Tag: IPOs

Wall Street’s Latest Pitch Is a Contradiction: Private IPOs – WSJ

Private-equity firms are desperate to cash out of investments. But enthusiasm for initial public offerings is low after several stock-market debuts flopped. Enter so-called private IPOs. The concept is being bandied about on Wall Street as investors and bankers search for ways to keep the money flowing. The contradictory moniker refers to stock sales in which early backers privately sell…

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It Could be a While Before a Buoyant IPO Market Returns | The D&O Diary

According to Renaissance Capital (here), in the heady days during the two-year period 2020 and 2021, 618 traditional U.S. IPOs were completed, raising over $220 billion. (These stats do not include SPAC IPOs). By contrast, in the period 2022-2023 YTD, there have only been 171 traditional U.S. IPOs completed, raising just $27 billion. While many market observers yearn for a…

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Coinbase gets all-clear from SEC, setting stage for landmark crypto listing | Reuters

Coinbase Global Inc, the largest U.S. cryptocurrency exchange, has received approval from the U.S. Securities and Exchange Commission (SEC) to list its shares on the Nasdaq, paving the way for what will be a landmark victory for cryptocurrency advocates. The company, which plans to go public through a so-called direct listing, expects to list its shares on the Nasdaq under…

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SEC Probes Listings of Slack, Other Unicorns on NYSE – WSJ

The Securities and Exchange Commission is investigating the listings of Slack Technologies Inc. WORK 2.40% and other major companies on the New York Stock Exchange, in a probe looking at how trading was handled on the first day, people familiar with the situation said. SEC enforcement staff have recently sent letters including one seeking information from electronic-trading firm Citadel Securities…

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Multiplied and Parallel Litigation: The Mess that Cyan has Wrought | The D&O Diary

As observers have discussed the kinds of problems that the U.S. Supreme Court’s Cyan decision can create, specific concerns have included the possibility of parallel state and federal court litigation, and even the possibility of parallel litigation in multiple states. In the course of the discussion of these issues, these litigation risks might have seemed merely theoretical. However, a series…

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Well, That Didn’t Take Long: Lyft Hit with IPO-Related Securities Suit | The D&O Diary

On March 28, 2019, amidst much fanfare, the rideshare company Lyft went public at $72 a share, raising more than $2.2 billion.  In the first trading day following the offering, the company’s share price rose 8.7 percent. However, despite the initial euphoria, Lyft’s share price then began to slump. Lyft shares closed at $58.36 on Thursday afternoon (April 18), representing…

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