Sunday, 25 February 2018

Anthony Hughes' s stories

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  • Shopify raises US$657.6m overnight

    Equities | 23 February 2018

    When your stock price trades at a double-digit multiple of revenues and is billed as potentially the next Amazon, raising equity is not a tall order. That does not mean finding the right price is easy, particularly in current market conditions.

  • MoviePass backer slumps after sale

    Equities | 16 February 2018

    One of the more curious tech disruptor stocks to come onto traders’ radars in recent months is MoviePass backer Helios and Matheson Analytics, which last week raised US$105m from an overnight best-efforts sale of stock and warrants.

  • Hudson loses altitude on debut

    Equities | 02 February 2018

    Travel retailer Hudson found willing takers for its US$748.9m NYSE IPO but stumbled on debut Thursday in what is proving a difficult market for underwriters to juggle demand and pricing.

  • Hudson IPO headed for in-range pricing

    Ticker | 31 January 2018

    Hudson is expected to price its NYSE IPO within range on Wednesday night as the travel retailer benefits from its insulation from e-commerce competition.

  • New York Stock Exchange trading floor

    US IPO market clocks record start to the year

    Top News | 26 January 2018

    A rush of large IPOs means US ECM bankers are set to mark down January as the busiest start to a year on record for new listings.

  • Gates wobbles on debut

    Equities | 26 January 2018

    Blackstone-backed power transmission and fluid power products maker Gates Industrial avoided the fate of other recent sponsor-backed IPOs by pricing its IPO within range for proceeds of US$731.5m, but still made a soft debut.

  • PagSegura sets bullish tone with US$2.3bn LatAm-to-US IPO

    Equities | 26 January 2018

    The US$2.26bn IPO of Brazilian payments provider PagSeguro Digital - Portuguese for “secure payment” - proved a solid choice as the first LatAm-to-US IPO of 2018.

  • Solid soars despite disclosure snafu

    Equities | 26 January 2018

    An embarrassing disclosure snafu proved no obstacle to the ambitions of muscle-wasting drug developer Solid Biosciences, which made a bright debut on Friday despite delaying its IPO by a day and lowering its pricing sights late in the process.

  • The SEC is likely to introduce new rules to restrict the way high-speed trading firms operate

    IPO aspirants prepare for SEC shutdown with early filings

    Ticker | 22 January 2018

    Several companies seeking to go public this week moved Friday to eliminate the risk of a US government shutdown and its impact on the Securities and Exchange Commission’s ability to process their filings.

  • A security sign for ADT

    Apollo falls short with US$1.47bn ADT IPO

    Top News | 19 January 2018

    Apollo Global Management has a reputation for squeezing out top dollar from the listing of its portfolio companies, but investors proved unwilling to pay up for its latest effort, the US$1.47bn NYSE IPO of home security provider ADT. The IPO was priced well below range and slumped on its debut.

  • Apollo-backed gaming machine maker brings US$184.5m IPO

    Equities | 19 January 2018

    Electronic gaming machine maker PlayAGS (or AGS as it prefers to call itself) believes its high levels of recurring revenue, high margins and global expansion opportunities will appeal to investors when it looks to price its US$184.5m NYSE IPO on Thursday, January 25.

  • Brazil

    PagSeguro eyes New York with US$1.9bn IPO

    Top News | 12 January 2018

    The first LatAm-to-US IPO of the year is a big one with PagSeguro Digital’s float expected to raise US$1.9bn.

  • Gates unlocks US$808.5m IPO

    Equities | 12 January 2018

    Blackstone-backed power transmission and fluid power products maker Gates Industrial became the latest sponsor-backed company to bring an early 2018 IPO, setting terms early on Friday for a deal that could raise as much as US$808.5m.

  • Advantage postpones US$110m IPO

    Equities | 05 January 2018

    Advantage Insurance, a life insurer based in Puerto Rico, postponed its US$110m NYSE IPO late on December 19 after struggling to find a receptive audience in the final sessions of 2017.

  • The Sempra Energy building is pictured in San Diego

    Sempra locks in US$4bn M&A financing

    Top News | 05 January 2018

    Sempra Energy overcame pressure on its stock price and credit ratings to price a US$4bn concurrent equity and equity-linked financing that will help bankroll its pending US$9.45bn acquisition of regulated Texas power utility Oncor.

  • Spotify logo from company website

    Bankers eye Spotify's non-IPO warily

    Top News | 05 January 2018

    Confirmation that music streaming service Spotify has confidentially filed a 20F application for a direct listing on the New York Stock Exchange has triggered much discussion of the Swedish company’s decision to shun an initial public offering.

  • ADT leads early year IPO charge

    Equities | 05 January 2018

    Private equity-backed deals are poised to lead the 2018 US IPO charge, starting with the up to US$2.1bn IPO of Apollo Global Management-backed home security company ADT.

  • Apollo-backed ADT eyes January IPO

    Ticker | 05 January 2018

    ADT, the Florida-based home security provider backed by Apollo Global Management, publicly filed late Thursday for a NYSE IPO that looms as potentially the biggest new issue in the early part of 2018.

  • The Sempra Energy building is pictured in San Diego

    Sempra shares bounce on fundraising plans

    Ticker | 03 January 2018

    Sempra Energy shares rose more than 2% on Wednesday after the natural gas utility revealed plans to raise up to US$4.6bn to fund its acquisition of Texas power distributor Oncor.

  • IPO

    Biotechs prepare to rush early '18 IPO market

    Ticker | 02 January 2018

    A trio of US biotech IPOs joined the early 2018 deal calendar Friday, another sign the sector could start the new year where it left off as one of the most consistent sources of new equity issuance.

  • Menlo scratches IPO itch with US$98m filing

    Ticker | 28 December 2017

    Menlo Therapeutics, a late-stage biotech targeting itchy skin and chronic cough conditions, filed publicly Thursday for a US$98m Nasdaq IPO that could launch early next year.

  • Gates joins sponsor IPO pack for early 2018

    Ticker | 28 December 2017

    Gates Industrial, a Blackstone-backed maker of power transmission and fluid power products for auto and industrial markets, added itself to the expanding ranks of sponsor-backed companies that could make an early 2018 debut.

  • Slot machine maker plots early 2018 IPO

    Ticker | 28 December 2017

    PlayAGS, a supplier of electronic gaming machines, filed publicly Tuesday for a US$100m NYSE IPO that could price early in the new year.

  • Scottrade founder dumps US$1.4bn TD Ameritrade stake

    Equities | 15 December 2017

    Goldman Sachs made a late run for bragging rights as the most active US ECM underwriter of 2017 when it offloaded a US$1.42bn stake in online brokerage firm TD Ameritrade overnight on Tuesday.

  • Lutnick's Newmark more than halves IPO

    Equities | 15 December 2017

    The US new-issue market closed the year with a whimper as investors that were laser-focused on protecting their investment returns all but ignored the last deal of size for 2017: the IPO of commercial real estate agency Newmark.

  • Corporate Issuer: Becton Dickinson

    Corporate Issuer: Becton Dickinson

    All Special Reports | 15 December 2017

    Becton Dickinson caught most market participants by surprise as it announced its multi-billion acquisition of CR Bard. For carefully managing investor expectations in the face of a downgrade to junk while successfully tapping the loan, bond and equity markets, Becton Dickinson is IFR’s Corporate Issuer of the Year.

  • North America IPO: Athene’s US$1.2bn IPO

    All Special Reports | 15 December 2017

    Complexity and the insurance sector go hand-in-hand. The US$1.2bn IPO in early December 2016 of Apollo Global Management-backed annuities/retirement services provider Athene was no exception, but the company and its underwriters were able to navigate complications that went beyond mere actuarial matters.

  • Newmark IPO seeks US$660m at premium to peers

    Equities | 08 December 2017

    Commercial real estate agency Newmark is hoping its record of strong growth and high margins will allow it to command a premium to peers when it prices a US$660m Nasdaq IPO on Thursday.

  • US: CURO launches US$106.7m IPO amid CFPB battle

    Equities | 01 December 2017

    The political battle over control of the US’s consumer finance watchdog could have a bearing on the success of the US$106.7m IPO of CURO Group (also known as Speedy Cash), scheduled to price post-close Wednesday, December 6.

  • US: Luther Burbank propagates US$141.9m IPO

    Equities | 01 December 2017

    In its first capital raising since it pulled in US$2m at its founding 34 years ago, California-based banking concern Luther Burbank is planning to raise US$141.9m from a Nasdaq IPO scheduled to price post close on Thursday, December 7.

  • US: Sector rally drives small bank ECM

    Equities | 01 December 2017

    Robust gains in financial stocks in the past week proved timely for smaller community banks Independent Bank of Texas and Univest Corp of Pennsylvania on their overnight stock sales.

  • US: SMART Global returns after IPO surge

    Equities | 01 December 2017

    Brazil-focused memory player SMART Global, one of this year’s best performing IPOs, saw its stock price take a step back in the wake of its return offering Wednesday, a US$109.2m all-secondary stock sale that allowed sponsor Silver Lake Partners to pare its controlling stake.

  • US: Scorpio stings investors again

    Equities | 01 December 2017

    Crude shipper Scorpio Tankers returned to ECM for a second time this year, raising US$90m from the overnight sale of 30m primary shares (11% of outstanding) at US$3.00 each, an 8% discount to last sale.

  • US: Teladoc prescribes US$150m stock sale

    Equities | 01 December 2017

    Teladoc, a provider of virtual healthcare, took advantage of its 130% stock price surge this year to price a US$150m one-day marketed stock sale.

  • Huntsman accelerates sell-down of Venator

    Equities | 01 December 2017

    Chemical company Huntsman offloaded a nearly US$500m stake in titanium dioxide maker Venator Materials Wednesday, less than four months after taking the unit public.

  • TV station shake-up spurs ECM action

    Equities | 01 December 2017

    Local TV station rivals Tribune Media and Gray Television brought separate follow-on offerings las

  • Apollo withdraws IPO of specialty chemical company

    Equities | 17 November 2017

    Investors refused to pay up for the US$365m Apollo Global Management was asking for specialty chemicals maker Momentive Performance Materials (MPM), prompting the private equity firm and its co-investors to withdraw the deal just ahead of pricing.

  • Software IPOs keep market alive

    Equities | 17 November 2017

    Software companies SailPoint Technologies and SendGrid proved the week’s most popular IPOs, drawing strong demand while other deals were left on the shelf.

  • Small bank ECM rebounds

    Equities | 10 November 2017

    A late-year rebound in small US bank IPOs is finally under way as investors eye rising bond yields and the resulting positive impact on many banks’ net interest margins.

  • Bandwidth makes US$80m call to investors

    Equities | 10 November 2017

    Telecommunications company Bandwidth made a steady Nasdaq debut on Friday after earlier overcoming price sensitivity to price its US$80m IPO at the bottom end of the marketing range.

  • Funko loses its head on debut

    Equities | 03 November 2017

    Pop culture figure maker Funko delivered one of the worst IPOs in memory on Thursday, when its shares dived more than 40% on its Nasdaq debut.

  • ForeScout secures US$116.2m from upsized IPO

    Equities | 27 October 2017

    ForeScout Technologies made a solid though not spectacular Nasdaq debut on Friday after underwriters earlier opted to price the cybersecurity company’s IPO at the top end of the range and upsize the deal by 10% to US$116.2m.

  • MongoDB draws huge demand for US$192m IPO

    Equities | 20 October 2017

    Database software company MongoDB injected another dose of optimism into the resurgent US tech IPO market, surging 33.6% on debut on Thursday after drawing overwhelming demand for its US$192m IPO.

  • South Jersey flags US$900m stock sale, MCB

    Equities | 20 October 2017

    South Jersey Industries plans to raise US$850m-$900m from a combination of common equity and mandatory CBs to help fund its US$1.7bn acquisition of New Jersey and Maryland regulated gas assets from Southern Company Gas.

  • Micron Technology headquarters

    Micron loads up with US$1.2bn stock sale

    Top News | 13 October 2017

    Micron Technology surprised investors with an upsized US$1.2bn stock sale that strengthens the memory chipmaker’s balance sheet and preserves offshore cash should long-awaited US tax reforms put in place a repatriation holiday.

  • CarGurus gets IPO market moving

    Equities | 13 October 2017

    Car listings marketplace CarGurus underscored current US IPO euphoria by soaring 72.4% in its debut session on Thursday, adding more fuel to the end-of-year recovery of the new-issue market.

  • U.S. President Barack Obama visits the Copper Mountain Solar Project in Boulder City

    Sempra trebles equity in Oncor bid

    Top News | 06 October 2017

    Sempra Energy has tripled the amount of equity it will raise to more than US$6bn in its quest to secure regulatory approval to acquire bankrupt Energy Future Holdings.

  • Switch IPO a hit with investors

    Equities | 06 October 2017

    Data centre operator Switch has become the latest US IPO to enthrall investors, drawing heavy demand for its US$531.3m offering in another sign that a long-awaited resurgence in US tech issues may be under way.

  • Roku finds rich stream of IPO support

    Equities | 29 September 2017

    Television streaming device maker Roku overcame untimely new product releases by heavyweight rivals Amazon and Apple to deliver the best opening performance by a tech IPO this year.

  • Switch makes flamboyant pitch with US$500m IPO

    Equities | 29 September 2017

    Switch’s founder and CEO Rob Roy shares the name of a famous Scottish outlaw. It should be no surprise then that Roy’s corporate image is both elusive and flamboyant at the same time.

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