Institutional Investor (February Issue)
“For those who build and manage market and trading technologies, 2012 was punctuated by trouble. High-profile system malfunctions marred the BATS Global Markets and Facebook IPOs in March and May, respectively, and brought down market maker Knight Capital Group in August. These too were good new/bad news incidents, not as catastrophic as the still-reverberating ‘flash cash’ of May 6, 2010, but reminders that such technological snafus happen too frequently for comfort. All of this casts a pall over the industry and profession.”
Tags: BATS, Facebook, Flash crash, IPO, Knight Capital, Malfunctions, Technology, Trading
Washington Post (May 23)
“Mr. Zuckerberg will want to notice that his company’s stock will be finding its way into the portfolios of real investors.” Then he will be able to “appreciate that one of the best reasons for a public listing is the one seldom mentioned: The continual feedback from savvy investors about management’s strategies and execution.”
“Mr. Zuckerberg will want to notice that his company’s stock will be finding its way into the portfolios of real investors.” Then he will be able to “appreciate that one of the best reasons for a public listing is the one seldom mentioned: The continual feedback from savvy investors about management’s strategies and execution.”
Wall Street Journal (August 19)
“The financial world’s center of gravity is shifting east.” The latest event to show this shift is the planned listing of Manchester United on the Singapore Exchange. Taken private in 2005, Manchester United had been listed on the LSE for 15 years. The team’s IPO may raise $1 billion. This “major score for Singapore’s exchange” is also a “cold splash of capitalist reality—a reminder that no country or financial system can take its luster for granted.”
Tags: IPO, LSE, Manchester United, SGX, Singapore
Institutional Investor (March 21)
“One of the victims of Japan’s tsunami was somewhat unexpected: The Global IPO market.” A number of companies, many with no connection to Japan, postponed their IPOs. The IPO market began the year in a much healthier state, but jittery investors raised fears of “a sharp post-offering slide,” even for those issuers who successfully complete their offerings.
Barron’s (August 21)
General Motors (GM) is preparing for an initial public offering (IPO). This is not just any IPO. President Obama has pledged that taxpayers will get their entire $50 billion investment back. Barron’s is not optimistic. “We figure that the company’s market value could be around $66 billion, or $118 a share.” That would value GM higher than Ford or Daimler, but “it would take a price of around $135 a common share” for taxpayers to get their full $50 billion back.
