Luxury online reseller The RealReal in talks with banks for IPO, say sources: Reuters


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U.S. online luxury reseller The RealReal Inc is talking to investment banks about the possibility of an initial public offering (IPO) later this year, people familiar with the matter said on Friday.

The company – which specializes in online secondhand luxury apparel and goods – has sent out a request for proposals to prospective advisors and underwriters to manage the listing this year, said the sources, who asked not to be identified because they were not authorized to speak publicly.

The RealReal declined to comment.

In July last year, The RealReal raised $115 million of private funding in a deal led by Perella Weinberg Partners, with additional participation from new investor Sandbridge Capital and existing investor Great Hill Partners. The deal valued the company at $745 million, according to data provider PitchBook.

Since then, the company, which was founded in 2011, has focused on expanding its brick-and-mortar presence with

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Saudi Alhokair’s mall unit files for IPO, offering in second quarter, say sources: Reuters


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Saudi Arabia’s Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the second quarter of this year, sources told Reuters on Monday.

Arabian Centres Company, which has applied for an IPO with the Capital Market Authority, is eyeing a listing between April and June, said four sources who declined to be named due to commercial sensitivities.

Arabian Centres did not respond to requests for comment.

Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen capital markets under an economic reform push aimed at reducing the kingdom’s reliance on oil revenues.

Saudi Arabia saw six IPOs last year, according to Refinitiv data. Some companies were holding off last year until a decision was made about an offering by state oil giant Aramco, which had been expected in 2018 but officials say has been postponed.

The deal comes more than a

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French logistics company Gefco hires banks to start IPO process: Reuters


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Logistics company Gefco (IPO-GEFC.PA), which is controlled by Russian Railways (RZhD), has hired several leading investment banks to start the process for its possible stock market flotation, sources told Reuters.

The banks in the process are Societe Generale, JP Morgan, Citigroup, UBS and Credit Suisse.
A spokesman for Gefco declined to comment on the matter, while Russian Railways also declined comment. SocGen and JP Morgan had no immediate comment.

One source told Reuters that bankers had already started meeting investors about Gefco’s IPO (initial public offering).

“The deal is on the market,” said the banking source.

Gefco, whose main business is servicing the car industry, is a former subsidiary of France’s PSA Group. The French carmaker sold 75 percent of the company to Russian Railways in 2012 for 800 million euros ($915 million).

Last year, Russian Railways said it aimed to cut its stake in Gefco to 40 percent

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Slack planning to pursue direct listing: WSJ


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Slack Technologies Inc is planning to go public through a direct listing, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Slack, which operates a popular workplace instant-messaging and collaboration app, is likely to debut in the second quarter and currently expects to do so via a direct listing, according to the report.

The plan for direct listing will potentially make Slack the second big technology company after Spotify Technology SA to bypass a traditional IPO, WSJ reported.

Slack had hired investment bank Goldman Sachs Group Inc to lead its initial public offering as an underwriter, Reuters had reported in December.

Slack did not immediately respond to a request for comment outside regular business hours.

Overseas unit of China’s cigarette monopoly files for Hong Kong IPO: Reuters


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China Tobacco International, the overseas subsidiary of China’s state-owned tobacco monopoly and the world’s largest tobacco producer by volume, has filed for a Hong Kong initial public offering (IPO).

The listing will raise around $100 million for the unit, which accounts for a fraction of parent China National Tobacco Corp’s overall business, said a person familiar with the matter, who declined to be identified as the information was private.

The unit mainly buys tobacco leaf products from countries such as Brazil and the United States and sells them to Chinese manufacturers. It also exclusively operates China’s cigarette exports business with sales in duty-free outlets in places such as Thailand and Singapore, its draft prospectus showed.

Its parent, better known as China Tobacco, sells 98 percent of all tobacco consumed in China and booked sales of 1.1 trillion yuan ($171.81 billion) in 2017, accounting for 7 to 11

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Japanese asset manager Rheos Capital Works postpones $159 mln IPO: Reuters


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Japanese asset management firm Rheos Capital Works said on Thursday that it had shelved plans for an 17.7 billion yen ($158.96 million) initial public offering (IPO) next week, saying it identified corporate governance matters that it needed to address.

The company, which manages the Hifumi Plus Fund , one of the best-selling equity investment trusts in Japan, had previously said it planned to list on Mothers, a junior board of the Tokyo Stock Exchange for start-up firms, on Dec. 25.

“There were cases that need further examinations in terms of our corporate governance and internal controls to protect investors. We judged we would need more time,” the company said in a statement on its website. It did not elaborate on the nature of the governance issues and a company spokeswoman was not immediately able to comment.

The Mothers exchange said it has revoked listing permission for Rheos, following

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Pinterest $12 bln IPO could launch in April: Wall Street Journal


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Pinterest Inc is preparing for an initial public offering that could value the company at $12 billion or more, the Wall Street Journal reported. The IPO could come as soon as April, the story said. Pinterest is also in talks with banks for a credit line that could come in around $500 million, the WSJ said.

Tencent-backed broker Futu confidentially files for up to $500 million U.S. IPO, say sources: Reuters


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Futu Securities International, a Hong Kong-based online brokerage firm backed by Tencent Holdings (0700.HK), has filed confidentially for a U.S. initial public offering (IPO) of up to $500 million, people with knowledge of the matter said.

Futu, which allows investors to primarily trade stocks in Hong Kong and the United States, plans to make a public filing in the coming weeks and debut in New York in early 2019, the people said. The company is targeting a valuation of about $2.5 billion, one of the sources added.

Futu, founded in 2012 by one of Tencent’s earliest employees Li Hua, has been seen by some investors as the Chinese equivalent of Robinhood, a U.S.-based online brokerage start-up backed by Sequoia Capital and DST Global.

Apart from Tencent, Futu also counts venture capitalists Sequoia Capital China and Matrix Partners China as its backers, according to data

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SoftBank telco suffers $9 billion slump on debut after record IPO: Reuters


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SoftBank Corp (9434.T) shares sank 15 percent on debut, wiping $9 billion off their value, as investors sold off the telecoms operator after its record IPO on worries about a recent service outage and its exposure to Chinese telecoms gear maker Huawei.

The poor start for the unit of tech investment giant SoftBank Group Corp (9984.T) meant that for Japan’s mom-and-pop investors concerns about the company and the nation’s telecoms market trumped the appeal of the group’s charismatic founder Masayoshi Son.

Such a debut is uncommon in the Japanese IPO market. Of 82 IPOs so far this year, SoftBank Corp’s $23.5 billion float was only the seventh to open below the offering price. Among recent major IPOs, Japan Display (6740.T) was the only one to flop, suffering a fall in its 2014 debut.

“There was a disruption in its network early this month as well as

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Vista Equity hires banks for Ping Identity IPO, say sources: Reuters


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Buyout firm Vista Equity Partners has hired investment banks to prepare its identity software maker Ping Identity for an initial public offering that could value it at between $2 billion and $3 billion, including debt, people familiar with the matter said.

While the appointment of IPO underwriters typically signifies a stock market debut in the coming months, Ping Identity may not launch its IPO until late 2019 or even 2020, because it wants to build on its financial performance, the sources said on Tuesday.

Vista Equity will also consider any acquisition offers it receives for Ping Identity, even as it is focused on preparing to become a publicly traded company, the sources added.

Goldman Sachs Group Inc (GS.N) will lead Ping Identity’s IPO syndicate, the sources said.

The sources asked not to be identified because the matter is confidential.

Vista Equity and Goldman Sachs declined to comment. Ping Identity

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China’s Tencent Music raises nearly $1.1 billion in U.S. IPO: Reuters


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China-based music streaming company Tencent Music Entertainment Group (TME.N) said it raised close to $1.1 billion in its U.S. initial public offering (IPO) after pricing its shares at the bottom of its targeted range.

The music arm of gaming and social network giant Tencent Holdings Ltd (0700.HK) priced its American Depositary Receipts (ADRs) at $13 per share, at the low end of its indicated $13 to $15 per share range, it said in a filing with the Hong Kong stock exchange.

The IPO values Tencent Music at $21.3 billion and shows how companies are defying a bout of market volatility with flotations.

Tencent Music sold 41 million ADRs, while existing shareholders sold a further 40.9 million, the filing said.

Tencent Music’s IPO tops off a bumper year for U.S. listings by Chinese companies, with $7.9 billion raised before Tencent Music’s debut, Refinitiv

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China biotech Junshi Biosciences seeks up to $414 million in Hong Kong IPO: Reuters


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Chinese biotech company Shanghai Junshi Biosciences is seeking up to $414 million in a Hong Kong initial public offering (IPO), making it the latest company to take advantage of new listing rules to attract early-stage drug developers.

Hong Kong’s new rules allow biotech firms with no revenue or profit to list on the city’s stock market, a change designed to lure start-ups away from other financial centers such as New York. The new regulations were introduced in April.

Junshi Biosciences is selling 158.9 million shares at a price range of HKD19.38-HKD20.38 ($2.48-$2.61), according to a term sheet seen by Reuters.

The company could raise as much as $476 million if a greenshoe, or over-allotment option – is exercised within the first month of trading.

Junshi Biosciences did not respond to a request to comment outside regular business hours.

The performance of shares listed under the

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SoftBank’s record IPO reaches $23.5 billion after extra share sale: Reuters


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TOKYO (Reuters) – SoftBank Group Corp (9984.T) is set to raise 2.65 trillion yen ($23.5 billion) in Japan’s biggest-ever IPO – a share sale widely regarded as finalizing the group’s transition from domestic telco to a monolithic global tech investor.

Telco unit SoftBank Corp (9434.T) on Monday priced its stock at 1,500 yen apiece, as previously indicated.

It also said it will sell all extra shares set aside for excess demand, taking the total just shy of the record $25 billion raised in 2014 by Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N), a SoftBank Group portfolio company.

The group, which controls the world’s biggest tech private equity fund at nearly $100 billion, will use the proceeds to invest in startups which have ranged from tiny games makers to U.S. ride-hailing giant Uber Technologies Inc [UBER.UL].

“Demand was well above the number of

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Uber makes confidential filing for long-awaited IPO: Reuters


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NEW YORK/SAN FRANCISCO, (Reuters) – Uber Technologies Inc has filed paperwork for an initial public offering, according to three people with knowledge of the matter, taking a step closer to a key milestone for one of the most closely watched and controversial companies in Silicon Valley.

The ride-hailing company filed the confidential paperwork on Thursday, one of the sources said, in lock-step with its smaller U.S. rival, Lyft Inc, which also announced on Thursday it had filed for an IPO.

The simultaneous filings extend the protracted battle between Uber and Lyft, which as fierce rivals have often rolled out identical services and matched each other’s prices. Uber is eager to beat Lyft to Wall Street, according to sources familiar with the matter, a sign of the company’s entrenched competitiveness.

Its filing sets the stage for one of the biggest technology listings ever. Uber’s valuation in its most recent

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China’s Fosun Tourism raises $428 million in Club Med HK IPO, say sources: Reuters


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China’s Fosun Tourism Group has raised $428 million in its Club Med holiday business initial public offering (IPO), pricing shares at the bottom of a marketed range, people close to the deal said.

Fosun Tourism, part of conglomerate Fosun International Ltd , sold 214.2 million shares at HK$15.60 ($2.00) each, the people said, the bottom of an indicative range of HK$15.60 to HK$20.00.

SoftBank mobile services disrupted ahead of bumper IPO, shares drop: Reuters


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SoftBank Group Corp’s mobile phone services were disrupted in some parts of Japan on Thursday, ahead of an initial public offering (IPO) of its domestic telecoms unit later this month that will potentially raise $21 billion.

Some customers at Japan’s third-largest telco have been unable to make calls or use the internet in the hours following the onset of connection problems at 0439 GMT.

The network issues, which stemmed from problems at exchanges for high-speed wireless LTE network, are on the way to resolution, a SoftBank spokeswoman told Reuters.

SoftBank has 40 million mobile users.

Shares of the group fell as much as 6 percent after news of the disruption, pressured by a broader market sell-off following the arrest of the global CFO of Huawei Technologies. The two companies have partnered on 5G trials.

Shares of SoftBank Group’s telco unit, SoftBank Corp, are set to debut on the Tokyo

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VC-backed Moderna Therapeutics goes public


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Cambridge, Massachusetts-based Moderna Therapeutics, a developer of messenger RNA therapeutics and vaccines, has raised $604.3 million for its IPO after pricing its over 26.2 million shares at $23 per share. The stock began trading December 7, 2018 on the NASDAQ under the ticker symbol “MRNA.” Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters. Moderna’s pre-IPO backers include Sequoia Capital China, Fidelity Management & Research Company, Pictet, Viking Global Investors, ArrowMark Partners and Alexandria Venture Investments.

PRESS RELEASE

CAMBRIDGE, Mass.–(BUSINESS WIRE)–Dec. 6, 2018– Moderna, Inc. (Nasdaq: MRNA), a clinical stage biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines to create a new generation of transformative medicines for patients, today announced the pricing of its initial public offering of 26,275,993 shares of common stock at a public offering price of $23.00 per share, before underwriting discounts and commissions. Moderna’s common stock

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Online Chinese fashion and lifestyle marketplace MOGU goes public


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MOGU Inc, an online fashion and lifestyle marketplace in China, has raised $66.5 million for its IPO after pricing its 4.75 million shares at $14 per share. The stock began trading December 6, 2018 on the New York Stock Exchange under the ticker symbol “MOGU.” Morgan Stanley, Credit Suisse Securities (USA) LLC and China Renaissance Securities (Hong Kong) Limited are the lead underwriters. MOGU’s pre-IPO backers include Tencent and Hillhouse Capital.

PRESS RELEASE

HANGZHOU, China–(BUSINESS WIRE)–MOGU Inc. (“MOGU” or the “Company”) (NYSE: MOGU), a leading online fashion and lifestyle destination in China, today announced the pricing of its initial public offering of 4,750,000 American depositary shares (“ADSs”), each representing 25 of its Class A ordinary shares, at a price of US$14 per ADS for a total offering size of US$66.5 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs

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Israeli medical cannabis firm InterCure plans Nasdaq listing: Reuters


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Israel’s InterCure (INCR.TA), which recently entered the medical cannabis market, plans to list on Nasdaq by mid-2019, its controlling shareholder, Alex Rabinovitch, said on Thursday.

InterCure, a holding company of small medical firms that bought medical cannabis developer Canndoc in September, is in the process of hiring bankers, preparing a prospectus and meeting with potential investors, Rabinovitch told Reuters.

“We consider ourselves a pharma grade cannabis leader and the major market for pharma players is Nasdaq,” Rabinovitch said, declining to say how InterCure will raise.

InterCure, whose chairman is former Israeli Prime Minister Ehud Barak, is already traded in Tel Aviv with a market capitalization of 437 million shekels ($117 million) after its shares have risen 1300 percent so far this year to 5.30 shekels.

Last month, the company raised 45 million shekels ($12.1 million) in a private funding round led by Rabinovitch and joined by

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