Screenshot: Will London ever be ready for tech IPOs? April 2, 2021 This week **Media Moment of the Week: Volkswagen’s awkward U-turn **Will London ever be ready for tech IPOs? **Amazon goes bonkers for bots Media Moment of the Week: Volkswagen’s awkward U-turn There are few things as grating as the forced joviality of April Fool’s Day and it should, in this writer’s opinion, be cancelled. That [...]
Online learning platform Coursera jumps on US stock market debut March 31, 2021 Shares in online learning company Coursera surged by almost a fifth following their debut on the New York Stock Exchange today, valuing the company at more than $5bn (£3.6bn). Coursera, which offers online courses from top universities and companies, opened at $39 per share this afternoon — 18 per cent above its IPO price of [...]
City watchdog to consult on changing listing rules for SPACs March 31, 2021 The City regulator has announced it will launch a consultation on changes to London’s listing rules to provide more investor protection in blank-cheque vehicles. The Financial Conduct Authority (FCA) today said it will consider introducing a minimum market capitalisation and redemption option for investors. “Our proposals will help to ensure that SPACs operate within a [...]
Cazoo confirms it will go public in merger with US SPAC March 29, 2021 Cazoo has agreed to a deal with a New York-listed SPAC in a deal which values the online used car platform at $7bn. The company, which was founded by serial entrepreneur Alex Chesterman in 2018, will merge with Ajax I, a blank-cheque vehicle led by billionaire investor Dan Och. The deal, which will see Cazoo [...]
British electric vehicle startup Arrival secures $13.6bn valuation in New York March 26, 2021 British electric van and bus startup Arrival secured $13.6bn (£9.87bn) valuation upon its listing in New York yesterday, despite being yet to begin production. The firm, which is yet to turn a profit, went public on Nasdaq yesterday, raising around $660m in gross proceeds to ramp up the delivery of its electric vehicles and expand [...]
Jackpotjoy-owner Gamesys agrees £2bn takeover deal with US casino owner Bally’s March 24, 2021 US casino owner Bally’s has agreed a takeover deal for Jackpotjoy-owner Gamesys in a move which could value the UK firm at more than £2bn. Shares in online gambling firm Gamesys soared after Bally’s told US investors it had agreed on key terms regarding a potential deal. Bally’s Corporation, which operates casinos and racetracks in [...]
Burford Capital restores dividend following record year for realised gains March 24, 2021 Burford Capital has restored its dividend to its pre-pandemic level of 12.5 cents per share, and plans to pay out a full dividend in June, despite not paying an interim dividend in December 2020. The litigation founder enjoyed a record year for realised gains. The group saw asset realisations up 72 per cent this year [...]
SFO closes investigation into Texan engineering company KBR’s UK subsidiary March 18, 2021 The Serious Fraud Office (SFO) has closed its bribery and corruption investigation into KBR’s UK subsidiary after four years. In a statement today the SFO said: “The evidence in this case did not meet the evidential test as defined in the code for crown prosecutors.” KBR, a Texan engineering, procurement and construction company listed on [...]
Richard Branson’s Virgin Orbit plots $3bn listing via Spac March 12, 2021 Billionaire Sir Richard Branson is continuing to pile into blank-cheque vehicles and is now seeking a public listing for his own satellite-launch company. Virgin Orbit has hired bankers to explore going public through a special purpose acquisition company (Spac) for up to $3bn, according to the Wall Street Journal. It has hired Credit Suisse and [...]
Branson backs New York-listed SPAC aiming to raise $500m March 10, 2021 No stranger to the Spac phenomenon taking equity markets by storm, Richard Branson is backing another New York-listed blank-cheque vehicle. Virgin Group Acquisition Corp III is looking to raise as much as $500m through a public listing, according to a regulatory filing published on Tuesday. Founded by Branson the company will be led by Josh [...]