Tradeweb IPO to sell 27.26 mln shares at $24 to $26 each


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Tradeweb, which builds and operates electronic marketplaces, set terms for its planned IPO. The New York company said it plans to sell 27.26 million shares at $24 to $26 each, according to an SEC filing. Refinitiv, which is backed by Blackstone and Thomson Reuters, owns 54 percent of Tradeweb before the IPO, while JP Morgan has 5.8 percent.

Mastercard to invest $300 million in Network International IPO: Reuters


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LONDON (Reuters) – Global payments giant Mastercard has said it will invest $300 million as a cornerstone investor in the planned London float of payments processor Network International.

Dubai-based Network International is the largest payments processor in the Middle East and Africa and set to be the first international IPO in London this year.

Network International is targeting a valuation of around $3 billion according to banking sources.

Mastercard said it would invest in shared projects with Network International in the Middle East and Africa as part of the deal.

Network International is currently jointly owned by Dubai bank Emirates NBD and private equity firms Warburg Pincus and General Atlantic.

Mastercard said its investment would be based on the same terms as institutional investors participating in the IPO.

The deal is subject to Mastercard’s ownership being limited to 9.99 percent and Network International achieving a free float of at

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Pinterest files for IPO: Reuters


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March 22 (Reuters) – Pinterest Inc, the owner of the image search website known for the food and fashion photos that its users post, filed for an initial public offering with U.S. regulators on Friday, looking to tap into a red-hot market for new issues.

The company, which plans to list under the symbol “PINS” on the New York Stock Exchange, set a placeholder amount of $100 million to indicate the size of the IPO. The final size could be different.

The filing comes a day after jeans maker Levi Strauss & Co’s blockbuster debut, and ahead of ride-hailing service providers Lyft Inc and Uber’s much-awaited listings.

 

PE HUB First Read


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Less than a week after the Mosque massacre, New Zealand is banning assault rifles.

Square plans to hire a number of engineers and a designer to work on its crypto initiatives, according to tweets from CEO Jack Dorsey.

Levi Strauss is valued at $6.6 billion as its IPO prices above target.

Fortnite has nearly 250 million registered players, up from 200 million in December.

KKR & Co Inc is raising its first Asia-focused real estate fund, targeting $1.5 billion.

The Wall Street Journal plans to join a new paid subscription news service run by Apple.

More than one reality exists (in Quantum Physics).

Costco is selling giant lobster claws at some stores.

Comparing Apple’s new air pods to the old version.

Kentucky Gov. Matt Bevin didn’t vaccinate his kids against chicken pox but took them to a pox party.

Toshiba Memory IPO likely pushed back two months to November: Reuters


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TOKYO (Reuters) – U.S. buyout firm Bain Capital is likely to push back the IPO of Toshiba Memory by around two months, a person with knowledge of the matter said on Wednesday, moving to November what is likely to be one of Japan’s biggest listings this year.

Depending on market conditions, the timing could be further pushed as far back as summer 2020, the person said on condition of anonymity, without elaborating on reasons for the initial two-month change.

Toshiba Memory is the world’s second-largest maker of NAND memory chips. A consortium led by Bain and including South Korean chipmaker SK Hynix Inc acquired the business for $18 billion last year.

Reuters reported last month that Bain had picked Nomura and Mitsubishi UFJ Morgan Stanley to manage the initial public offering (IPO) and that the listing could happen as early as September.

A Toshiba Memory spokesman on Wednesday said

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Italian payments firm Nexi pushes on with IPO plan: Reuters


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MILAN (Reuters) – Italian payments firm Nexi began proceedings on Monday for an initial public offering on the Milan stock exchange, in what would be one of the biggest listings in Europe this year.

Nexi’s private equity owners – Bain Capital, Advent and Clessidra – are aiming to raise between 600 and 700 million euros in fresh cash for the company, as well as listing part of their existing stake. Sources told Reuters in February the advisers are targeting an overall valuation of
around 8 billion euros ($9 billion).

Once a backwater of banking, the payment processing sector is now regarded as one of the most lucrative and fast-growing businesses in the financial sector, though it also faces competition from newcomers trying
to disrupt the way merchants are paid. U.S. fintech group Fidelity National Information Services Inc said on Monday it has agreed to buy payment processor Worldpay

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Payments processor Network International readies London listing: Reuters


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Network International, the largest payment processing firm across the Middle East and Africa, plans to list on the London Stock Exchange, it said on Thursday.

The Dubai-based company, jointly owned by Dubai bank Emirates NBD and private equity firms Warburg Pincus and General Atlantic, said it would trade on the LSE’s main market and have a free float of at least 25 percent of its issued share capital.

The initial public offering (IPO) would be the first international IPO in London this year. The first domestic listing was that of law firm DWF Group on March 11, raising 75 million pounds ($99.6 million).

Network International’s listing would value the company at about $3 billion, banking sources said, with the company saying it would include stock to be sold by existing shareholders.

Tepid investor appetite for stock offerings against the backdrop of Brexit uncertainty, U.S. political tensions

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Uber hires more IPO underwriters as it prepares to go public: Reuters


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(Reuters) – Ride-hailing startup Uber Technologies Inc has hired a string of investment banks to its syndicate of initial public offering underwriters, as it ramps up preparations for a stock market debut, people familiar with the matter said on Tuesday.

Smaller rival Lyft Inc is racing to list in the stock market at the end of March. While Uber will not beat Lyft to an IPO, the preparations are aimed at giving it the flexibility to go public as early as the first half of 2019, the sources said.

Uber has added more than half a dozen investment banks, including Bank of America Corp, Barclays Plc, Citigroup Inc, Allen & Company, Deutsche Bank AG and JMP Securities, to its IPO underwriting lineup, the sources said.

These banks will support Morgan Stanley and Goldman Sachs Group Inc, which Uber hired late last year to lead

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BioNtech hires banks for IPO worth up to $800 million, say sources: Reuters


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BioNTech, Europe’s largest unlisted biotech firm by staff numbers, has hired banks to prepare for an initial public offering (IPO) worth as much as $800 million as early as this year, people familiar with the plan told Reuters.

Bank of America and JP Morgan have been retained as global coordinators for the planned listing on the U.S. Nasdaq exchange some time in the fourth quarter or in early 2020, the sources said.

The transaction could value the firm at roughly $4 billion, though deal terms and timing could be subject to change, they added.

BioNtech, which has previously said it was looking at a future public listing, did not immediately respond to a request for comment.

The two banks declined to comment.

Mainz-based BioNtech raised $270 million from investors in a January 2018 financing round, valuing the firm at $2.3 billion at the time.

It specializes in

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Luckin Coffee chief taps banks for $200 million loan in exchange for IPO role, say sources: Reuters


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Chinese startup Luckin Coffee’s chairman is seeking a loan of at least $200 million from banks including Goldman Sachs and Morgan Stanley under a deal that would award them mandates in the firm’s planned U.S. IPO, people with knowledge of the matter said.

The coffee chain, which aims to overtake Starbucks in China this year, has already mandated Credit Suisse to lead the initial public offering (IPO), which could take place as soon as May and give it a valuation of about $3 billion, sources told Reuters last month.

Morgan Stanley and Goldman are also advising Luckin on the preparatory work for the IPO.

Lu Zhengyao, also known as Charles Lu, Luckin’s non-executive chairman and angel investor, is asking to borrow the sum backed primarily by his Luckin shares, the people said.

While it is not uncommon for Chinese companies to raise loans from banks hoping for a

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Crescent Capital’s blank check company debuts IPO


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Crescent Acquisition Corp, a blank check company formed by Crescent Capital Group LP, Robert D. Beyer and Todd M. Purdy, has raised $250 million for its IPO after pricing its 25 million shares at $10 per share. The stock began trading on the NASDAQ under the ticker symbol “CRSAU.” Credit Suisse and BofA Merrill Lynch are the lead underwriters.

PRESS RELEASE

LOS ANGELES–(BUSINESS WIRE)–Crescent Acquisition Corp (NASDAQ: CRSAU) (the “Company”) announced today that it priced its initial public offering of 25,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “CRSAU” beginning March 8, 2019. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.

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Tufin files to go public


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Tufin Software Technologies Ltd, a cybersecurity software provider, has filed for an IPO. The company plans on listing the stock on the New York Stock Exchange under the ticker symbol “TUFN.” J.P. Morgan Securities LLC, Barclays Capital Inc and Jefferies LLC are serving as the lead underwriters. Tufin is backed by Catalyst Investments and Marker.

PRESS RELEASE

BOSTON, March 6, 2019 /PRNewswire/ — Tufin Software Technologies Ltd. (“Tufin”), a company pioneering a policy-centric approach to security and IT operations, today announced that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of its ordinary shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Tufin has applied to list its ordinary shares on the New York Stock Exchange under

™

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Belle International taps BAML for sportswear unit IPO after $6.8 billion buyout, say sources: Reuters


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Chinese footwear retailer Belle International has hired Bank of America Merill Lynch (BAML) to help prepare for a Hong Kong listing of its sportswear business this year, said people with direct knowledge of the matter.

The firm aims for a valuation of at least HK$20 billion ($2.55 billion) to HK$25 billion for the unit, which distributes brands such as Nike and Adidas, said two of the people.

The divestiture comes nearly two years after BAML advised a consortium led by Hillhouse Capital Group and CDH Investments to take Belle private in a $6.8 billion deal completed in July 2017, as traditional retailers battled online competition.

The Shenzhen-based firm invited a group of investment banks to pitch for the listing late last year, said two of the people, who declined to be identified as the information was private.

Belle did not respond to an emailed request for comment and

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Data manager DataStax prepares for IPO, say sources: Reuters


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DataStax Inc, a data management platform, is gearing up for an initial public offering (IPO) this year that could value the company at more than $1 billion, people familiar with the matter said.

Santa Clara, California-based DataStax has hired investment banks including Morgan Stanley and JP Morgan Chase & Co as underwriters, the people said, asking not to be named because the preparations are private.

DataStax’s plans are not final and could still change, the people cautioned.

DataStax, Morgan Stanley and JP Morgan declined to comment.

Founded in 2010, DataStax provides a data management platform for clients including McDonalds Corp, Delta Airlines Inc, eBay Inc and more.

It competes in the enterprise data management space with incumbents like Oracle Corp as well as other smaller players such as MongoDB.

Like many of its peers, DataStax has been benefiting from a broad-based transition away from hosting enterprise software on internal

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Warburg Pincus-backed ESR files for up to $1.5 billion Hong Kong IPO, say sources: Reuters


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Logistics real estate developer ESR Cayman Limited, backed by private equity firm Warburg Pincus, has filed for a listing in Hong Kong to raise at least $1 billion, two sources said, with one saying the size may be as much as $1.5 billion.

ESR joins a smaller pipeline of companies looking to go public in Hong Kong this year, after the exchange took first place globally in terms of IPO volume last year, with companies raising $36.3 billion.

But while 2018 was a bumper year for listings, the post-listing performance was patchy, with companies such as Xiaomi and Meituan Dianping – which both raised billions of dollars in their IPOs – still trading below their offer prices.

Bankers expect investors to demand more reasonable valuations even as markets enjoy a rally, with the Hong Kong benchmark index up 11.5 percent so far this year.

One of

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Lyft IPO filing shows surging revenue, widening losses: Reuters


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Lyft Inc inched closer to becoming the first ride-hailing company to make a stock market debut by releasing its filing for an initial public offering on Friday, giving the public the first detailed look at its financials since its 2012 launch.

The filing with U.S. securities regulators makes it all but certain that Lyft will hold its IPO ahead of larger rival Uber Technologies Inc, as it was one of the few remaining tasks before the company can launch a roadshow to pitch prospective investors to buy stock in the highly anticipated IPO.

Lyft’s revenue was $2.16 billion for 2018, a 103 percent increase over the previous year, and up 528 percent from 2016, according to the documents. Its gross bookings, or the total value of the rides it sells before driver pay is deducted, reached $8.05 billion for last year, 76 percent above the prior year

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UK data center operator Global Switch picks banks for $1 billion HK IPO, say sources: Reuters


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UK-based data center operator Global Switch has chosen CLSA, Goldman Sachs and JPMorgan as sponsors for its Hong Kong initial public offering (IPO) of up to $1 billion, two people with direct knowledge of the matter said on Friday.

Founded in 1998 and owned by Britain’s billionaire Reuben brothers, Global Switch operates 11 data centers across Europe and Asia, including in Hong Kong and Singapore.

The company met banks in London in January to pick the sponsors, according to another person with knowledge of the matter.

Global Switch said in January it had “resolved to commence preparations for a public listing on a leading international stock exchange in 2019, subject to market conditions.”

It did not immediately reply to a request for comment. CLSA, Goldman Sachs and JPMorgan declined to comment.

IFR, which first reported the mandating of the banks, said the listing could give the company a valuation

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Starbucks’ China rival Luckin Coffee taps three banks for U.S. IPO, say sources: Reuters


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Chinese startup Luckin Coffee, which has ambitions to overtake Starbucks at home this year, has tapped three banks including Credit Suisse to work on a U.S. IPO in 2019, said people with direct knowledge of the matter.

Goldman Sachs and Morgan Stanley are also advising Luckin, one of the quickest firms to reach ‘unicorn’ status in China, on preparatory work for the initial public offering (IPO), said the people. One of the people said the company is targeting a valuation of about $3 billion in the IPO.

Credit Suisse is the only bank that has so far won the formal mandate for the IPO which will likely take place early in May or June, or the second half of the year, said another person.

Beijing-based Luckin, which officially launched its business only in January last year and is still loss-making, chose New York for the listing as Hong

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KKR, Silver Lake to sell GoDaddy shares


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GoDaddy Inc said Feb. 25 that KKR and Silver Lake are selling about 8.5 million shares in the company in a secondary offering. GoDaddy itself is offloading about 8,000 shares. KKR is selling 3.36 million shares and appears to be cashing out with the sale, an SEC filing said. Silver Lake owns 5.25 million shares and is offering about 5.16 million. Silver Lake, after the secondary, will have 89,000 shares or 0.1 percent, the filing said.

Ares, Freeman Spogli to sell 10 mln Floor & Decor shares


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Floor & Decor Holdings Inc  said Feb. 26 that Ares Management LP and Freeman Spogli Management Co LP plan to sell 10 million shares of company stock in a secondary offering. The selling stockholders also plan to offer 1.5 million additional Floor & Décor shares to the underwriters. JP Morgan Chase and Goldman Sachs are underwriters of the offering. Floor & Decor, a retailer of hard surface flooring and related accessories, went public in April 2017.

PRESS RELEASE

Floor & Decor Holdings, Inc. Announces Secondary Offering of 10,000,000 Shares of Common Stock by Selling Stockholders

ATLANTA–(BUSINESS WIRE)–Floor & Decor Holdings, Inc. (the “Company” or “Floor & Decor”) (NYSE:FND) today announced that funds affiliated with Ares Management, L.P. and Freeman Spogli Management Co., L.P., as well as certain officers and directors of the Company, (collectively, the “Selling Stockholders”) intend to offer for sale in an underwritten secondary offering 10,000,000

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