initial public offering (IPO)

Lendlease eyes Singapore REIT listing at 88 cents a unit; aims to raise $1 bil in total

SINGAPORE (Sept 16): Australia-listed international property and infrastructure group Lendlease Global has lodged a prospectus to list Lendlease Global Commercial REIT on the Mainboard of the Singapore Exchange.

The manager aims to raise a total of approximately $1 billion in gross proceeds from the IPO as well as a separate offering to cornerstone investors and a separate subscription by Lendlease SREIT, the trustee of an indirectly wholly-owned sub-trust of Lendlease Trust.

SoftBank pushes WeWork to postpone its contentious IPO

(Sept 10): Executives of WeWork and its largest investor, SoftBank, are discussing whether to shelve plans for an initial public offering of the money-losing co-working company, said people with knowledge of the talks.

SoftBank is pressing WeWork to postpone the stock offering after investors expressed serious concerns about the business and its corporate governance, said the people, who asked not to be identified because the discussions are private. WeWork had planned to hold a roadshow to promote the offering as soon as this week, an executive told analysts on Wednesday.

Local engineering firm to raise $4 million through private listing on 1exchange

SINGAPORE (Aug 28): ST Integrated Engineering says it is raising $4 million on a regulated local private securities exchange, 1exchange. This comes just months after asset management firm Aggregate Asset Management announced plans to raise $5.2 million on the exchange.

ST Integrated Engineering - not related to Temasek-back conglomerate ST Engineering - offers integrated facilities management and IT services to customers in Singapore, Malaysia, Saudia Arabia and UAE.

China AI startup to file for Hong Kong IPO soon despite ongoing protests

(Aug 23): Chinese artificial intelligence startup Megvii is filing documents soon for a Hong Kong initial public offering that could raise as much as US$1 billion, people familiar with the matter said, proceeding despite a market downturn spurred by pro-democracy protests across the financial hub.

The owner of facial-recognition platform Face++ plans to submit an IPO filing to the Hong Kong Stock Exchange as soon as Friday, one of the people said, asking not to be named because the matter is private. Megvii declined to comment.

Can Wilmar's China IPO mitigate the negative impact of African Swine Fever?

SINGAPORE (Aug 21): The African Swine Fever is spreading fast among the pig population in Asia and showing no signs of abating.

Initially, famers in Asia thought they could contain the virus by quarantining and killing infected animals.

But these all changed after the virus landed in China -- home to half the world’s pig population -- and later spread to Vietnam and Taiwan.

While the virus is harmless to human, it is highly contagious and fatal to pigs and farmers are now very worried.

Briefs

SINGAPORE (Aug 19): “We have a history of losses and, especially if we continue to grow at an accelerated rate, we may be unable to achieve profitability at a company level… for the foreseeable future.”Co-sharing space provider WeWork’s IPO prospectus, in which it disclosed full-year net losses of US$1.9 billion for 2018, up from 2017’s US$900 million.

Singapore slashes growth forecasts as economy stalls

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Hong Kong faces new threat as Chinese companies reconsider IPOs

(Aug 15): Several Chinese companies are rethinking fundraising plans in Hong Kong as anti-government protests rock the city, an ominous sign for its future as a financial gateway between Asia’s largest economy and the rest of the world.

What's behind Alibaba’s quest to raise US$30 billion?

SINGAPORE (Aug 12): Why would a hugely profitable, cash-flush firm raise more money than has ever been raised by a listed company? That is the question befuddling investors. Hangzhou-based, New York-listed e-commerce behemoth Alibaba Group Holding, China’s largest company by market capitalisation, currently has nearly US$30 billion ($41.46 billion) in cash and cash equivalent on its balance sheet. Two months ago, Alibaba filed with Hong Kong’s Securities and Futures Commission to raise at least US$20 billion more in a secondary listing in Hong Kong later this year.

What's behind Alibaba’s quest to raise US$30 billion?

SINGAPORE (Aug 12): Why would a hugely profitable, cash-flush firm raise more money than has ever been raised by a listed company? That is the question befuddling investors. Hangzhou-based, New York-listed e-commerce behemoth Alibaba Group Holding, China’s largest company by market capitalisation, currently has nearly US$30 billion ($41.46 billion) in cash and cash equivalent on its balance sheet. Two months ago, Alibaba filed with Hong Kong’s Securities and Futures Commission to raise at least US$20 billion more in a secondary listing in Hong Kong later this year.

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Why investors should avoid WeWork's upcoming IPO

SINGAPORE (July 29): The crash-and-burn IPO of Pets.com at the height of the tech bubble in February 2000 was a seminal moment in global corporate history. The online pet food retailer had chalked up a mere US$619,000 in sales in the year ahead of its IPO, yet commanded US$330 million in market capitalisation at its listing debut. Selling products for a third of what you pay for them clearly does not make a viable business model. Not surprisingly, then, within weeks, Pets.com had gone bust and has been the butt of investors’ jokes ever since.

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