News 

In China, investors and bankers say SoftBank’s involvement, once a sign of promising prospects, is now viewed as a red flag that a company was likely overvalued

“OneConnect Financial Technology is just one of many China bets placed by the Japanese investment giant or its massive Vision fund which have run into trouble” writes Min Read for reuters.com. HONG KONG/BEIJING (Reuters) – For SoftBank Group Inc, financial technology firm OneConnect’s IPO should have been a vindication of an aggressive China investing strategy. Source: reuters.com

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Chicago’s Sprout Social prices IPO mid-range at $17 per share, raising $150M

“On the heels of Bill.com’s debut, Chicago-based social media software company Sprout Social priced its IPO last night at $17 per share, in the middle of its proposed $16 to $18 per-share range” writes Alex Wilhelm for yahoo.com. First, the company raised just a little over $110 million while private, and will generate over $100 million in trailing GAAP revenue this year. Source: yahoo.com

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Markets News 

Bill.com surged 60% in its first day of trading. We talked to its CEO and a big backer about the fintech unicorn’s IPO and why it’s good to be boring post-WeWork.

“We like the idea that these are predictable businesses,” Jacobs said” writes Shannen Balogh for businessinsider.com. So you could be wasting your time if the market ends up being unreceptive to any business,” Jacobs said.The process of taking a private company public can take over a year, Jacobs said.Lacerte said the IPO would help Bill.com attract more customers through product development, sales, and marketing. Source: businessinsider.com

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Markets News Stocks 

BANK OF AMERICA: WeWork and other IPO disasters could start a domino effect that sends US stocks tumbling. Here’s how.

“BofA says that today, pension funds have 24% of their money in private equity funds, up from 8% in 2006” writes Marley Jay for businessinsider.com. After its spectacular blowup, coworking-space company WeWork might have a big influence on the stock market in 2020 — even though its own effort to go public is on life support.Pension funds have long owned enormous amounts of stock, but in the past decade-plus, they’ve become major investors in private companies.In the event of a market downturn, there might be a wave of stock selling…

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Financial software services provider Bill.com prices IPO at $22 a share, above price range

“Financial software services provider Bill.com BILL, +0.04% priced its initial public offering at $22 a share, above its price range of $19 to $21, which had been raised earlier this week from a previous $16 to $18” writes Ciara Linnane for marketwatch.com. The company, which serves small and medium-size businesses, sold 9.8 million shares to raise $215.6 million, after upsizing the deal from an earlier 8.8 million shares.The shares will start trading on the New York Stock Exchange later Thursday, under the ticker symbol “BILL.” Seven banks acted as underwriters…

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The CEO of $24 billion Adyen oversaw Europe’s most successful recent tech IPO. Here’s why he’s still hiring builders and not optimizers.

“The Amsterdam-based payments company was founded in 2006, went public in 2018, and is now worth $24 billion. van der Does founded the company alongside CTO Arnout Schuijff” writes Callum Burroughs for businessinsider.com. However, van der Does is keen to emphasise that the company is not slowing down or feeling like it has arrived. Source: businessinsider.com

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Markets News Oil 

Saudi Aramco briefly hits $2 trillion market cap on second day of trading

“Shares went limit up, rising 10% in price as trading started, giving the company a valuation of $1.88 trillion on its first day of trading” writes Natasha Turak for cnbc.com. Shares of Saudi Aramco surged on their second day of public trading, pushing the kingdom’s record IPO to a gargantuan $2 trillion valuation and briefly touching Crown Prince Mohammed bin Salman’s long-held target for the company.Signage of Saudi Aramco’s initial public offering (IPO) is seen during a news conference by the state oil company at the Plaza Conference Center in…

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Markets News Oil Stocks 

Aramco IPO to help Saudi economic shift from oil, says finance minister

“Instead, the government focused on marketing the listing to Saudi investors and wealthy Gulf Arab allies” reports nbcnews.com. The listing should in the long term help deepen Saudi capital markets and lure foreign investment, Jadaan said.RIYADH, Saudi Arabia — Saudi Aramco’s listing will boost the kingdom’s efforts to diversify from oil as the bulk of proceeds will be injected in domestic projects, while the global buzz surrounding the deal will help lure foreign capital, the finance minister said. Source: nbcnews.com

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Saudi Aramco shares are spiking after hitting the market in the world’s biggest-ever IPO

“Saudi Aramco shares spiked 10% on its opening day of trading after the company started trading shares publicly on the Tadawul exchange on Wednesday” writes Yusuf Khan for businessinsider.com. However, according to AP only Saudi citizens or Gulf nationals were allowed to buy shares in Aramco.According to the Wall Street Journal, Saudi officials had been pushing for the country’s wealthy to buy shares in the company when it went public, and according to the Financial Times, this was happening up until Tuesday evening.The surge in share price means that the company,…

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