Europe later this month at a valuation of up to $75 billion. The debut of Porsche will help break a nearly year-long drought in the IPO market as investors remain defensive. The US IPO market has suffered one of its longest stretches of minimal debuts since the unraveling of the dot-com bubble about 20 years ago. According to data from Bloomberg, the global IPO market has raised just $80.5 billion, spread out over 1,617 deals so far in 2022. That's in stark comparison to 2021's global IPO market, which raised more than $700 billion across more than 4,000 deals.
☆ Petrodollar rush may disappoint Western financiers
  + stars: | 2022-09-20 | by ( Liam Proud | ) www.reuters.com   time to read: +6 min
Yet Western financiers hoping to share in the spoils of a 1970s-style petrodollar boom will be disappointed. In previous petrodollar booms, energy producers have recycled their windfalls into the Western financial system. These financial flows, known as petrodollar recycling, mean that the money Westerners spend on fuel eventually makes its way back into their economies through energy producers’ financial investments. Either way, it would mean that Westerners miss out on some of the spoils of the new petrodollar boom. A more muted petrodollar boom might not be such a bad thing after all.
☆ Investors mixed as Porsche seeks price tag of up to $75 billion
  + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com   time to read: +5 min
Volkswagen said on Sunday it was aiming for a valuation of 70 billion-75 billion euros ($70-75 billion) for Porsche AG, slightly below some estimates of up to 85 billion euros, but far outstripping the 49-billion-euro price tag for rival BMW (BMWG.DE) and Mercedes-Benz's (MBGn.DE) 61 billion euros. "It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Volkswagen's valuation for Porsche AG is close to its own market capitalisation of 88 billion euros. Analysts have compared Porsche AG stock to Ferrari, which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1-19.5 billion euros and could help Volkswagen fund its electrification drive.
☆ Volkswagen shares dip as it values Porsche at up to $75 bln
  + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com   time to read: +5 min
"It is fundamentally right that Porsche AG becomes more independent - but this is not an independent set-up." Shares in Porsche SE (PSHG_p.DE), Volkswagen's largest shareholder which will take a big stake in Porsche AG, were 2.42% higher, topping Germany's DAX blue-chip index (.GDAXI). read moreVolkswagen said on Sunday it would price preferred shares in the flotation of Porsche AG at 76.50-82.50 euros per share. Analysts have compared Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.
☆ Volkswagen shares up slightly on Porsche's 70-75 billion euro valuation
  + stars: | 2022-09-19 | by ( Victoria Waldersee | ) www.reuters.com   time to read: +4 min
The valuation announced on Sunday of 70 billion-75 billion euros is slightly below some investors' estimates of up to 85 billion euros, but still far outstrips the valuation of other German carmakers like BMW's (BMWG.DE) 49 billion euros or Mercedes-Benz' 61 billion. Register now for FREE unlimited access to Reuters.com RegisterIt also comes close to Volkswagen's own market capitalisation of 88 billion euros. Shares in Porsche Holding SE, Volkswagen's largest shareholder, were 3.23% higher, topping Germany's DAX blue-chip index (.GDAXI). Analysts have compared the Porsche AG stock to Ferrari (RACE.MI), which has a market capitalisation of 38 billion euros but an operating margin of 24% to Porsche's 17-18%. Total proceeds from the sale will be 18.1 billion to 19.5 billion euros.
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