Markets News Stocks 

As unicorns like WeWork and Uber test the IPO market with disastrous results, America’s biggest wealth manager for the ultrarich shares his best strategies for investing in unproven giants

“He adds that the private market differs from the public market in a critical way: A manager’s track record matters much more, and is more predictive of how their investments will do in the future” writes Marley Jay for businessinsider.com. That’s how Peter Mallouk handles investing in newly public companies for his clients.And he’s entirely willing to make private market investments on behalf of his wealthier clients.An investor who is a big fan of a newly-public company might believe it’s destined for success and huge gains on the stock market. Source:…

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News Stocks 

89bio’s stock surges in public debut, as stock opens 25% above IPO price

“ETNB, +26.56% surged in their public debut Monday, with their first trade being 25% above the $16 initial public offering price” writes Reporter Editor for marketwatch.com. The company sold 5.3 million shares to raise $84.8 million, while the IPO pricing valued the company at about $193 million.The first trade on the Nasdaq for the San Francisco-headquartered, but Israeli-based clinical-stage biopharmaceutical company’s stock was at $20 at 11:36 a.m. The company went public at a time the Renaissance IPO ETF IPO, +0.35% has lost 6.6% over the past three months and…

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News Oil 

Saudi Aramco targets sale of 0.5% of oil firm to retail investors in IPO: sources

“DUBAI (Reuters) – Saudi Aramco is looking to sell up to 0.5% of the state oil giant to retail investors in its planned initial public offering (IPO), three sources familiar with the matter told Reuters” writes Midwest Communications Inc for 95kqds.com. The Saudi oil group has not yet revealed the size of its planned IPO or what proportion of the company it will float, although sources have previously said this could be 1-2%.Assuming Aramco achieves a total valuation of $2 trillion, the retail tranche could be worth around $10 billion,…

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News Stocks 

Saudi Arabia is reportedly trying to get the Kingdom’s billionaires to buy stock in Aramco’s mega-IPO

“Saudi Arabia is trying to get the country’s wealthiest citizens to buy stock in Aramco’s upcoming IPO, according to Bloomberg” writes Finanzen Net Gmbh for businessinsider.com. The Saudis are currently negotiating with the nation’s wealthiest citizens for the purchase of large amounts of Aramco stock. Source: businessinsider.com

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Crypto Markets News Stocks 

Silvergate Up 5% on NYSE Debut in Positive Signal for Crypto IPOs

“Silvergate, which is trading under the ticker (NYSE: $SI), saw its assets double after recently focusing mostly on blockchain firms” writes Aziz Abdel-qader for financemagnates.com. Silvergate Bank, a crypto-friendly lender, began trading Thursday on the New York Stock Exchange with a market value of about $208 million – another sign that crypto-focused banking space is maturing.Shares of Silvergate climbed five percent in its stock exchange debut, currently exchanging hands at $12.61.Silvergate is not the only bank taking the opportunity to capture a share in the emerging market of cryptocurrency-related businesses.In…

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Crypto News 

Bitcoin Miner Canaan Creative’s 2019 Revenue Nears $100M Ahead of IPO

“Bitcoin (BTC) mining giant Canaan Creative has seen almost $100 million in revenue this year but remains over $30 million in the red” writes William Suberg for cointelegraph.com. Canaan, in fact, saw a healthier performance in 2018, posting net profits of just over $17 million on total revenues which approached $400 million. Source: cointelegraph.com

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News Stocks 

Flood of trades sends Uber to record low as insiders allowed to sell

“In its IPO filing, Uber had said about 76% of its shares held by insiders, venture capitalists and other investors faced lockup” writes Min Read for reuters.com. Early investors and employees may be reluctant to sell their shares since the stock has fallen so far.Uber also counts Benchmark Capital, Saudi Arabia’s Public Investment Fund, Alphabet (GOOGL.O) and Goldman Sachs among its top investors. Source: reuters.com

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News 

PayPal invested $500 million in Uber’s IPO. The company has lost $215.7 million on that investment since.

“That’s because the payments company invested $500 million in Uber’s May initial public offering, when it bought 11.1 million shares at $45 a piece, according to Uber’s prospectus” writes Finanzen Net Gmbh for businessinsider.com. Uber’s plummeting share price is not good for PayPal.Uber has long struggled to gain investor confidence, but its share price has been hit with double bad news in early November.Now, those shares are worth about $284.2 million, meaning that the roughly 42% drop in Uber’s stock price has erased $215.7 million of PayPal’s investment in just…

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News Oil 

China is reportedly considering a $10 billion investment in Saudi Aramco’s record-shattering IPO

“Aramco’s public debut is a linchpin in the Saudi government’s plan to shift economic dependence from oil” writes Finanzen Net Gmbh for businessinsider.com. Among the Chinese state-owned firms interested in the stake are the Silk Road Fund, oil producer Sinopec Group, and sovereign wealth fund China Investment Corp., according to Bloomberg.The investment supports the Chinese government’s “One Belt, One Road” trade plan, and would expose the nation to a new way to profit from rising oil prices.Saudi Arabia has been looking for foreign governments to buy into its historic offering…

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News Oil 

Aramco starts IPO with prince’s economic vision at stake

“With Aramco employing more than 20 banks on its IPO, investors have few options for truly independent research” writes Archana Narayanan for latimes.com. Analysts at banks working on the deal offered wildly diverging estimates: Goldman Sachs Group Inc. told investors Aramco is worth $1.6 trillion to $2.3 trillion.JPMorgan Chase & Co. published a 118-page report without offering a valuation, but called Aramco the first “mega-major” oil company.The IPO is a cornerstone of Mohammed’s Vision 2030 plan to make the Saudi economy ready for the post-oil era. Source: latimes.com

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