VC-backed Fastly goes public


This post is by Iris Dorbian from PE Hub Blog: PE-Backed IPOs


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Fastly Inc, a provider of an edge cloud platform, has debuted its IPO after pricing its 11.25 million shares at $16 per share. The stock began trading May 17, 2019 on the New York Stock Exchange under the ticker symbol “FSLY.” BofA Merrill Lynch, Citigroup and Credit Suisse are the lead underwriters. Fastly’s pre-IPO backers included Sapphire Ventures, Sorenson Capital, Deutsche Telekom Capital Partners and August Capital.

PRESS RELEASE

SAN FRANCISCO, May 16, 2019 – Fastly, Inc. (“Fastly”), provider of an edge cloud platform, today announced the pricing of its initial public offering of 11,250,000 shares of Class A common stock at a price to the public of $16.00 per share. In addition, Fastly has granted the underwriters a 30-day option to purchase up to an additional 1,687,500 shares of Class A common stock at the initial public offering price less underwriting discounts and commissions. The shares

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Starbucks’ China challenger Luckin raises $561 million in U.S. IPO: Reuters


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Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Thursday priced its U.S. initial public offering at the top end of its targeted range and sold more shares than planned in the biggest U.S. float by a Chinese firm this year.

The Beijing-based coffee chain raised $561 million by selling 33 million American depositary shares (ADS), more than the 30 million it originally said it would sell, at $17 each – at the top end of an indicative range of $15 to $17.

Each ADS represents eight Class A shares, the company said in a filing with the U.S. Securities and Exchange Commission last week.

The pricing values loss-making Luckin, already backed by Singapore’s sovereign wealth fund GIC Pte Ltd and U.S. money manager BlackRock Inc, at about $4.2 billion.

Luckin is due to begin trading on the Nasdaq stock exchange on Friday

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Crowdstrike files for IPO


This post is by Luisa Beltran from PE Hub Blog: PE-Backed IPOs


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Crowdstrike, the cybersecurity company, filed May 14 to go public, according to an SEC filing. The company plans to trade on the Nasdaq under the ticker “CRWD.” Crowdstrike, of Sunnyvale, California did not reveal how many shares it would sell or their offer price. That will come in future filings. Crowdstrike is backed by Warburg Pincus, Accel and Alphabet.

Slack listing planned for June 20 in wake of underwhelming Uber IPO: Reuters


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Slack Technologies, the owner of a popular workplace instant messaging app, plans to go public on June 20, the company said on Monday, a test of investor appetite for loss-making technology stocks in the wake of Uber Technologies Inc’s underwhelming market debut.

The date could still be subject to change, Jesse Hulsing, Slack vice president of investor relations, told an investor event, which was streamed via webcast.

Uber shares fell as much as 10% on Monday, more than doubling their losses since the ride-hailing giant’s poorly received Wall Street debut last week and raising more questions about investors’ faith in its ability to make profits.

Slack reported losses from operations of $143.85 million for 2018, a fraction of the $3 billion lost from operations by Uber in 2018.

San Francisco-based Slack is seeking to go public via a direct listing instead of an initial public offering (IPO),

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Uber set to debut on NYSE, hopes to avoid Lyft’s fate: Reuters


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Ride services giant Uber Technologies Inc is set to make its long-awaited stock market debut on Friday, after its initial public offering was priced at the lower end of its expected range.

The IPO was oversubscribed but Uber settled for a lower price of $45 per share, compared with an expected range of $44-$50, to avoid a repeat of rival Lyft Inc’s stock market struggles following a strong debut in March.

Lyft’s stock soared in the first few days of trading, but quickly turned around after investors fretted over the lack of a path to profitability for the money-losing company. The stock closed well below its IPO price on Thursday.

“Lyft’s IPO led us to be a bit more conservative,” said Dara Khosrowshahi on Friday, in an interview with CNBC, a few hours ahead of Uber’s first trade.
Uber, which raised $8.1 billion at a $82.4 billion valuation,

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Saudi sovereign fund invests indirectly in Arabian Centers IPO, say sources: Reuters


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Saudi Arabia’s Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, has indirectly invested in the $747 million initial public offering of mall operator Arabian Centers, sources familiar with the matter said.

PIF has made the investment through institutional funds and will not have a direct stake in Arabian Centers, one of the sources said, although the investment represents strong government support for the IPO, a second source told Reuters.

The IPO of Arabian Centers, majority-owned by Fawaz Alhokair Group, is the first in the kingdom under Rule 144a, which allows the sale of securities primarily to qualified institutional buyers in the United States.

Saudi Arabia’s PIF did not immediately comment on the investments and Arabian Centers declined to comment.

In its sale offer, Arabian Centers had said public funds, private funds and discretionary portfolios were the main investors in the IPO, but had not disclosed any names.

Saudi

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IPOs Are Disappointing


This post is by Barry Ritholtz from The Big Picture


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My must-read article today comes from Chief Investment Officer, and it is all about not just the Uber IPO, but IPOs as a potential investment class. Before we get to that, a word about Uber:  The company disrupted transportation, especially taxis. They raised a shocking amount of venture capital; racked up “an obscene number of…

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VC-backed NextCure rolls out IPO


This post is by Iris Dorbian from PE Hub Blog: PE-Backed IPOs


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NextCure Inc, a biopharmaceutical company focused on treating cancer, has raised $75 million for its IPO after pricing its 5 million shares at $15 per share. The stock began trading May 9, 2019 on the NASDAQ under the ticker symbol “NXTC.” Morgan Stanley, BofA Merrill Lynch and Piper Jaffray & Co are the lead underwriters. NextCure’s pre-IPO backers included OrbiMed, Sofinnova Investments, Hillhouse Capital and Lilly Asia Ventures.

PRESS RELEASE

BELTSVILLE, Md., May 08, 2019 (GLOBE NEWSWIRE) — NextCure, Inc. (Nasdaq: NXTC), a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases, today announced the pricing of its initial public offering of 5,000,000 shares of its common stock at a public offering price of $15.00 per share. NextCure also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of its common stock.

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Axcella Health debuts IPO


This post is by Iris Dorbian from PE Hub Blog: PE-Backed IPOs


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Cambridge, Massachusetts-based Axcella Health Inc, a biotech company, has raised $71.4 million for its IPO after pricing its over 3.5 million shares at $20 per share. The stock began trading May 9, 2019 on the NASDAQ under the ticker symbol “AXLA.” Goldman Sachs, J.P. Morgan and SVB Leerink are the lead underwriters. Axcella’s pre-IPO backers included Gurnet Point Capital, Flagship Pioneering and Enso Ventures.

PRESS RELEASE

CAMBRIDGE, Mass., May 08, 2019 (GLOBE NEWSWIRE) — Axcella Health Inc., a biotechnology company pioneering the research and development of novel multifactorial interventions to address dysregulated metabolism and support health, today announced the pricing of its initial public offering of 3,571,428 shares of common stock at a public offering price of $20.00 per share, before underwriting discounts and commissions. In addition, Axcella has granted the underwriters a 30-day option to purchase up to an additional 535,714

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VC-backed Cortexyme goes public


This post is by Iris Dorbian from PE Hub Blog: PE-Backed IPOs


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South San Francisco-based Cortexyme Inc, a developer of drugs focused on treating Alzheimer’s disease and other degenerative diseases, has debuted its IPO after pricing its over 4.4 million shares at $17 per share. The stock began trading May 9, 2019 on the NASDAQ under the ticker symbol “CRTX.” BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are the lead underwriters. Cortexyme’s pre-IPO backers included Sequoia Capital, Vulcan Capital, Verily Life Sciences, EPIQ Capital Group, RSL Investments, Huizenga Capital, Pfizer, Takeda Ventures, Lamond Family, Breakout Ventures and Dolby Family Ventures.

PRESS RELEASE

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Cortexyme, Inc. (Nasdaq: CRTX), a clinical stage biopharmaceutical company pioneering a novel disease-modifying therapeutic approach to treat a key underlying cause of Alzheimer’s and other degenerative diseases, today announced that it has priced its initial public offering of 4,412,000 shares of its common stock at a price to the public

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Permira plans IPO of software firm TeamViewer, says source: Reuters


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Private equity firm Permira is planning an initial public offering of German software company TeamViewer, which could value the company at up to 5 billion euros ($5.60 billion), a person familiar with the matter told Reuters.

Permira and the banks managing the process – Goldman Sachs and Morgan Stanley – declined to comment.

The plan was initially reported by the Handelsblatt newspaper, which said Permira could also consider a private sale of TeamViewer, which the private equity firm bought for 870 million euros in 2014.

The IPO could take place this year, with 30-40 percent of the firm’s shares included in the flotation.

TeamViewer sells software for online meetings and remote desktop access, with over 20 million support sessions occurring daily on its platform.

Uber to price blockbuster IPO against grim market backdrop: Reuters


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Uber Technologies Inc will price its initial public offering on Thursday, the most high-profile U.S. listing since Facebook Inc seven years ago, against a backdrop of turbulent financial markets and the plunging share price of its U.S. rival Lyft Inc.

Uber is eager to avoid a repeat of what has happened to Lyft’s stock, which priced strongly in the company’s late-March IPO, opened trading strongly, but has been falling mostly since. Lyft’s stock slumped nearly 11 percent on Wednesday to a record closing low of $52.91, well below the $72 per share IPO price, after the ride-hailing company reported a $1.1 billion quarterly loss.

Uber, the world’s largest ride-hailing company, is aiming for a valuation of between $80.5 billion and $91.5 billion in the IPO. That is as much as one-third below what the startup’s insiders had hoped for last year, a sign of

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Starbucks’ China rival Luckin seeks to raise up to $586.5 million in IPO: Reuters


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Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, is looking to raise up to $586.5 million, its filing with the U.S. Securities and Exchange Commission on Monday showed.

The company said it expects to offer 34.5 million American depository shares (ADS) priced between $15 and $17 per ADS in an initial public offering, giving it a valuation of between $3.48 billion and $3.95 billion.

Each ADS represents eight Class A shares, the company said bit.ly/2YbOaoZ.

Luckin Coffee, which has been expanding at breakneck speed, currently operates 2,370 stores in 28 Chinese cities and plans to open 2,500 more this year as it tries to displace Starbucks as China’s largest coffee chain.

The brand is banking on an increase in coffee consumption in China which has almost doubled to 8.7 billion cups last year from 4.4 billion in 2013 and

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SoftBank planning IPO of $100 billion Vision Fund: WSJ


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Japan’s SoftBank Group Corp is considering an initial public offering of its $100 billion Vision Fund, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The fund was set up in 2017 and has become one of the primary funding vehicles for technology companies around the world.

SoftBank is also in talks with Oman for an investment in the fund, which has raised nearly all of its funding so far from Saudi Arabia and Abu Dhabi, according to the report on.wsj.com/2JcnCj7.

Oman was not immediately available for a comment requested by Reuters, nor was there an immediate response from the Japanese conglomerate.

SoftBank is seeking to raise new funds for “informal deals” chief executive officer Masayoshi Son negotiated in China for Vision Fund, one of the people told WSJ.

The fund is also planning to double its staff over the next 18 months to

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VC-backed TransMedics debuts IPO


This post is by Iris Dorbian from PE Hub Blog: PE-Backed IPOs


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Andover, Massachusetts-based TransMedics, a medical technology company, has raised over $91 million for its IPO after pricing its nearly 5.7 million shares at $16 per share. The stock began trading May 2, 2019 on the NASDAQ under the ticker symbol “TMDX.” Morgan Stanley and J.P. Morgan are the lead underwriters. The company’s pre-IPO backers include Flagship Pioneering and Kleiner Perkins.

PRESS RELEASE

ANDOVER, Mass., May 01, 2019 (GLOBE NEWSWIRE) — TransMedics Group, Inc., a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart and liver failure, (“TransMedics”) today announced the pricing of its upsized initial public offering of 5,690,000 shares of its common stock at a price to the public of $16.00 per share. The shares are expected to begin trading on the Nasdaq Global Market on May 2, 2019, under the symbol “TMDX”. All of

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Chinese plastic surgery marketplace So-Young goes public


This post is by Iris Dorbian from PE Hub Blog: PE-Backed IPOs


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China-based So-Young International Inc, an online plastic surgery marketplace, has raised $179.4 million for its IPO after pricing its 13 million shares at $13.80 per share. The stock began trading May 2, 2019 on the NASDAQ under the ticker symbol “SY.” Deutsche Bank Securities Inc and China International Capital Corporation Hong Kong Securities Limited are the underwriters. So-Young’s pre-IPO backers include Matrix Partners, Trustbridge Partners, Apax Partners and Orchid Asia.

PRESS RELEASE

BEIJING, May 02, 2019 (GLOBE NEWSWIRE) — So-Young International Inc. (NASDAQ:SY) (“So-Young” or the “Company”), the most popular online destination for discovering, evaluating and reserving medical aesthetic services in China, today announced that it has priced its initial public offering of 13,000,000 American Depositary Shares (“ADSs”), with 13 ADSs representing 10 Class A ordinary shares, at US$13.80 per ADS, for a total offering size of US$179.4 million, assuming the underwriters do not

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Vegan burger company Beyond Meat’s IPO sizzles with $25 share price: Reuters


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(Reuters) – Vegan burger maker Beyond Meat Inc, which counts Microsoft founder Bill Gates and actor Leonardo DiCaprio among its investors, on Wednesday priced its initial public stock offering at $25 per share, the top of its anticipated range in a reflection of brisk investor demand.

At this price, Beyond Meat raised around $240 million at a $1.5 billion valuation, including underwriters’ options.
Plant-based meat substitutes have been gaining popularity as more attention is focused on the environmental hazards of industrial ranching.

The Los Angeles-based company in early January announced it was rolling out its plant-based burger at fast-food chain Carl’s Jr. The company starts trading on the Nasdaq on Thursday with the symbol.

The company had raised its price target range from $19 to $21 a share on Tuesday to $23 to $25, suggesting strong investor demand. It also increased the number of shares it was offering

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Vegan burger maker Beyond Meat raises price range in upsized IPO: Reuters


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Plant-based meat maker Beyond Meat Inc on Tuesday increased the expected price range and size of its initial public offering, ahead of an expected market debut on Wednesday, indicating strong investor demand.

The company said it expects to offer 9.63 million shares, up from 8.75 million shares and the IPO to be priced between $23 and $25 per share, up from $19 and $21 per share, its latest filing with the U.S. Securities and Exchange Commission showed. (bit.ly/2GMa9vB)

The higher end of the indicative price range gives the company a market value of $1.49 billion, up from $1.21 billion earlier.

Plant-based meat substitutes have been gaining popularity as more attention is focused on the environmental hazards of industrial ranching.

The Los Angeles-based company in early January announced it was rolling out its plant-based burger at fast-food chain Carl’s Jr.

Investors in Beyond Meat include

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Chewy files to go public


This post is by Luisa Beltran from PE Hub Blog: PE-Backed IPOs


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Chewy Inc, the pet retailer majority owned by PetSmart, filed to go public, according to an April 29 SEC filing. Chewy did not disclose how many shares it would sell or their price range. That will come with future filings. The company will trade under the ticker “CHWY” but did not reveal what exchange its shares would trade on, according to the filing. A consortium of PE firm acquired PetSmart in 2015 including BC Partners and Caisse de dépôt et placement du Québec. PetSmart acquired Chewys in 2017 for $3.35 billion.

WeWork owner The We Company joins IPO stampede: Reuters


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(Reuters) – WeWork owner The We Company said on Monday it had filed for an initial public offering (IPO) with U.S. regulators, the latest in a swarm of U.S. startups planning a stock market debut this year.

WeWork, recently valued at $47 billion in a private fundraising round, said its amended IPO registration with the U.S. Securities and Exchange Commission will help it decide if it is sure it wants to become a publicly traded company.

“After a lot of thought, last week we decided to file the first amendment to our submission, which is a step towards allowing us to decide to become a public company,” Chief Executive Adam Neumann wrote to staff in a memo seen by Reuters.

“I do not have an exact date or timeline to share with you, but I wanted you to know first that this process has started.”
If

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