Friday, 21 September 2018

Anthony Hughes' s stories

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  • Eventbrite stages crowd-pleasing debut

    Ticker | 20 September 2018

    Event planning software platform Eventbrite delivered a stunning NYSE debut Thursday, soaring more than 60% after drawing overwhelming investor demand for its US$230m IPO.

  • Farfetch upsizes IPO to US$840m

    Ticker | 19 September 2018

    London-based online fashion e-commerce site Farfetch upped the size of its NYSE IPO by as much as 32% early Wednesday, lifting the size of the deal to as much as US$840m.

  • Wall Street sign

    Zekelman postpones NYSE IPO

    Ticker | 18 September 2018

    Zekelman Industries, a family-owned maker of industrial steel pipes and tubing, postponed its up to US$793.3m NYSE IPO early Tuesday, according to sources close to the deal.

  • SurveyMonkey swings into US IPO queue

    Equities | 31 August 2018

    Online survey software developer SurveyMonkey is pushing ahead with plans for a Nasdaq IPO in what is expected to be one of the highest profile new issues slated for the post-Labor Day US ECM window.

  • KKR

    KKR eats Wall Street's lunch with First Data fee take

    Top News | 17 August 2018

    KKR’s growing capital markets arm sent another shot across the bow of Wall Street banks by collecting the biggest share of the underwriting fees on Monday night’s US$1.52bn sell-down of a portion of the private equity firm’s stake in payments processor First Data.

  • Blocks stumble amid high volatility

    Equities | 17 August 2018

    Sponsor blocks have made a comeback in recent weeks as the second-quarter earnings season has in effect come to an end, though the format continues to cause headaches for banks prepared to buy risk.

  • Amalgamated IPO brings social conscience to Wall Street

    Equities | 10 August 2018

    Wall Street and social justice have not always fit comfortably in the same sentence, but times are changing.

  • GrafTech galvanises support for latest Brookfield sale

    Equities | 10 August 2018

    Canadian asset manager Brookfield Asset Management wasted no time in reaping another cash bonanza from its investment in GrafTech International, collecting nearly US$700m from a secondary stock sale and concurrent buyback of GrafTech shares less than four months after the graphite electrode maker went public.

  • Focus Financial zeroes in on US$630m IPO

    Equities | 20 July 2018

    Barely a year after buying the business, the Stone Point/KKR & Co-led investor group behind Focus Financial Partners is moving ahead with a US$630m-plus IPO of the consolidator of independent financial planning firms.

  • The Sempra Energy building is pictured in San Diego

    Sempra raises US$1.6bn in Oncor encore

    Top News | 13 July 2018

    US regulated utility Sempra Energy forged ahead with the second and final leg of the equity financing for its US$9.45bn acquisition of Texas-based power distribution company Oncor, raising US$1.6bn in a dual-tranche equity/equity-linked offering even as it battles activists pushing for a wider overhaul of the company.

  • Bloom brings long-awaited US$270m IPO

    Equities | 13 July 2018

    Fuel cell power company Bloom Energy admits making sense of its prior year numbers is a challenge for investors as it seeks to price a NYSE IPO raising up to US$270m.

  • Dell

    Discount lingers after Dell's US$22bn buyout

    Top News | 06 July 2018

    Privately held IT company Dell Technologies will simplify its corporate structure and secure an NYSE listing by buying out its VMware tracking stock in a US$21.7bn cash-and-stock deal, though doubts linger as to whether investors will back the deal.

  • US bankers ready for big second half

    Equities | 06 July 2018

    Bankers see no slowing in the pace of US IPO activity in the second half as strong aftermarket performance and solid investor demand encourage issuers to bring forward their listing plans.

  • GE charts way for leaner business

    GE charts way for leaner business

    Top News | 29 June 2018

    General Electric’s plan to spin off its healthcare business and divest its stake in oil services firm Baker Hughes will reduce debt and free up cash – but investors and analysts are still scrambling to understand the implications.

  • Domo sidesteps critics but makes unconvincing debut

    Equities | 29 June 2018

    Data software provider Domo priced the last and maybe the most controversial IPO of the first half, overcoming a litany of criticism to raise US$193.2m from investors.

  • Domo to test investors' software IPO obsession

    Equities | 22 June 2018

    Domo is hoping a conservative valuation will overcome any reservations about its cash burn and corporate governance as it looks to price the latest software IPO after the close on Thursday.

  • Workday's US$1.55bn takeover scotches Adaptive IPO

    Equities | 15 June 2018

    Human resources software provider Workday swooped in to acquire Adaptive Insights for US$1.55bn on Monday, snapping up the business planning software company just three days before it was poised to price a US$123m IPO.

  • MetLife exchanges US$1bn debt for Brighthouse stake

    Equities | 15 June 2018

    Underwriters struggled to drum up much excitement for the shares of annuities provider Brighthouse Financial as former parent MetLife made a full exit from the business it spun off last year.

  • IQVIA returns with US$1.2bn sponsor block

    Equities | 15 June 2018

    Contract research organization IQVIA dusted itself down after last month’s embarrassing disclosure snafu by reviving a US$1.2bn registered block sell-down by its TPG Capital-led sponsor group.

  • Avalara downloads US$157.5m NYSE IPO

    Equities | 08 June 2018

    Sales tax doesn’t make the most scintillating party conversation, Avalara chief executive and co-founder Scott McFarlane concedes.

  • Madrigal adds US$411m to NASH stash

    Equities | 08 June 2018

    Liver disease drug developer Madrigal Pharmaceuticals took advantage of a tripling of its share price in the space of just a week to price a US$411m follow-on stock sale, but a tough aftermarket left new investors nursing losses.

  • Wall St sign

    Taiwan live streamer postpones US$60m NYSE

    Ticker | 07 June 2018

    Taiwan-based live streaming company M17 Entertainment postponed today’s NYSE debut despite setting the price the US$60m deal.

  • Nasdaq logo

    GreenSky stutters on Nasdaq debut

    Top News | 25 May 2018

    A late deal upsizing, split market views on the fintech sector, and tougher market conditions later in the week translated into a flat Nasdaq debut for point-of-sale lending platform GreenSky.

  • JP Morgan scores big on blocks

    Equities | 25 May 2018

    JP Morgan flexed its balance sheet muscle by scoring sole books mandates on two block trades despite having no past underwriting association with the companies.

  • Bank insiders cash in on sector strength

    Equities | 25 May 2018

    Small US banks priced a string of secondary offerings in the past week, allowing insiders to capitalise on sector tailwinds including regulatory relief, M&A activity and investors’ eagerness to position themselves for rising interest rates.

  • U.S. Food and Drug Administration (FDA) headquarters in Silver Spring

    IQVIA bails out buyers by cancelling US$1bn block

    Top News | 18 May 2018

    Morgan Stanley and its buyside clients won a stunning reprieve late on Thursday when sponsor-backed contract research company IQVIA and selling shareholders agreed to unwind a US$1.02bn block trade.

  • GreenSky brings US$750m-plus fintech IPO

    Equities | 18 May 2018

    The US tech IPO market may be entering a new phase as several fintech deals prepare to be priced in the coming week.

  • Taser maker makes rare ECM outing with US$227m stock sale

    Equities | 18 May 2018

    Axon Enterprise founder Rick Smith has been shot seven times by a taser. He insists it is “pretty safe”.

  • Pluralsight breezes through IPO test

    Equities | 18 May 2018

    Skills learning platform Pluralsight added its name to an elite group of hot software debutantes this year, upping its IPO asking price by as much as 50% through its marketing period and jumping by one-third in its first session amid heavy demand for the shares.

  • A banner for AXA Equitable Holdings hangs on the facade of the NYSE during the company's IPO

    AXA's US IPO falls short of expectations

    Top News | 11 May 2018

    Share price weakness across the life insurance sector and investor caution forced France’s AXA to take a 20%-plus price haircut on the NYSE IPO of its US life insurance and investment management unit AXA Equitable.

  • PPL solves funding needs with US$1.5bn forward equity sale

    Equities | 11 May 2018

    Pennsylvania-based utility PPL reaped the benefits of “ripping the band-aid off”, immediately solving its equity funding needs via a US$1.5bn overnight stock sale.

  • AXA

    AXA Equitable IPO takes price haircut, raises US$2.75bn

    Ticker | 09 May 2018

    France’s AXA SA was forced to cut its price expectations for the NYSE IPO of US life insurance arm AXA Equitable, raising US$2.75bn or about 20% less than it was seeking.

  • Axa logos

    AXA Equitable faces push-back on US IPO

    Ticker | 08 May 2018

    Life insurer AXA Equitable’s US$3.5bn-plus NYSE IPO is facing headwinds ahead of pricing tomorrow night as investors shy away from a sector that has struggled in recent times.

  • US: Demand runs high for Carbon Black IPO

    Equities | 04 May 2018

    Investors scrambled to get a piece of the US$152m IPO of fast-growing endpoint security software company Carbon Black, but underwriters still showed a little restraint when it came to pricing the deal.

  • Axa logos

    AXA brings US$5bn IPO of US unit to life

    Top News | 27 April 2018

    French insurer AXA could collect more than US$5bn from next month’s IPO of its US life and asset management arm, AXA Equitable, and is hoping a relatively undemanding valuation will spur investor demand for the shares.

  • DocuSign makes signature debut

    Equities | 27 April 2018

    DocuSign’s long and winding road to public markets came to a successful conclusion on Friday when the e-signature software company rallied on debut after drawing heavy demand for its US$629m IPO.

  • Ceridian heads for the cloud with US$462m IPO

    Equities | 27 April 2018

    Human resources software company Ceridian HCM, which sells a fast-growing cloud software platform called Dayforce, surged 41.9% in its debut session, underscoring the exalted status of cloud software IPOs in the minds of investors.

  • Axa logos

    AXA poised to launch US$4bn IPO of US arm

    Ticker | 20 April 2018

    French insurer AXA plans to launch a US$4bn NYSE IPO of its US-based life insurance and wealth management unit AXA Equitable as soon as late next week, according to bankers.

  • A balloon flies behind clouds

    US$560m DocuSign deal heads tech IPO queue

    Top News | 20 April 2018

    E-signature company DocuSign last week launched a US$560m IPO that joins a robust calendar of US cloud computing deals seeking to exploit hefty valuations in the sector.

  • AXA

    US$3.8bn bond from AXA's US unit paves way for listing

    Top News | 20 April 2018

    The US unit of French insurer AXA raised US$3.8bn from a three-part debut bond last week that lays the groundwork for a NYSE IPO that could end up as the largest US listing of the year.

  • GrafTech disappoints Brookfield with cut-price IPO

    Equities | 20 April 2018

    GrafTech International took an axe to its US$900m IPO, leaving selling shareholder Brookfield Asset Management with proceeds of just over half of what it had hoped.

  • Investors subscribe to Zuora's growth

    Equities | 13 April 2018

    Just a week after Spotify made the case for tech unicorns to consider the direct listing route, “subscription economy” software provider Zuora scored a win for the IPO traditionalists by surging on its Nasdaq debut on Thursday.

  • CIBC moves to exit Caribbean adventure

    Equities | 13 April 2018

    Canada banking pillar CIBC expects to collect as much as US$240m from the NYSE IPO of its Barbados-based banking unit FirstCaribbean International Bank.

  • Ceridian gets to work on US$441m IPO

    Equities | 13 April 2018

    Sponsor-backed human resources cloud software provider Ceridian HCM is next in a lengthening queue of US software deals, launching plans for a US$441m IPO that will price on April 25.

  • Brookfield hits jackpot with US$900m Graftech IPO

    Equities | 06 April 2018

    Canada’s Brookfield Asset Management plans to capitalise on a stark turnaround in the fortunes of graphite electrode maker GrafTech International by selling a stake worth up to US$907m in the company’s NYSE IPO.

  • SS&C prepares for more M&A with US$1.25bn equity raising

    Equities | 06 April 2018

    Financial services software provider SS&C Technologies surprised investors with a bigger-than-expected US$1.25bn follow-on stock sale to help fund its pending US$5.4bn purchase of DST Systems and give it some additional firepower in the hunt for more targets.

  • Hilton stake next on cash-strapped HNA's chopping block

    Equities | 06 April 2018

    Struggling Chinese investment group HNA confirmed months of speculation by revealing on Thursday that its multi-billion-dollar asset sale programme would extend to its 26.1% stake in hotelier Hilton Worldwide.

  • Brookfield Asset Management headquarters

    Brookfield eyes bonanza from GrafTech IPO

    Ticker | 04 April 2018

    GrafTech International on Wednesday launched an IPO that could deliver a more than US$900m payout to Canada’s Brookfield Asset Management just three years after it bought the company.

  • General Mills defies stock pressure to raise US$1bn

    Equities | 29 March 2018

    Branded food company General Mills raised US$1bn in equity late Tuesday, overcoming a poor earnings release earlier in the month and lukewarm reviews of its pending US$8bn Blue Buffalo Pet Products acquisition.

  • iQiyi

    The "Netflix of China" headed for robust IPO outcome

    Ticker | 26 March 2018

    The US$2.4bn Nasdaq IPO of iQiyi, a streaming service billed as the “Netflix of China”, is heavily oversubscribed ahead of pricing late Wednesday, bankers on the deal told IFR.

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