IPO Roundup March 3, 2016


Why IPO Investors Are Set Up For Failure – Forbes

Since the beginning of last year, the IPO market has largely been a spectacular failure, with a number of high-profile companies falling off dramatically after first sprinting out of the gate, including Box, GoPro and FitBit. Some have pinned the blame on a poor economic environment, contending that given the uneven macro picture, coupled with all the major indexes being off by more than 5% over the last 12 months, the landscape was unaccommodating to all equities, let alone IPOs. 


Cab aggregator Ola aims to become Infosys, gears up for IPO – The Economic Times

Growth with an eye on profits is the new mantra at Ola, as chief financial officer Rajiv Bansal attempts to strike a fine-balance at India’s largest cab aggregator which is facing rising competition from rival Uber, the world’s most valuable startup. Bansal, who quit his post at InfosysBSE 1.12 % to join the startup in January is now tasked with preparing the company for an eventual public listing. 


ANZ considered IPO for wealth management unit; sources | afr.com

ANZ Banking Group has ruled out a near term spin-off and listing of its life insurance and wealth business and will instead look to sell the unit in the medium term.

Street Talk understands ANZ Bank’s wealth chief Joyce Phillips was considering the initial public offering plan last year and had boutique adviser Flagstaff Partners helping with the review.

However, sources said ANZ’s new chief executive Shayne Elliott decided the unit was not ready to be spun-off and progressed the wealth restructure plan, flagged by Street Talk and later announced on Wednesday. 


Goldman Sachs’s Eric Dobkin, Father of Modern I.P.O., to Retire – The New York Times

Few spend 49 years working for the same company. And fewer still do so at an investment bank.

But Eric Dobkin, among the longest-serving partners at Goldman Sachs, achieved that distinction, as the company announced his retirement on Wednesday.

Mr. Dobkin, age 73, is known by many as the father of the modern-day initial public offering of stock. In 1985, he created the firm’s equity capital markets division, which changed the way I.P.O.s were conducted by focusing on mutual funds rather than individual investors. It was a pivot that put Goldman Sachs in the forefront of some landmark deals, including Britain’s largest privatizations and Microsoft’s initial offering. 


Potential Saudi Aramco IPO Highlights the Perils of State-Run Company Investing — The Motley Fool

Chatter has surfaced recently of a potential IPO on the Saudi stock exchange for the Saudi Arabian Oil Co., the state-owned company better known as Aramco. In January, Aramco discussed the potential for an IPO, which has many in the banking industry salivating at the opportunity. With oil reserves more than 10 times than that of ExxonMobil (NYSE:XOM), Aramco could have a market cap measured in trillions of dollars.

Aramco’s IPO plan, if it happens, appears to be inspired by an agenda to take out the marginal producers of oil and gas in the U.S. shale plays. With Aramco putting itself up for sale at such low prices, it implies that they’re having a difficult time making money or they expect not to make money for some time. This might be great for Saudi Arabia, but it’s not necessarily great for investors when state-owned companies make decisions that put the company at risk. 


Azure Power Gears Up for IPO – 24/7 Wall St.

Azure Power Global has filed an amended F-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). This will be the most recent public company in the Azure master limited partnership (MLP) family once the shares make their debut on the market. The offering is valued up to $100 million, although this number is usually just a placeholder. The company intends to list on the New York Stock Exchange under the symbol AZRE. 


DeLeone returns to IPO for George Gershwin celebration – Daily Southtown

When it comes to American composers, George Gershwin is one of the most well-known.

Illinois Philharmonic Orchestra presents “Spring Pops: Gershwin Celebration” on Saturday at Lincoln-Way North Performing Arts Center in Frankfort and March 6 at Rialto Square Theatre in Joliet.

“As far as America is concerned, there’s no better (composer). He didn’t try to be anything other than himself musically. He was a great pop songwriter,” IPO conductor laureate Carmon DeLeone said. 


2016 IPO Prospects: MuleSoft Is A Unicorn, But Financials Remain Unknown – MuleSoft (Private:MULE) | Seeking Alpha

MuleSoft does not disclose much financial information. It does report that it delivers strong top line growth.

The company ended last fiscal with revenues of more than $100 million and an enterprise customer base of over 900 organizations.

It was bootstrapped initially, but has raised $259 million in funding so far from investors. 


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