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IPO Webinar on PTAB Discretion

IPO #2The Intellectual Property Owners Association (IPO) will offer a one-hour webinar entitled “PTAB Discretion: Exploring the New Metes and Boundaries” on May 23, 2019 from 2:00 to 3:00 pm (ET).  Orion Armon of Cooley LLP, Kirby Lee of Ecolab, and Vice Chief Judge Scott Weidenfeller of the U.S. Patent and Trademark Office Patent Trial and Appeal Board will explore the scope and impact of recent important PTAB precedential opinions, as well as the decisions that have been designated “informative.”  Topics to be addressed by the panel will include:

• Now binding cases regarding follow-on petitions, where the same patent is challenged multiple times by the same petitioner or by a series of petitioners
• PTAB discretion regarding first-filed petitions
• Same party issue joinder and real-party-in-interest issues as articulated in Proppant Express Investments, LLC v. Oren Techs., LLC
PTAB discretion to deny institution
• Details on Revised Standard Operating Procedure 2 (“SOP2”) changes to procedures

The registration fee for the webinar is $135 (government and academic rates are available upon request).  Those interested in registering for the webinar can do so here.

Source: Ipo Search Results
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Safe Auto Files Registration Statement with SEC for an Initial Public Offering

COLUMBUS, Ohio, May 17, 2019 (GLOBE NEWSWIRE via COMTEX) — Safe Auto Insurance Group, Inc. (“Safe Auto”) today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) relating to a proposed initial public offering of its common shares. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Safe Auto has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol “SAIG”.

BofA Merrill Lynch and Deutsche Bank Securities will act as book-running managers for the offering. Keefe, Bruyette & Woods, A Stifel Company; Sandler O’Neill + Partners, L.P.; and Dowling & Partners Securities, LLC will serve as co-managers.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43, 200, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, by email to dg.prospectus_requests@baml.com; or Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by email to prospectus.cpdg@db.com, or by telephone at (800) 503-4611.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contact:

Ronald H. Davies

mediarelations@safeauto.com

__GNW8366DE3E__IMG

(C) Copyright 2019 GlobeNewswire, Inc. All rights reserved.

Source: Initial Public Offering Search Results
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How the promise of a $183 billion Uber IPO evaporated

Last September, Uber’s top executives were pitched by some of Wall Street’s biggest banks, Morgan Stanley and Goldman Sachs.

The bankers’ presentations calculated Uber’s valuation almost identically, hovering around one particular number: US$120 billion ($183.9b).

That was the figure the bankers said they could convince investors Uber was worth when it listed its shares on the stock market, according to three people with knowledge of the talks.

Uber’s chief executive, Dara Khosrowshahi, and chief financial officer, Nelson Chai, listened and discussed the presentations, these people said. Then they hired Morgan Stanley as lead underwriter, along with Goldman Sachs and others, to take the company public — and to effectively make the US$120b valuation a reality.

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Nine months later, Uber is worth about half that figure. The ride-hailing firm went public last week at US$45 a share and has since dropped to around US$43, pegging Uber’s market capitalisation at US$72b — and officially crowning it as the stock market debut that lost more in dollar terms than any other American initial public offering since 1975.

How Uber’s offering turned into what some are now openly calling a “train wreck” began with the US$120b number that the bankers floated. The figure leaked last year, whipping up a frenzy over how Uber could soon become the biggest American company to list on an American stock exchange — larger even than Facebook, which went public in 2012 at a whopping US$104b valuation.

But for Khosrowshahi and Chai, the US$120b number turned Uber’s IPO process into an exercise in managing expectations. Some large investors who already owned Uber shares at cheaper prices pushed back against buying more of the stock at such a lofty number, said people familiar with the matter.

Their appetite for Uber was dampened further by the company’s deep losses and slowing growth in regions like Latin America. And Uber had to contend with unforeseen factors, including fraying trade talks with China that spooked the stock market in the same week that the company decided to go public.

The result has created a host of pointed questions for all involved in Uber’s IPO, from Khosrowshahi and Chai to the lead underwriters at Morgan Stanley, Goldman Sachs and Bank of America. While Uber raised US$8.1b from its offering and reaped billions of dollars in returns for its early investors and founders, what should have been a climactic moment for a transportation colossus instead became an embarrassment.

Khosrowshahi arrives at the New York Stock Exchange as his company makes its IPO. Photo / AP
Khosrowshahi arrives at the New York Stock Exchange as his company makes its IPO. Photo / AP

The extent of the fallout may not be clear for a while, and it is too early to judge how Uber will ultimately fare in the public markets. But as many other tech-related companies aim to go public this year, including the food-delivery company Postmates and the real estate firm WeWork, they will have to contend with whether Uber has squelched what had been a red-hot IPO market.

“The US$69b market cap Uber had when the market closed today is a new reality,” said Shawn Carolan, partner at Menlo Ventures, which invested early in the company. But he added that Uber’s executives now had “the opportunity to show us what they can do.”

This account of Uber’s IPO was based on interviews with a dozen people involved in or briefed on the process. Many asked to remain anonymous because they were not authorised to speak publicly. Representatives from Uber, Morgan Stanley and Goldman Sachs declined to comment.

For years, Uber was an investor darling. As a privately held company, it gorged on capital from venture capital firms like Benchmark and GV, mutual fund firms like Fidelity Investments, and companies like SoftBank. Its private valuation shot up from US$60 million in 2011 to US$76b by August 2018.

Khosrowshahi, who became CEO in late 2017, was recruited partly to steer Uber through a successful IPO. Uber’s board agreed to pay him US$45m in cash and restricted stock — and set an unusually specific valuation target for an additional bonus. In a provision in Khosrowshahi’s compensation agreement, which was revealed in the company’s IPO prospectus, the board said that if Uber was valued in the public market at US$120b or more for at least three months in the next five years, he would receive a payout of US$80m to US$100m.

That provision set something of a goal for Uber, which the investment bankers who were hired to take the company public also gravitated toward. Within weeks of the banks’ presentations on the US$120b, that number leaked, leading to giddy speculation in Silicon Valley and on Wall Street that Uber’s offering could usher in a golden era of wealth.

By December, Uber’s IPO team was set. At the company, Chai, a former CFO at Merrill Lynch, was charged with leading the public offering. At Morgan Stanley, Michael Grimes, the firm’s star tech banker, was the point person, assisted by Kate Claassen, head of internet banking. Goldman Sachs’ team was led by Gregg Lemkau, Kim Posnett and David Ludwig. Bank of America’s was headed by Neil Kell and Ric Spencer.

Almost immediately, the setbacks began, starting with Uber’s business. Its once-meteoric growth rate was slowing as its geographic expansion appeared to be running out of room and as competitors continued springing up across the world.

One growth headache was connected to Uber’s biggest investor, SoftBank. The Japanese company, which has a US$100b Vision Fund that it uses to invest in all manner of companies, has poured capital into technology startups including Didi Chuxing, China’s biggest ride-hailing company, and 99, a transportation startup in Latin America.

For years, Uber was an investor darling. Photo / AP
For years, Uber was an investor darling. Photo / AP

In January 2018, Didi agreed to acquire 99. Both SoftBank and Didi also started directing funds toward pushing deeper into Latin America; SoftBank eventually created a US$5b fund earmarked specifically for investing in Latin American companies.

For Uber, the timing was terrible. The region was one of its most promising growth areas and its competition had ramped up. By this February, the damage in Latin America had begun showing up in Uber’s results in the form of slowing growth.

Uber’s food delivery business, UberEats, was under attack as well. SoftBank had sunk hundreds of millions of dollars into DoorDash, a food delivery company in the United States. More recently, SoftBank invested US$1b into Rappi, a food delivery company in Latin America. Uber had to spend more to battle those rivals.

SoftBank and Didi declined to comment. (Uber and Didi own shares in each other as well.)

Lukewarm demand

The slowing growth led to lukewarm investor demand for Uber’s shares, according to two of the people involved in the matter. Some investors argued that Uber needed to price its offering lower, these people said.

Some investors were also resisting because they had earlier invested in Uber at cheaper prices. Since its founding in 2009, Uber has taken in more than US$10b from mutual fund firms, private equity investors and others, meaning that its stock was already widely held among those institutions that traditionally buy shares in an IPO. So the IPO essentially became an exercise in getting existing investors to buy more shares — a tough sell, especially at a higher price.

In March, another problem cropped up. Uber’s rival in North America, Lyft, went public and promptly fell below its offering price on its second day of trading. Investors appeared skeptical about whether Lyft could make money, setting a troublesome precedent for Uber.

By the time Uber made its IPO prospectus available in April, it had already told some existing investors that its offering could value it at up to US$100b — down from the initial US$120b.

Inside Uber, two people familiar with the deliberations said the company’s board was also not fully briefed on how Khosrowshahi and other executives planned to pitch the firm to investors in what is known as a “roadshow.” Only a smaller group of board members, who were part of a pricing committee — including Khosrowshahi; Ronald Sugar, who is also Uber’s chairman; and David Trujillo of TPG — focused on the IPO, these people said.

Another person close to the board said that all board members were invited to attend pricing discussions and IPO event planning, and that all materials from the pricing committee were made available. Some members were more active than others, the person said.

Khosrowshahi takes a photograph as he attends the opening bell ceremony at the New York Stock Exchange. Photo / AP
Khosrowshahi takes a photograph as he attends the opening bell ceremony at the New York Stock Exchange. Photo / AP

In late April, Uber proposed a price range of US$44 to US$50 a share for its offering, putting its valuation at US$80b to US$91b, below the US$100b it had floated just a few weeks earlier.

The company soon hit other obstacles. President Donald Trump tweeted this month that he wanted to raise tariffs on US$200b of Chinese goods, unsettling global stock markets. The day before Uber priced its IPO, Lyft reported a US$1.14b loss for its first quarter, renewing questions about the health of ride-hailing businesses.

Uber’s executives, board and bankers discussed the final pricing of the stock sale on May 9. Several board members pushed for a price at the higher end of the US$44- to US$50-a-share range, said the people briefed on the situation.

But Morgan Stanley, Goldman Sachs and others agreed that it needed to be lower, they said. The list of orders from potential investors, known in Wall Street jargon as the “book,” showed that the most desirable investors — the big asset managers who were most likely to hold on to the shares, even in tough times — were interested only in the lower price.

The final price: US$45 a share.

That evening, Khosrowshahi and his management team gathered in New York at Daniel, a Michelin star restaurant a few blocks east of Central Park, at a “pricing dinner” hosted by Morgan Stanley. The mood was upbeat, according to two people familiar with the evening.

But the next morning, that mood had changed. Uber executives arrived at the New York Stock Exchange, where the company was listing its shares. Before the first trade, monitors that lined the exchange floor displayed how Uber’s stock was likely to fall — flashing up US$45, US$44, before finally opening at US$42. The chatter quieted.

The rest of the day was little better. Uber’s stock never rose close to its US$45 offering price. As the so-called stabilisation agent, charged with helping trading in Uber stock, Morgan Stanley made some moves to support the shares, according to people with knowledge of the matter. But by the end of the day, while the S&P 500 closed up, Uber’s stock remained down.

Source: Ipo Search Results
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HPMT to raise RM42.3m from IPO

KUALA LUMPUR: HPMT Holdings Bhd, which manufactures and distributes cutting tools for metalworks, will raise RM42.3mil from its proposed listing on the Main Market of Bursa Malaysia.

Of the RM42.30mil, it planned to use RM34mil to purhase new machinery while RM2.90mil would be working capital.

HPMT launched its prospectus on Friday for the listing exercise which will involve 116.60 million shares at an offer price of 56 sen each. Upon listing, its capitalisation would be RM184mil.

Of the 116.6 million shares, it said 16.4 million shares would be offered to the public; 8.3 million to eligible directors and employees;  59 million to institutional and selected investors and 32.9 million to approved Bumiputera investors.

 Hong Leong Investment Bank Bhd is the principal adviser, underwriter and placement agent for this listing exercise. 

HPMT has an export market share of about 23.6% based on the export revenue of RM68.3mil in FYE2018, making HPMT among the prominent cutting tool manufacturers in Malaysia. 
 
HPMT managing director Khoo Seng Giap said the company would use part of the IPO proceeds to buy machinery and raise the production cutting tools. 

“The purchase of the new machinery will increase our production capacity by over 40% to 212,600 pieces (of cutting tools) monthly as at Dec 31,  2021 (from 148,200 pieces as at end-2018).

Source: Ipo Search Results
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Postal Realty Trust, Inc. Prices Initial Public Offering

Postal Realty Trust, Inc. Prices Initial Public Offering

Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally
managed real estate investment trust that will own and manage properties
leased to the United States Postal Service, today announced that it has
priced its initial public offering of 4,500,000 shares of Class A common
stock at an initial public offering price of $17.00 per share. The
Company has granted the underwriters a 30-day option to purchase up to
an additional 675,000 shares of Class A common stock at the initial
public offering price, less underwriting discounts and commissions.
Settlement of the offering is expected to occur on May 17, 2019, subject
to customary closing conditions. The Class A common stock is expected to
begin trading on the New York Stock Exchange on May 15, 2019.

The Company intends to use the net proceeds received from the offering
as follows: (a) approximately $29.0 million to acquire properties in the
Company’s formation transactions; (b) approximately $31.7 million to
repay mortgage debt secured by certain of the Company’s initial
properties, and (c) the remainder for general corporate purposes,
including working capital, future acquisitions, transfer taxes and,
potentially, paying distributions.

Stifel, Nicolaus & Company, Incorporated, Janney Montgomery Scott LLC,
BMO Capital Markets Corp. and Height Capital Markets, LLC are acting as
joint book-running managers for the offering. B. Riley FBR, Inc. and
D.A. Davidson & Co. are acting as co-managers for the offering.

A registration statement on Form S-11, including a prospectus, has been
declared effective by the U.S. Securities and Exchange Commission. This
press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. A copy of the
final prospectus relating to the offering may be obtained from Stifel,
Nicolaus & Company, Incorporated, One South Street, 15th Floor,
Baltimore, MD 21202, Attention: Syndicate Department, Fax: 443-224-1273,
or by email at SyndProspectus@stifel.com;
Janney Montgomery Scott LLC, 60 State Street, Boston, MA 02109,
Attention: Equity Capital Markets Group, or email prospectus@janney.com;
BMO Capital Markets Corp., Attention: Syndicate Department, 3 Times
Square, 25th Floor, New York, New York 10036 or by telephone at (800)
414-3627 or by email at bmoprospectus@bmo.com;
and Height Capital Markets, LLC at 1775 Pennsylvania Ave. NW, 11th
Floor, Washington, DC, 20006, Attention: Investment Banking, or email prospectus@heightllc.com
or by telephone at (202) 836-8960.

About Postal Realty Trust, Inc.

The Company is an internally managed real estate investment trust that
will own and manage properties leased to the United States Postal
Service, or USPS. Upon completion of the offering and related formation
transactions, the Company will own and manage an initial portfolio of
271 postal properties located in 41 states comprising 871,843 net
leasable interior square feet, all of which are leased to the USPS, and
through its taxable REIT subsidiary will provide fee-based third party
property management services for an additional 404 postal properties
leased to the USPS and owned by family members of Andrew Spodek, the
Company’s chief executive officer, and their partners.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements.”
Forward-looking statements include statements regarding the proposed
public offering and other statements identified by words such as
“could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,”
“plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,”
“projects” and similar references to future periods, or by the inclusion
of forecasts or projections. Forward-looking statements, including
statements regarding the timing of settlement and the expected price
range for the use of proceeds of the initial public offering, are based
on the Company’s current expectations and assumptions regarding capital
market conditions the Company’s business, the economy and other future
conditions. Because forward-looking statements relate to the future, by
their nature, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict. As a result, the
Company’s actual results may differ materially from those contemplated
by the forward-looking statements. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements include the USPS’s terminations or non-renewals of leases,
changes in demand for postal services delivered by the USPS, the
solvency and financial health of the USPS, competitive, financial market
and regulatory conditions, general real estate market conditions, the
Company’s competitive environment and other factors set forth under
“Risk Factors” in the Company’s registration statement on Form S-11, as
amended from time to time. Any forward-looking statement made in this
press release speaks only as of the date on which it is made. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190515005484/en/

SOURCE: Postal Realty Trust, Inc.

Investor Relations and Media RelationsEmail: Investorrelations@postalrealtytrust.comPhone: 516-232-8900

Copyright Business Wire 2019

Source: Initial Public Offering Search Results
Author:

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How the promise of a $120 billion Uber IPO evaporated

By Mike Isaac, Michael J. de la Merced and Andrew Ross Sorkin

Last September, Uber’s top executives were pitched by some of Wall Street’s biggest banks, Morgan Stanley and Goldman Sachs. The bankers’ presentations calculated Uber’s valuation almost identically, hovering around one particular number: $120 billion.

That was the figure the bankers said they could convince investors Uber was worth when it listed its shares on the stock market, according to three people with knowledge of the talks. Uber’s chief executive, Dara Khosrowshahi, and chief financial officer, Nelson Chai, listened and discussed the presentations, these people said. Then they hired Morgan Stanley and Goldman Sachs to take the company public — and to effectively make the $120 billion valuation a reality.

Nine months later, Uber is worth about half that figure. The ride-hailing firm went public last week at $45 a share and has since dropped to around $41, pegging Uber’s market capitalization at $69 billion — and officially crowning it as the stock market debut that lost more in dollar terms than any other American initial public offering since 1975.

How Uber’s offering turned into what some are now openly calling a “train wreck” began with the $120 billion number that the bankers floated. The figure leaked last year, whipping up a frenzy over how Uber could soon become the biggest American company to list on an American stock exchange — larger even than Facebook, which went public in 2012 at a whopping $104 billion valuation.

But for Khosrowshahi and Chai, the $120 billion number turned Uber’s IPO process into an exercise in managing expectations. Some large investors who already owned Uber shares at cheaper prices pushed back against buying more of the stock at such a lofty number, said people familiar with the matter. Their appetite for Uber was dampened further by the company’s deep losses and slowing growth in regions like Latin America. And Uber had to contend with unforeseen factors, including fraying trade talks with China that spooked the stock market in the same week that the company decided to go public.

The result has created a host of pointed questions for all involved in Uber’s IPO, from Khosrowshahi and Chai to the lead underwriters at Morgan Stanley, Goldman Sachs and Bank of America. While Uber raised $8.1 billion from its offering and reaped billions of dollars in returns for its early investors and founders, what should have been a climactic moment for a transportation colossus instead became an embarrassment.

The extent of the fallout may not be clear for a while, and it is too early to judge how Uber will ultimately fare in the public markets. But as many other tech-related companies aim to go public this year, including the food-delivery company Postmates and the real-estate firm WeWork, they will have to contend with whether Uber has squelched what had been a red-hot IPO market.

“The $69 billion market cap Uber had when the market closed today is a new reality,” said Shawn Carolan, partner at Menlo Ventures, which invested early in the company. But he added that Uber’s executives now had “the opportunity to show us what they can do.”

This account of Uber’s IPO was based on interviews with a dozen people involved in or briefed on the process. Many asked to remain anonymous because they were not authorized to speak publicly. Representatives from Uber, Morgan Stanley and Goldman Sachs declined to comment.

For years, Uber was an investor darling. As a privately held company, it gorged on capital from venture capital firms like Benchmark and GV, mutual fund firms like Fidelity Investments, and companies like SoftBank. Its private valuation shot up from $60 million in 2011 to $76 billion by August 2018.

Darareuters

Khosrowshahi, who became CEO in late 2017, was recruited partly to steer Uber through a successful IPO. Uber’s board agreed to pay him $45 million in cash and restricted stock — and also set an unusually specific valuation target for an additional bonus. In a provision in Khosrowshahi’s compensation agreement, which was revealed in the company’s IPO prospectus, the board said that if Uber was valued in the public market at $120 billion or more for at least three months in the next five years, he would receive a payout of $80 million to $100 million.

That provision set something of a goal for Uber, which the investment bankers who were hired to take the company public also gravitated toward. Within weeks of the banks’ presentations on the $120 billion, that number leaked, leading to giddy speculation in Silicon Valley and on Wall Street that Uber’s offering could usher in a golden era of wealth.

By December, Uber’s IPO team was set. At the company, Chai, a former CFO at Merrill Lynch, was charged with leading the public offering. At Morgan Stanley, Michael Grimes, the firm’s star tech banker, was the point person, assisted by Kate Claassen, head of internet banking. Goldman Sachs’ team was led by Gregg Lemkau, Kim Posnett and David Ludwig. Bank of America’s was headed by Neil Kell and Ric Spencer.

Almost immediately, the setbacks began, starting with Uber’s business. Its once-meteoric growth rate was slowing as its geographic expansion appeared to be running out of room and as competitors continued springing up across the world.

One growth headache was connected to Uber’s biggest investor, SoftBank. The Japanese company, which has a $100 billion Vision Fund that it uses to invest in all manner of companies, has poured capital into technology startups including Didi Chuxing, China’s biggest ride-hailing company, and 99, a transportation startup in Latin America.

In January 2018, Didi agreed to acquire 99. Both SoftBank and Didi also started directing funds toward pushing deeper into Latin America; SoftBank eventually created a new $5 billion fund earmarked specifically for investing in Latin American companies.

For Uber, the timing was terrible. The region was one of its most promising growth areas and its competition had ramped up. By this February, the damage in Latin America began showing up in Uber’s results in the form of slowing growth.

Uber’s food delivery business, UberEats, was under attack as well. SoftBank had sunk hundreds of millions of dollars into DoorDash, a food delivery company in the United States. More recently, SoftBank invested $1 billion into Rappi, a food delivery company in Latin America. Uber had to spend more to battle those rivals. SoftBank and Didi declined to comment. (Uber and Didi own shares in each other as well.)

The slowing growth led to lukewarm investor demand for Uber’s shares, according to two of the people involved in the matter. Some investors argued that Uber needed to price its offering lower, these people said.

Some investors were also resisting because they had earlier invested in Uber at cheaper prices. Since its founding in 2009, Uber has taken in more than $10 billion from mutual fund firms and private equity investors and others, meaning that its stock was already widely held among those institutions that traditionally buy shares in an IPO. So the IPO essentially became an exercise in getting existing investors to purchase more shares — a tough sell, especially at a higher price.

In March, another problem cropped up. Uber’s rival in North America, Lyft, went public and promptly fell below its offering price on its second day of trading. Investors appeared skeptical about whether Lyft could make money, setting a troublesome precedent for Uber.

By the time Uber made its IPO prospectus available in April, it had already told some existing investors that its offering could value it at up to $100 billion — down from the initial $120 billion.

Inside Uber, two people familiar with the deliberations said the company’s board was also not fully briefed on how Khosrowshahi and other executives planned to pitch the firm to investors in what is known as a “roadshow.” Only a smaller group of board members, who were part of a pricing committee — including Khosrowshahi; Ronald Sugar, who is also Uber’s chairman; and David Trujillo of TPG — focused on the IPO, these people said.

Another person close to the board said that all board members were invited to attend pricing discussions and IPO event planning, and that all materials from the pricing committee were made available. Some members were more active than others, the person said.

In late April, Uber proposed a price range of $44 to $50 a share for its offering, putting its valuation at $80 billion to $91 billion, below the $100 billion it had floated just a few weeks earlier.

The company soon hit other obstacles. Earlier this month, President Donald Trump tweeted that he wanted to raise tariffs on $200 billion of Chinese goods, unsettling global stock markets. Last Wednesday, the day before Uber priced its IPO, Lyft reported a $1.14 billion loss for its first quarter, renewing questions about the health of ride-hailing businesses.

Uber’s executives, board and bankers discussed the final pricing of the stock sale last Thursday. Several board members pushed for a price at the higher end of the $44- to $50-a-share range, said the people briefed on the situation.

But Morgan Stanley, Goldman Sachs and others agreed that it needed to be lower, they said. The list of orders from potential investors, known in Wall Street jargon as the “book,” showed that the most desirable investors — the big asset managers who were most likely to hold onto the shares, even in tough times — were interested only in the lower price. The final price: $45 a share.

That evening, Khosrowshahi and his management team gathered in New York at Daniel, a Michelin star restaurant a few blocks east of Central Park, at a “pricing dinner” hosted by Morgan Stanley. The mood was upbeat, according to two people familiar with the evening.

But the next morning, that mood changed. Uber executives arrived at the New York Stock Exchange, where the company was listing its shares. Before the first trade, monitors that lined the exchange floor displayed how Uber’s stock was likely to fall — flashing up $45, $44, before finally opening at $42. The chatter quieted.

The rest of the day was little better. Uber’s stock never rose close to its $45 offering price. As the so-called stabilization agent, charged with helping trading in Uber stock, Morgan Stanley made some moves to support the shares, according to people with knowledge of the matter. Yet by the end of the day, while the S&P 500 Index closed up, Uber’s stock remained down. On Wednesday, Uber closed at $41.29, more than 8% below its offering price.

Source: Ipo Search Results
Author:

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Portland Joins Khabarovsk’s Day of the City Festival


Portland Joins Khabarovsk’s Day of the City Festival – World News Report – EIN News

























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Source: Initial Public Offering Search Results
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Jiayin Group Inc. Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional ADSs

Jiayin Group Inc. Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional ADSs

Jiayin Group Inc. (“Jiayin” or the “Company”) (Nasdaq: JFIN), a leading
online individual finance marketplace in China, today announced the
closing of its previously announced initial public offering of 3,500,000
American Depositary Shares (“ADS”), and the sale of an additional
525,000 ADSs at the public offering price of US$10.50 per ADS pursuant
to the exercise in full by the underwriters of their option to purchase
additional ADSs. Each ADS represents four Class A ordinary shares.

Jiayin raised a total of approximately US$34.9 million in net proceeds
from its initial public offering, after the underwriters’ full exercise
of their option to purchase additional ADSs, and after deducting
underwriting discounts and commissions as well as other estimated
offering expenses.

Roth Capital Partners is acting as sole book running manager for the
offering and Shenwan Hongyuan Securities (H.K.) Limited is acting as
co-manager for the offering.

The ADSs described above are being offered by the Company pursuant to a
registration statement previously filed with, and subsequently declared
effective by, the United States Securities and Exchange Commission. The
offering is being made only by means of a written prospectus forming
part of the effective registration statement. A copy of the final
prospectus relating to this offering may be obtained from Roth Capital
Partners, 888 San Clemente Drive, Suite 400, Newport Beach, California
92660, United States of America, telephone: +1 (800) 678-9147, or by
accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction.

About Jiayin Group Inc.

Jiayin Group Inc. is a leading online individual finance marketplace in
China committed to facilitating effective, transparent, secure and fast
connections between investors and borrowers, whose needs are underserved
by traditional financial institutions. The origin of the business of the
Company can be traced back to 2011. The Company operates a highly secure
and open platform with a comprehensive risk management system and a
proprietary and effective risk assessment model which employs advanced
big data analytics and sophisticated algorithms to accurately assess the
risk profiles of potential borrowers.

Safe Harbor / Forward-Looking Statements

This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
regarding the proposed public offering and the intended use of proceeds
from the offering. The offering is subject to market and other
conditions and there can be no assurance as to whether or when the
offering may be completed or as to the actual size or terms of the
offering. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including market conditions, risks associated with the cash requirements
of our business and other risks detailed from time to time in our
filings with the Securities and Exchange Commission, and represent our
views only as of the date they are made and should not be relied upon as
representing our views as of any subsequent date. We do not assume any
obligation to update any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190514006020/en/

SOURCE: Jiayin Group Inc.

Jiayin Group Inc.Bei BaiTel: +86 (21) 6190 6826E-mail: baibei@niwodai.net

Copyright Business Wire 2019

Source: Initial Public Offering Search Results
Author:

Posted on

CrowdStrike Files Registration Statement for Proposed Initial Public Offering

CrowdStrike Files Registration Statement for Proposed Initial Public Offering

CrowdStrike Holdings, Inc., today announced that it has filed a
registration statement on Form S-1 with the U.S. Securities and Exchange
Commission relating to a proposed initial public offering of its Class A
common stock. The number of shares to be offered and the price range for
the proposed offering have not yet been determined. CrowdStrike has
applied to list its Class A common stock on The Nasdaq Global Select
Market under the ticker symbol “CRWD.”

Goldman Sachs & Co. LLC, J.P. Morgan, BofA Merrill Lynch and Barclays
will act as lead book-running managers for the proposed offering. Credit
Suisse, Jefferies, RBC Capital Markets, Stifel, HSBC, Macquarie Capital,
Piper Jaffray and SunTrust Robinson Humphrey will also act as
book-running managers. BTIG, JMP Securities, Mizuho Securities, Needham
& Company and Oppenheimer & Co. will act as co-managers for the proposed
offering.

The proposed offering will be made only by means of a prospectus. Copies
of the preliminary prospectus, when available, may be obtained from:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West
Street, New York, NY 10282, by telephone at (866) 471-2526 or by e-mail
at prospectus-ny@ny.email.gs.com;
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204
or by email at prospectus-eq_fi@jpmorganchase.com;
BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor,
Charlotte, NC 28255-0001, Attention: Prospectus Department or by email
at dg.prospectus_requests@baml.com;
or Barclays Capital Inc., c/o Broadridge Financial Solutions, Attention:
Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, by
telephone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com.

A registration statement relating to these securities has been filed
with the U.S. Securities and Exchange Commission but has not yet become
effective. These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall there be
any sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About CrowdStrike(R) Holdings

CrowdStrike provides cloud-delivered endpoint protection. Leveraging
artificial intelligence (AI), the CrowdStrike Falcon(R) platform protects
customers against cyberattacks on endpoints on or off the network by
offering visibility and protection across the enterprise.

(C) 2019 CrowdStrike, Inc. All rights reserved. CrowdStrike(R) and
CrowdStrike Falcon(R) are among the trademarks of CrowdStrike, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190514006077/en/

SOURCE: CrowdStrike Holdings, Inc.

Press ContactCrowdStrike Holdings, Inc.Michael Busselen, VP of Corporate Communicationsmichael.busselen@crowdstrike.com669-241-2470Investor Relations ContactCrowdStrike Holdings, Inc.Peter Daley, VP of Strategic Financepeter.daley@crowdstrike.com669-721-0742

Copyright Business Wire 2019

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As of Friday, 05-10-2019 23:59, the latest Comtex SmarTrend® Alert,
an automated pattern recognition system, indicated a DOWNTREND on
04-20-2012 for J

Source: Initial Public Offering Search Results
Author:

Posted on

Zell investment firm weighs IPO for Samhi hotels

Equity International LLC, the investment firm founded by billionaire Sam Zell, is weighing plans to sell shares to the public in four of its companies, in Brazil, Colombia, Mexico and India.

Equity International, which has investments in companies worth more than $12 billion, is “seriously evaluating” initial public offerings (IPO) for Brazilian parking lot operator Estapar and Indian lodging company Samhi, Chief Executive Officer Tom Heneghan said in an interview.

Mexican mall operator Acosta Verde and Colombian lodging company Decameron, which operates all-inclusive hotels and resorts from Peru to the Caribbean, are also under consideration for public offerings, Heneghan said.

“We have a number of companies that we have positioned over the years to be pretty interesting potential IPO candidates,” Heneghan said. Estapar, a Sao Paulo-based network of 600 parking lots with more than 300,000 parking spaces, would be one of the first ones to go into the market, Heneghan said.

“Brazil was a market that was going through severe dislocation,” Heneghan said. Sao Paulo “has few parking spots and a heck of a lot of cars.”

Estapar, which would be the first publicly-traded parking lot operator in Brazil, is an example of Equity International’s efforts to institutionalize the markets where it invests, Heneghan said.

In Brazil, Equity International previously took homebuilder Gafisa SA public, in 2006, and mall operator BR Malls Participacoes SA in the following year.

India Hotels

Another strong contender for an IPO is Samhi, which develops and operates about 30 hotels with partners such as Hyatt Hotels Co. and Marriott International Inc., in major cities across India, Heneghan said.

That would be the third IPO in India’s lodging market in about a year. When Lemon Tree Hotels Ltd. sold shares in March, 2018, they were oversubscribed by 19%. For Chalet Hotels Ltd., which went public in January, demand exceeded supply by 57%.

“We’ve done a very nice job in a challenging marketplace to build scale,” Heneghan said. “We grew Samhi for seven years and it now has 4,000 plus keys,” Heneghan said.

Equity International, which currently has 70% of its portfolio in Latin America, is still working to expand other investments in the region, such as ARG Realty, a commercial real estate operator in Argentina, and telecom infrastructure operator ATP — Andean Tower Partners — based in Bogota, Colombia.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Source: Ipo Search Results
Author: