Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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Investment bankers are concerned that the IPO of Uber Technologies illustrates how little control they can have over a key factor in the success of any IPO: just how many shares will flood the market in early trading.
Having promised to enhance returns to shareholders, Diamondback Energy is following through with plans to spin off its midstream operations.
A cautious approach to pricing the heavily oversubscribed IPO of Uber Technologies’ made little apparent difference as its shares opened at US$42, or 6.7% below pricing.