Anthony Hughes is senior reporter, equities, for IFR where he covers developments in US equity capital markets. He previously worked as a financial reporter and columnist for the Australian Financial Review and, prior to that, as investment editor at the Sydney Morning Herald.
The US$500m Nasdaq IPO of Virgin Trains USA became the first major casualty of tough capital raising conditions in 2019 when investors declined to back its audacious plan to spend billions over the next few years on intercity passenger rail projects.
Iconic jeans maker Levi Strauss is at the front of a queue of high-profile companies that bankers hope will lead a resurgence of the US IPO market in the coming months.
Fortress Investment-backed Virgin Trains USA has postponed its Nasdaq IPO ahead of pricing tonight and will look at other options to finance its intercity rail projects.