IPO
New York (AFP) - Shares of German sandals maker Birkenstock fell almost 13 percent from their introductory price on Wednesday, on its first day trading on the New York Stock Exchange. The company, trading under the ticker "BIRK," closed at $40.06, down 12.9 percent from its initial public offering price of $46 which valued the company at about $8.6 billion. The sharp decline in its stock price values the sandals maker at closer to $7.5 billion. "The truth is we didn't have 'the Barbie moment.' Barbie had the ' Birkenstock moment,'" quipped Chief Executive Oliver Reichert on CNBC, as he descri...
AFP
New York (AFP) - German sandals maker Birkenstock will launch on the New York stock exchange on Wednesday in an initial public offering that values the company at $8.6 billion, according to multiple media reports. Shares in the company, which was in the hands of the founding family until 2021, will be priced at $46, the Wall Street Journal, CNBC, and other media reported. This would be in the middle of the company's $44-49 target, giving it a market value of just over $8.6 billion. Birkenstock started life as an orthopedic shoemaker, but has since shed its unflattering association with sock-...
AFP
Paris (AFP) - The initial public offering of British chip designing giant Arm, announced on Monday, could signal a rebound in companies introducing their shares on stock markets after a year of relatively few such listings. Arm is a world leader in designing chips that are used in smartphones across the world and aims to be a major player in artificial intelligence (AI). In documents filed on Monday, Arm said it planned to list on the Nasdaq, seven years after quitting London's stock exchange after being purchased by Japan's SoftBank. The partial listing for an as yet undetermined number of ...
AFP
New York (AFP) - Rivian's smashing entry into Wall Street, where its value soared higher than that of the traditional Detroit automakers, is confirmation of investors' voracious appetite for any company making electric vehicles. The IPO was the largest in the United States since 2014, and even before its debut, Rivian had raised $11.9 billion in financing. In its first day of trading, shares in the company backed by Amazon and Ford leapt as high as 50 percent, taking Rivian's market capitalization to more than $100 billion, if stock options and other convertible shares are taken into account. ...
AFP
Paris (AFP) - WeWork's financial woes and aborted IPO made headlines in 2019, but two years later the office-sharing giant is returning to Wall Street after seeking to renew itself in response to the pandemic. Shareholders from a special-purpose acquisition company, or SPAC, called BowX voted Tuesday to merge with WeWork, which will finally make the start-up a publicly-traded company. Shares of the new entity, which is worth about $9 billion, are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol "WE." The SPAC is a vehicle used just to raise capital and ...
AFP
Washington (AFP) - Rivian Automotive, the Amazon-backed manufacturer of electric trucks and utility vehicles, said Friday it had filed for a stock market listing as it prepares to ramp up production and delivery. The California-based firm said it had filed confidentially for an initial public offering, under a provision allowing it to keep its financial data private. The size and price range for the offering was not disclosed. Rivian has raised more than $10 billion in funding since its founding in 2009, including from Amazon, which has pledged to purchase 100,000 electric delivery vans from t...
AFP
New York (AFP) - Shares of Chinese ride-hailing giant Didi Chuxing rocketed higher Wednesday in its first trading session after raising $4.4 billion in an initial public offering. Near 1730 GMT, shares of Didi were up 14.3 percent at $16, well above the $14 IPO price and giving the company a valuation of around $77 billion. Didi Chuxing -- which claims to have more than 15 million drivers and nearly 500 million users -- is often the easiest and quickest way to call a ride in crowded Chinese cities. Founded in 2012 by Cheng Wei, a former executive at Chinese e-commerce giant Alibaba, the app ha...
AFP
New York (AFP) - Ride-hailing giant Didi Chuxing has filed to list its shares in New York, a high-profile move by a Chinese tech firm in the United States despite soaring tensions between the superpowers, with reports saying it could be one of the biggest IPOs this year. The popular app has dominated the Chinese market ride-hailing market ever since it won a costly turf war against US titan Uber in 2016 and took over its local unit. It filed a placeholder application for an initial public offering worth $100 million with the US regulators on Thursday for entry to the New York Stock Exchange, ...
AFP
San Francisco (AFP) - Airbnb and DoorDash make their stock market debut this week as part of a "unicorn parade" capping a busy year for hot startups going public. The startups known as unicorns -- valued in the billions -- are poised to take advantage of a market hungry for young businesses promising fast growth, with some taking advantage of lifestyle changes due to the pandemic. This week's big initial public offerings (IPOs) include food-delivery service DoorDash, which has seen a surge during Covid-19 restrictions, to be followed by home-sharing platform Airbnb and e-commerce operation Wis...
AFP
New York (AFP) - Airbnb is seeking to raise some $2.6 billion in its upcoming share offering, which could give the home-sharing giant a valuation as high as $35 billion, an updated regulatory filing showed Tuesday.The California group said its initial public offering would include some 51.9 million shares in a range of $44 to $50.The latest filing appeared to confirm an upbeat outlook for Airbnb, which has claimed its home-sharing model has proved resilient during the global coronavirus pandemic with travelers seeking safer lodgings and avoiding crowded hotels.Airbnb offered no date for the st...
AFP
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