Shares in Big Hit Entertainment defied the pre-listing hype to dip on their first day of trade on Thursday, giving the management label of South Korean superstar K-pop group BTS a market valuation of 8.7 trillion won ($7.61 billion). 
 
Big Hit, which relies heavily on the boy band for revenue, doubled its initial public offering price to debut at 270,000 won per share, for a 9.6 trillion won valuation. Shares surged by as much as 30% in early trade before dropping back. 
 
Analysts said the closing share price of 258,000 won, still around 90% above the IPO price, should be viewed as a more reasonable price based on fundamentals, rather than a sign of listing failure. 
 
"The closing price is already around analysts` average target price for 2022, based on estimations of profit increases," said eBest Investment &amp; Securities analyst Jina An. 
 
Volatility in early trade - Big Hit topped the daily turnover list with 1.94 trillion won worth of stock changing hands - was to be expected for such a large, high-profile listing, she added. 
 
Analysts say Big Hit has proved itself online savvy, using Youtube, social media and online concerts for revenue generation since in-person performances were cancelled because of the coronavirus pandemic. 
 
But concerns continue about Big Hit`s reliance on its star artists, which makes revenue especially vulnerable to any disruptions in output from key talent. BTS, which has a huge global following, accounted for 87.7% of the label`s revenue in the first half of 2020, according to a regulatory filing. 
 
"The industry is booming, but it`s also very cyclical, and undergoes a lot of fluctuations," said Kim Hyun-yong, analyst at Hyundai Motor Securities, citing potential obstacles such as the country`s mandatory military service. 
 
That service is looming for BTS, with the eldest member of the band currently required to sign up by the end of next year and the remaining six members over the following five years. 
 
Some lawmakers and fans have called for the band to receive an exemption from or postponement of the roughly two-year commitment, arguing they are doing plenty for their country without wearing a soldier`s uniform. 
 
Earlier this week, BTS faced a barrage of criticism in China after the band`s lead member made remarks about the 1950-53 Korean War. BTS-related social media posts of big-name brands, including Samsung, FILA and Hyundai, subsequently disappeared from Chinese e-commerce platforms. 
 
Thursday`s float made the band members instant multimillionaires, with each granted shares worth 17.6 billion won ($15.39 million) at the closing price, but BTS` official Twitter account did not reference the listing, focusing instead on the group`s win at the coinciding U.S. Billboard Music Awards for Top Social Artist. 
 
NEW ARTISTS? 
 
Analysts said BTS` successful online concerts and Big Hit`s unprecedented level of control over its revenue streams via its Weverse fandom platform that distributes BTS content and sells merchandise, differentiate the label. 
 
"Although offline concerts are impossible for the time being, Big Hit`s results in the first half of this year show that the content and merchandise made profits; it was hardly affected on-year," said KTB Investment &amp; Securities analyst Nam Hyo-ji. 
 
Big Hit founder and co-CEO Bang Si-hyuk said the company would continue "to research, challenge, discover innovative business models, and apply them to continue to grow in the global market." 
 
The listing added to heightened IPO activity in South Korea, with volumes rising 51% to $2.9 billion so far this year, compared with the same period last year, according to Refinitiv data. 
 
The pipeline looks solid after government stimulus to boost the economy amid the coronavirus pandemic flooded markets with cash, analysts said. Online game developer Krafton, and chat app operator Kakao`s mobile banking unit KakaoBank have both begun preliminary processes for listing. 
 
($1 = 1,144.8900 won)

Shares in Big Hit Entertainment defied the pre-listing hype to dip on their first day of trade on Thursday, giving the management label of South Korean superstar K-pop group BTS a market valuation of 8.

Shares in Big Hit Entertainment defied the pre-listing hype to dip on their first day of trade on Thursday, giving the management label of South Korean superstar K-pop group BTS a market valuation of 8.7 trillion won ($7.61 billion). Big Hit, which relies heavily on the boy band for revenue, doubled its initial public offering price to debut at 270,000 won per share, for a 9.6 trillion won valuation. Shares surged by as much as 30% in early trade before dropping back. Analysts said the closing share price of 258,000 won, still around 90% above the IPO price, should be viewed as a more reasonable price based on fundamentals, rather than a sign of listing failure. "The closing price is already around analysts` average target price for 2022, based on estimations of profit increases," said eBest Investment & Securities analyst Jina An. Volatility in early trade - Big Hit topped the daily turnover list with 1.94 trillion won worth of stock changing hands - was to be expected for such a large, high-profile listing, she added. Analysts say Big Hit has proved itself online savvy, using Youtube, social media and online concerts for revenue generation since in-person performances were cancelled because of the coronavirus pandemic. But concerns continue about Big Hit`s reliance on its star artists, which makes revenue especially vulnerable to any disruptions in output from key talent. BTS, which has a huge global following, accounted for 87.7% of the label`s revenue in the first half of 2020, according to a regulatory filing. "The industry is booming, but it`s also very cyclical, and undergoes a lot of fluctuations," said Kim Hyun-yong, analyst at Hyundai Motor Securities, citing potential obstacles such as the country`s mandatory military service. That service is looming for BTS, with the eldest member of the band currently required to sign up by the end of next year and the remaining six members over the following five years. Some lawmakers and fans have called for the band to receive an exemption from or postponement of the roughly two-year commitment, arguing they are doing plenty for their country without wearing a soldier`s uniform. Earlier this week, BTS faced a barrage of criticism in China after the band`s lead member made remarks about the 1950-53 Korean War. BTS-related social media posts of big-name brands, including Samsung, FILA and Hyundai, subsequently disappeared from Chinese e-commerce platforms. Thursday`s float made the band members instant multimillionaires, with each granted shares worth 17.6 billion won ($15.39 million) at the closing price, but BTS` official Twitter account did not reference the listing, focusing instead on the group`s win at the coinciding U.S. Billboard Music Awards for Top Social Artist. NEW ARTISTS? Analysts said BTS` successful online concerts and Big Hit`s unprecedented level of control over its revenue streams via its Weverse fandom platform that distributes BTS content and sells merchandise, differentiate the label. "Although offline concerts are impossible for the time being, Big Hit`s results in the first half of this year show that the content and merchandise made profits; it was hardly affected on-year," said KTB Investment & Securities analyst Nam Hyo-ji. Big Hit founder and co-CEO Bang Si-hyuk said the company would continue "to research, challenge, discover innovative business models, and apply them to continue to grow in the global market." The listing added to heightened IPO activity in South Korea, with volumes rising 51% to $2.9 billion so far this year, compared with the same period last year, according to Refinitiv data. The pipeline looks solid after government stimulus to boost the economy amid the coronavirus pandemic flooded markets with cash, analysts said. Online game developer Krafton, and chat app operator Kakao`s mobile banking unit KakaoBank have both begun preliminary processes for listing. ($1 = 1,144.8900 won)

Shares in K-pop group BTS' management label Big Hit drop after debut

Big Hit Entertainment, the management label of popular South Korean boy band BTS, debuted at double its initial public offering (IPO) price on Thursday, as investors scrambled for a piece of the country`s largest listing in three years. 
 
Big Hit shares opened at 270,000 won, valuing the company at about 9.6 trillion won (6.4 billion pounds), compared with an IPO price of 135,000 won per share last month. 
 
The stock rose as much as 30% in early trade to 351,000 won, compared with a 0.3% fall on the benchmark KOSPI. That puts the company on track to join the all-time top 10 debuts on the South Korean stock market, based on first-day closing prices. 
 
South Korean retail investors earlier this month laid out 58.4 trillion won in orders for Big Hit shares, falling just short of a record 58.55 trillion won for the retail portion of Kakao Games` listing in September. 
 
Big Hit relies heavily on BTS, with the Billboard-topping group accounting for 87.7% of the label`s revenue in the first half of 2020, according to a regulatory filing. 
 
The seven-member boy band has a huge global fan base, which the label has promoted effectively through social platforms and online performances since in-person performances were cancelled because of the coronavirus pandemic.

Analysts say the company has proved itself extremely online savvy, using Youtube and social media for market infiltration. It also has an unprecedented level of control over its revenue streams via its Weverse fandom platform that distributes BTS content and sells merchandise, which has the potential to draw in other artists. 
 
"Big Hit has a different business model than the other big three K-Pop labels, JYP, SM and YG," said Nam Hyo-ji, analyst at KTB Investment &amp; Securities. "Although not completely free from the effect of COVID-19, it`s freer than other labels." 
BTS earned a Guinness World Records title for most viewers for a livestreamed performance after its first paid online concert in June drew nearly 757,000 from 107 countries. 
 
The listing ceremony at the Korea Exchange (KRX), attended by Big Hit founder and co-CEO Bang Si-hyuk, was broadcast live on the label`s Youtube channel. The listing makes the BTS members multimillionaires, with each granted shares worth as much as 24 billion won according to early trade.

Big Hit Entertainment, the management label of popular South Korean boy band BTS, debuted at double its initial public offering (IPO) price on Thursday, as investors scrambled for a piece of the country`s largest listing in three years.

Big Hit Entertainment, the management label of popular South Korean boy band BTS, debuted at double its initial public offering (IPO) price on Thursday, as investors scrambled for a piece of the country`s largest listing in three years. Big Hit shares opened at 270,000 won, valuing the company at about 9.6 trillion won (6.4 billion pounds), compared with an IPO price of 135,000 won per share last month. The stock rose as much as 30% in early trade to 351,000 won, compared with a 0.3% fall on the benchmark KOSPI. That puts the company on track to join the all-time top 10 debuts on the South Korean stock market, based on first-day closing prices. South Korean retail investors earlier this month laid out 58.4 trillion won in orders for Big Hit shares, falling just short of a record 58.55 trillion won for the retail portion of Kakao Games` listing in September. Big Hit relies heavily on BTS, with the Billboard-topping group accounting for 87.7% of the label`s revenue in the first half of 2020, according to a regulatory filing. The seven-member boy band has a huge global fan base, which the label has promoted effectively through social platforms and online performances since in-person performances were cancelled because of the coronavirus pandemic. Analysts say the company has proved itself extremely online savvy, using Youtube and social media for market infiltration. It also has an unprecedented level of control over its revenue streams via its Weverse fandom platform that distributes BTS content and sells merchandise, which has the potential to draw in other artists. "Big Hit has a different business model than the other big three K-Pop labels, JYP, SM and YG," said Nam Hyo-ji, analyst at KTB Investment & Securities. "Although not completely free from the effect of COVID-19, it`s freer than other labels." BTS earned a Guinness World Records title for most viewers for a livestreamed performance after its first paid online concert in June drew nearly 757,000 from 107 countries. The listing ceremony at the Korea Exchange (KRX), attended by Big Hit founder and co-CEO Bang Si-hyuk, was broadcast live on the label`s Youtube channel. The listing makes the BTS members multimillionaires, with each granted shares worth as much as 24 billion won according to early trade.

K-pop group BTS' label Big Hit debuts at double its IPO price

Members of hugely popular South Korean K-Pop band BTS are expected to become multimillionaire shareholders after receiving shares in their label, Big Hit Entertainment, as it prepares an initial public offering (IPO) that could raise up to 962.6 billion won ($811 million). 
 
This week, BTS scored Korea`s first-ever <a href="https://www.wionews.com/entertainment/bts-becomes-the-first-korean-band-to-debut-at-no-1-at-billboard-chart-with-dynamite-324410">no 1 spot on the main US Billboard music </a>chart with breezy disco hit 'Dynamite'. Their first all-English language single hit the spot for mainstream U.S. pop fans, with a Youtube video garnering more than 284 million views already. 
 
Big Hit CEO and largest shareholder Bang Si-hyuk last month gave 478,695 common shares to the seven BTS members, or 68,385 per each, "to strengthen long-term partnership with major artists and boost morale", Big Hit said in a regulatory filing on Wednesday. 
 
Each BTS member would get 9.23 billion won of shares, or 64.6 billion won altogether, if the IPO is priced at the top of its range in October. 
 
The stock gift may be interpreted as an attempt to bind the BTS members and the label more closely together, said Kim Hyun-yong, analyst at eBEST Investment &amp; Securities. 
 
Big Hit plans to offer about 7.1 million shares at an indicative price range of 105,000-135,000 won per share. 
The pricing potentially values the company at up to 4.8 trillion won ($4.04 billion), considering convertible preferred stocks plus common shares, analysts said. 
 
"The stock could perform well upon listing, as there`s a lot of liquidity in the market now... Then it depends on Big Hit`s results, but the lack of physical concerts due to COVID-19 will likely have negative impact," said Nam Hyo-ji, analyst at KTB Investment and Securities. 
 
Big Hit relies heavily on BTS, with some 87.7% and 97.4% of its revenue in the first half of 2020 and 2019 respectively coming from the group, the filing said. 
 
With BTS members expected to enter mandatory military service for South Korean men in coming years, the label has worked to address market concerns that it needs to diversify its revenue streams. 
 
"There is the military issue, but if there is no legal exemption, Big Hit is expected to either set up units with the remaining members or pursue solo acts while they serve in the military," said Kim Hyun-yong.

&nbsp;

Members of hugely popular South Korean K-Pop band BTS are expected to become multimillionaire shareholders after receiving shares in their label, Big Hit Entertainment, as it prepares an initial public offering (IPO) that could raise up to 962.

Members of hugely popular South Korean K-Pop band BTS are expected to become multimillionaire shareholders after receiving shares in their label, Big Hit Entertainment, as it prepares an initial public offering (IPO) that could raise up to 962.6 billion won ($811 million). This week, BTS scored Korea`s first-ever no 1 spot on the main US Billboard music chart with breezy disco hit 'Dynamite'. Their first all-English language single hit the spot for mainstream U.S. pop fans, with a Youtube video garnering more than 284 million views already. Big Hit CEO and largest shareholder Bang Si-hyuk last month gave 478,695 common shares to the seven BTS members, or 68,385 per each, "to strengthen long-term partnership with major artists and boost morale", Big Hit said in a regulatory filing on Wednesday. Each BTS member would get 9.23 billion won of shares, or 64.6 billion won altogether, if the IPO is priced at the top of its range in October. The stock gift may be interpreted as an attempt to bind the BTS members and the label more closely together, said Kim Hyun-yong, analyst at eBEST Investment & Securities. Big Hit plans to offer about 7.1 million shares at an indicative price range of 105,000-135,000 won per share. The pricing potentially values the company at up to 4.8 trillion won ($4.04 billion), considering convertible preferred stocks plus common shares, analysts said. "The stock could perform well upon listing, as there`s a lot of liquidity in the market now... Then it depends on Big Hit`s results, but the lack of physical concerts due to COVID-19 will likely have negative impact," said Nam Hyo-ji, analyst at KTB Investment and Securities. Big Hit relies heavily on BTS, with some 87.7% and 97.4% of its revenue in the first half of 2020 and 2019 respectively coming from the group, the filing said. With BTS members expected to enter mandatory military service for South Korean men in coming years, the label has worked to address market concerns that it needs to diversify its revenue streams. "There is the military issue, but if there is no legal exemption, Big Hit is expected to either set up units with the remaining members or pursue solo acts while they serve in the military," said Kim Hyun-yong.

K-Pop band BTS to become multimillionaire shareholders with label's IPO

After a <a href="https://www.wionews.com/business-economy/saudi-aramco-shares-surge-maximum-10-on-market-debut-267696">10 per cent surge</a> on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion.

Saudi Arabia's Crown Prince Mohammed bin Salman had earlier sought a $2 trillion valuation before the IPO but had to settle for a lesser figure. Prince Salman earlier had planned to raise $100 billion in a blockbuster IPO but the figure fell well short as the oil giant opened for trading.

However, Aramco's capitalisation went up over $2 trillion on Thursday from a $1.7 trillion valuation set during its IPO.

Reports said at least 400 million Aramco shares worth over $4 billion changed hands in a hectic day of trading on Thursday morning. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close.

On Wednesday, Aramco shares surged ten per cent over the IPO price&nbsp;during its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange.

The rally on Wednesday saw Aramco's valuation jump&nbsp;to $1.88 trillion, which was surpassed on Thursday at the Saudi stock exchange. The state-owned Saudi oil giant had&nbsp;received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO.&nbsp;

Armco had pledged to sell 1.5 per cent of the company in the IPO, setting the price range at 30-32 Saudi riyals per share ($8-8.5).

Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

After a 10 per cent surge on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion.

After a 10 per cent surge on Wednesday, Aramco shares rose 9.7 per cent to $10.3 (38.60 riyals) on Thursday morning in the second day of trading ensuring the oil giant's valuation to shoot over $2 trillion. Saudi Arabia's Crown Prince Mohammed bin Salman had earlier sought a $2 trillion valuation before the IPO but had to settle for a lesser figure. Prince Salman earlier had planned to raise $100 billion in a blockbuster IPO but the figure fell well short as the oil giant opened for trading. However, Aramco's capitalisation went up over $2 trillion on Thursday from a $1.7 trillion valuation set during its IPO. Reports said at least 400 million Aramco shares worth over $4 billion changed hands in a hectic day of trading on Thursday morning. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close. On Wednesday, Aramco shares surged ten per cent over the IPO price during its debut in the Riyadh stock market. The shares of the oil giant went up $9.39(35.2 riyals) up from the initial public offering (IPO) price of 32 riyals crossing the daily limit under the Tadawul exchange. The rally on Wednesday saw Aramco's valuation jump to $1.88 trillion, which was surpassed on Thursday at the Saudi stock exchange. The state-owned Saudi oil giant had received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO. Armco had pledged to sell 1.5 per cent of the company in the IPO, setting the price range at 30-32 Saudi riyals per share ($8-8.5). Aramco had said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals. The company said it has decided to sell up to 0.5 per cent of its shares to individual investors while it will decide on the percentage for larger investors later.

Aramco shares surge for second day, oil giant's valuation shoots over $2 trillion

&nbsp;Non-Saudi&nbsp;investors were allocated&nbsp;23 per cent&nbsp;of the&nbsp;institutional&nbsp;tranche&nbsp;of&nbsp;Saudi&nbsp;<a href="https://www.wionews.com/business-economy/saudi-energy-minister-talks-opec-unity-backs-aramco-to-soar-266793">Aramco's initial public offering</a> (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Wassim Al Khatib, head of investment banking at National Commercial Bank&nbsp;also said the&nbsp;Saudi&nbsp;Public Pension Agency received an allocation equivalent to 11.5 per cent&nbsp;of the&nbsp;Aramco&nbsp;IPO&nbsp;institutional&nbsp;tranche.

State-owned&nbsp;Aramco&nbsp;is expected to list 1.5 per cent&nbsp;of its shares on the&nbsp;Saudi&nbsp;exchange later this week in a deal worth $25.6 billion.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday.

Non-Saudi investors were allocated 23 per cent of the institutional tranche of Saudi Aramco's initial public offering (IPO), an executive at one of the lead banks on the deal told the Al Arabiya news channel on Monday. Wassim Al Khatib, head of investment banking at National Commercial Bank also said the Saudi Public Pension Agency received an allocation equivalent to 11.5 per cent of the Aramco IPO institutional tranche. State-owned Aramco is expected to list 1.5 per cent of its shares on the Saudi exchange later this week in a deal worth $25.6 billion.

Non-Saudi buyers got 23% of Aramco IPO institutional tranche

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Oil prices</a> edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year.

Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies by Russia by more than 400,000 barrels per day (BPD) from their current level of 1.2 million BPD.

The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with Russia and other producers. The group is known as <a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">OPEC+</a>.

Brent crude&nbsp;futures were up 21 cents, or 0.33 per cent, to $63.21 a barrel at 1005 GMT. Brent surged 3.6 per cent&nbsp;on Wednesday. <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">West Texas Intermediate</a> (WTI) crude&nbsp; futures were up 1 cents to $58.44 a barrel. They settled up 4.2 per cent&nbsp;on Wednesday.

The OPEC+ group has been curbing output since 2017 to counter surging production from the United States, now the world's biggest oil producer thanks to rapid growth in shale oil output.

Next year, rising production in other non-OPEC countries such as Brazil and Norway threatens to add to the glut.

"We expect a constructive outcome to today's meeting in terms of a prolongation of the deal, but are not yet convinced that a strong bullish surprise with a sizeable adjustment to the target level will really transpire," Vienna-based consultancy JBC Energy said in a note.

OPEC's effort to deepen cuts and increase member compliance was also driven by the group's de facto leader Saudi Arabia's hopes to see higher oil prices to support its budget and <a href="https://www.wionews.com/business-economy/worlds-biggest-initial-public-offering-saudi-aramco-seeks-171-trillion-in-valuation-262778">initial public offering </a>(IPO) of state-owned Saudi Aramco.

Oil prices surged on Wednesday on expectations of deeper OPEC cuts and data showing a large drop in US&nbsp;crude inventories last week. But prices are still roughly where they were a week ago, as concerns about a US-Chinese trade war persist.

US President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump </a>on Wednesday described trade talks with China as going "very well", a day after saying it could take until after next year's presidential election to complete an agreement.

Oil prices edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year.

Oil prices edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies by Russia by more than 400,000 barrels per day (BPD) from their current level of 1.2 million BPD. The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with Russia and other producers. The group is known as OPEC+. Brent crude futures were up 21 cents, or 0.33 per cent, to $63.21 a barrel at 1005 GMT. Brent surged 3.6 per cent on Wednesday. West Texas Intermediate (WTI) crude futures were up 1 cents to $58.44 a barrel. They settled up 4.2 per cent on Wednesday. The OPEC+ group has been curbing output since 2017 to counter surging production from the United States, now the world's biggest oil producer thanks to rapid growth in shale oil output. Next year, rising production in other non-OPEC countries such as Brazil and Norway threatens to add to the glut. "We expect a constructive outcome to today's meeting in terms of a prolongation of the deal, but are not yet convinced that a strong bullish surprise with a sizeable adjustment to the target level will really transpire," Vienna-based consultancy JBC Energy said in a note. OPEC's effort to deepen cuts and increase member compliance was also driven by the group's de facto leader Saudi Arabia's hopes to see higher oil prices to support its budget and initial public offering (IPO) of state-owned Saudi Aramco. Oil prices surged on Wednesday on expectations of deeper OPEC cuts and data showing a large drop in US crude inventories last week. But prices are still roughly where they were a week ago, as concerns about a US-Chinese trade war persist. US President Donald Trump on Wednesday described trade talks with China as going "very well", a day after saying it could take until after next year's presidential election to complete an agreement.

Oil rises as OPEC weighs deeper output cuts

The institutional tranche of <a href="https://www.wionews.com/business-economy/saudi-arabia-kick-starts-ipo-of-worlds-largest-oil-company-259638">Saudi Aramco's</a> planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday.

The book-building process for allocating shares to institutional buyers typically asset managers, insurers or pension funds&nbsp;began on November&nbsp;17 and investors have until 1700 Saudi time on December&nbsp;4 to place orders.

Aramco plans to sell 1.5 per cent&nbsp;of its shares in a deal that could raise up to $25.6 billion.

The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from&nbsp;institutions&nbsp;in the first 17 days of the IPO, Samba Capital, NCB Capital, and HSBC Saudi Arabia said.

Typically, IPOs in Saudi Arabia tend to be subscribed many times over, although the unprecedented size of Aramco's listing means it is harder to benchmark the level of demand.

The biggest IPO in Saudi Arabia, before Aramco, was for the <a href="https://www.wionews.com/world/saudi-arabia-must-face-us-lawsuits-over-september-11-attacks-127162">National Commercial Bank</a> (NCB) in 2013, which sought to raise $6 billion and was oversubscribed many times over.

Aramco has previously said 0.5 per cent of the offering will be allocated to retail investors, leaving 1 per cent or&nbsp;2 billion shares for institutional buyers.

The deal could be the world's biggest IPO if it tops the $25 billion listing of China's <a href="https://www.wionews.com/business-economy/alibaba-launches-134-billion-hong-kong-listing-to-fund-expansion-261906">Alibaba Group </a>Holding Ltd&nbsp;in 2014.

The lead managers did not provide a breakdown of the institutional investors, but in a separate statement last week Samba Capital said the bulk of orders came from Saudi companies and funds, while foreign investors accounted for just 10.5 per cent&nbsp;of the offers as of November&nbsp;28.

The retail tranche, which closed on that date, attracted bids worth 47.4 billion riyals, equivalent to around 1.5 times the number of shares offered.

Riyadh scaled back its original IPO plans, scrapping an international roadshow to focus instead on marketing the offering to wealthy <a href="https://www.wionews.com/opinions/trouble-in-the-gulf-as-us-iran-dispute-threatens-to-escalate-into-serious-conflict-220323">Gulf Arab allies</a>. It has stayed quiet on when or where it might list the stock abroad.

The deal is the centerpiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from oil.

The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.

The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday. The book-building process for allocating shares to institutional buyers typically asset managers, insurers or pension funds began on November 17 and investors have until 1700 Saudi time on December 4 to place orders. Aramco plans to sell 1.5 per cent of its shares in a deal that could raise up to $25.6 billion. The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO, Samba Capital, NCB Capital, and HSBC Saudi Arabia said. Typically, IPOs in Saudi Arabia tend to be subscribed many times over, although the unprecedented size of Aramco's listing means it is harder to benchmark the level of demand. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion and was oversubscribed many times over. Aramco has previously said 0.5 per cent of the offering will be allocated to retail investors, leaving 1 per cent or 2 billion shares for institutional buyers. The deal could be the world's biggest IPO if it tops the $25 billion listing of China's Alibaba Group Holding Ltd in 2014. The lead managers did not provide a breakdown of the institutional investors, but in a separate statement last week Samba Capital said the bulk of orders came from Saudi companies and funds, while foreign investors accounted for just 10.5 per cent of the offers as of November 28. The retail tranche, which closed on that date, attracted bids worth 47.4 billion riyals, equivalent to around 1.5 times the number of shares offered. Riyadh scaled back its original IPO plans, scrapping an international roadshow to focus instead on marketing the offering to wealthy Gulf Arab allies. It has stayed quiet on when or where it might list the stock abroad. The deal is the centerpiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from oil.

Saudi Aramco IPO institutional tranche 2.95 times oversubscribed

Chinese online retail titan<a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275"> Alibaba</a> could raise almost $13 billion in Hong Kong's biggest <a href="https://www.wionews.com/business-economy/chinese-ai-start-up-megvii-seeks-approval-for-hong-kong-ipo-of-at-least-500-million-sources-263183">IPO</a> for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday.

Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession.

Alibaba will sell 500 million shares to investors at HK$176, according to Bloomberg News, below the maximum HK$188 of its indicative price range. The number eight is considered auspicious in China.

That could rake in $11 billion but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HK$101.2 billion ($12.9 billion), the South China Morning Post said.&nbsp;

Even at the low end, the listing would still be Hong Kong's largest initial public offering since&nbsp;insurance giant AIA raised $20.5 billion in 2010.

The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war.

The firm's shares are already traded in New York. The second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street.

Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July.

The listing comes after the city's exchange tweaked the rules to allow double listings, while Chief Executive <a href="https://www.wionews.com/world/hong-kongs-carrie-lam-says-violence-exceeded-calls-for-democracy-police-defend-officers-who-shot-at-protesters-261394">Carrie Lam</a> had also been pushing Alibaba's billionaire founder <a href="https://www.wionews.com/gravitas?page=8">Jack Ma</a> to sell shares in the city.

Chinese online retail titan Alibaba could raise almost $13 billion in Hong Kong's biggest IPO for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday.

Chinese online retail titan Alibaba could raise almost $13 billion in Hong Kong's biggest IPO for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday. Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession. Alibaba will sell 500 million shares to investors at HK$176, according to Bloomberg News, below the maximum HK$188 of its indicative price range. The number eight is considered auspicious in China. That could rake in $11 billion but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HK$101.2 billion ($12.9 billion), the South China Morning Post said. Even at the low end, the listing would still be Hong Kong's largest initial public offering since insurance giant AIA raised $20.5 billion in 2010. The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war. The firm's shares are already traded in New York. The second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street. Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July. The listing comes after the city's exchange tweaked the rules to allow double listings, while Chief Executive Carrie Lam had also been pushing Alibaba's billionaire founder Jack Ma to sell shares in the city.

Alibaba eyes $12.9 billion Hong Kong IPO after setting price: Reports

&nbsp;Chinese artificial intelligence (AI) firm <a href="https://www.wionews.com/.../us-expands-blacklist-to-include-chinas-top-ai- startups-ahead-of-trade-talks-254672">Megvii Technology Ltd</a> plans to seek listing approval on Thursday for a Hong Kong initial public offering (IPO) of at least $500 million, people with direct knowledge of the matter said.

However, Beijing-based Megvii, which is backed by e-commerce giant <a href="https://www.wionews.com/.../what-trade-war-chinese-companies-wow-with- third-quarter-report-card-263154">Alibaba </a>Group and is widely known for its facial recognition platform Face++, has yet to decide whether to carry out a roadshow once approval is granted, one of the people said.

Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion.

The latest move comes weeks after the US&nbsp;government placed Megvii and seven other Chinese companies on a trade blacklist over their alleged involvement in human rights violations related to Beijing's repression of Muslim minority populations in the<a href="https://www.wionews.com/.../leaked-chinese-government-documents-show- details-of-xinjiang-clampdown-report-262676"> Xinjiang Uighur Autonomous Region.</a>

Goldman Sachs, which is a joint sponsor of the Megvii IPO alongside Citigroup and JPMorgan, last month said in an emailed statement in response to a request for comment on the Megvii IPO that it was "evaluating in light of the recent developments".

Megvii last month said it "strongly objects" to being added to the blacklist and there were "no grounds" for the designation. In a statement, it said around 1% of revenues were derived from Xinjiang in 2018 and none in the six months ended June 30.

Megvii and the three banks declined to comment.

Hong Kong, which topped the global charts in 2018 for funds raised through IPOs, has been roiled by nearly six months of political crisis. But IPO activity in the city has picked up since September, marked by AB InBev's Budweiser Brewing Company APAC Ltd, which raised about $5 billion in Hong Kong's biggest IPO so far this year.

Alibaba last week also launched the share sale for its Hong Kong listing, aiming to raise up to $13.4 billion in what would be the biggest follow-on share sale globally in seven years, according to Refinitiv data.

Founded in 2011 by Chief Executive Yin Qi and two friends from Tsinghua University, Megvii will become the first Chinese AI firm to go public if the deal goes ahead.

The company provides AI technology to governments and companies including Alibaba, Ant Financial, Lenovo Group Ltd and Huawei.

Its $750 million fundraising in May valued the company at slightly over $4 billion and attracted investors including Bank of China Group Investment Ltd, Macquarie Group and the Abu Dhabi Investment Authority.

Chinese artificial intelligence (AI) firm Megvii Technology Ltd plans to seek listing approval on Thursday for a Hong Kong initial public offering (IPO) of at least $500 million, people with direct knowledge of the matter said.

Chinese artificial intelligence (AI) firm Megvii Technology Ltd plans to seek listing approval on Thursday for a Hong Kong initial public offering (IPO) of at least $500 million, people with direct knowledge of the matter said. However, Beijing-based Megvii, which is backed by e-commerce giant Alibaba Group and is widely known for its facial recognition platform Face++, has yet to decide whether to carry out a roadshow once approval is granted, one of the people said. Sources had previously told Reuters the listing was scheduled for Hong Kong in the fourth quarter and might raise as much as $1 billion. The latest move comes weeks after the US government placed Megvii and seven other Chinese companies on a trade blacklist over their alleged involvement in human rights violations related to Beijing's repression of Muslim minority populations in the Xinjiang Uighur Autonomous Region. Goldman Sachs, which is a joint sponsor of the Megvii IPO alongside Citigroup and JPMorgan, last month said in an emailed statement in response to a request for comment on the Megvii IPO that it was "evaluating in light of the recent developments". Megvii last month said it "strongly objects" to being added to the blacklist and there were "no grounds" for the designation. In a statement, it said around 1% of revenues were derived from Xinjiang in 2018 and none in the six months ended June 30. Megvii and the three banks declined to comment. Hong Kong, which topped the global charts in 2018 for funds raised through IPOs, has been roiled by nearly six months of political crisis. But IPO activity in the city has picked up since September, marked by AB InBev's Budweiser Brewing Company APAC Ltd, which raised about $5 billion in Hong Kong's biggest IPO so far this year. Alibaba last week also launched the share sale for its Hong Kong listing, aiming to raise up to $13.4 billion in what would be the biggest follow-on share sale globally in seven years, according to Refinitiv data. Founded in 2011 by Chief Executive Yin Qi and two friends from Tsinghua University, Megvii will become the first Chinese AI firm to go public if the deal goes ahead. The company provides AI technology to governments and companies including Alibaba, Ant Financial, Lenovo Group Ltd and Huawei. Its $750 million fundraising in May valued the company at slightly over $4 billion and attracted investors including Bank of China Group Investment Ltd, Macquarie Group and the Abu Dhabi Investment Authority.

Chinese Artificial Intelligence start-up Megvii seeks approval for Hong Kong IPO of at least $500 million: Report

<a href="https://www.wionews.com/business-economy/saudi-aramco-will-not-market-ipo-in-the-united-states-report-262694">Saudi Aramco</a> — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest <a href="https://www.wionews.com/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">initial public offering</a>.

Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc.&nbsp;

However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016.

Watch: WION travels to Saudi Aramco's Khurais &amp; Abqaiq facilities

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Aramco will sell just 1.5% of its shares on the local stock exchange.

The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014.

Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers.

The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list.

This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month.

Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience.

It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels.

The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom.

The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate.

Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies.

No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering.

Saudi Aramco — the state-owned oil giant has sought a valuation of up to 1.7 trillion US Dollars — which would make it the world’s biggest initial public offering. Just to put it in perspective the target valuation will make Aramco the world’s biggest public company, overtaking Apple inc. However, the valuation is below the $2 trillion target sought by Crown Prince Mohammad Bin Salman since he first mooted an initial public offering in 2016. Watch: WION travels to Saudi Aramco's Khurais & Abqaiq facilities × Aramco will sell just 1.5% of its shares on the local stock exchange. The offer falling short of a record coming in just below the $25 billion raised by Alibaba group holding ltd in 2014. Interestingly, Aramco is slated to rely heavily on local investors after receiving a tepid response from international money managers. The shares will not be marketed in the US and Canada as originally planned, Japan is also off the list. This in total contrast to what Aramco Chairman Yasir Al-Rumayyan had said while the IPO was announced earlier this month. Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a sceptical audience. It’s cut the tax rate for Aramco three times promised the world’s largest dividend and offered bonus shares for retail investors and not to mention, the catastrophic drone attack suffered by Aramco at the hands of Iran-aligned Houthi rebels. The Aramco IPO is a pet project of Mohammad bin Salman’s much-hyped vision 2030 plan to change the social and economic fabric of the Kingdom. The plan, which relies heavily on attracting foreign investors into Saudi Arabia suffered a big setback after the assassination of journalist Jamal Ahmad Khashoggi in Saudi Arabia’s Istanbul consulate. Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies. No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.

World's biggest initial public offering: Saudi Aramco seeks $1.71 trillion in valuation

Saudi Aramco seeks a valuation of $1.7 trillion. Saudi Aramco will not market IPO in the United States. Global oil demand peak flagged as a major risk for Aramco. Watch this video to find out more in details.

Saudi Aramco seeks valuation of $1.7 trillion

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion.

"The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5).

The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far,&nbsp;the $25 billion float of Chinese retail giant Alibaba in 2014.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.

Saudi Aramco said Sunday it would sell 1.5 per cent of the company in a blockbuster IPO worth at least $24 billion which values it at up to $1.71 trillion. "The base offer size will be 1.5 per cent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5). The offering is scaled down from original plans which had aimed for a $2.0 trillion valuation, but it could still rival the world's biggest listing so far, the $25 billion float of Chinese retail giant Alibaba in 2014.

Aramco says to sell 1.5% in IPO worth at least $24 billion

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said.

Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US&nbsp;Securities Act, which allows a non-US&nbsp;issuer to tap the US&nbsp;market.

The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States.

Aramco did not immediately respond to a comment request.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market.

Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said. Aramco had said in its IPO prospectus earlier this month that the offering of shares would rely on the 144A rule of the US Securities Act, which allows a non-US issuer to tap the US market. The sources said Aramco will no longer rely on that rule, meaning it will not market the shares in the United States. Aramco did not immediately respond to a comment request.

Saudi Aramco will not market IPO in the United States: Report

Saudi Aramco's much-anticipated initial public offering will begin on November 17.

Saudi Aramco's record IPO starts November 17

As anti-government protesters fought pitched battles with police in <a href="https://www.wionews.com/world/sit-in-at-school-of-hong-kong-protester-shot-by-police-253170">Hong Kong</a> streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer.

After a freeze during months of sometimes violent protests, Asia's top financial hub looks to be back in business. The stock market is off its lows, Hong Kong's love affair with property is undimmed and companies are forging ahead with listing plans. Budweiser Brewing Company APAC raised about $5 billion in its initial public offering on the Hong Kong Stock Exchange, making it the second-largest IPO in the world this year.

Bankers say at least three more major companies are set to list in Hong Kong this month, selling more than $3 billion (£2.44 billion) worth of new shares.

Hong Kong's status as a gateway for global capital flowing into and out of China, the world's second-largest economy, has seen many global banks and fund managers make its towering skyscrapers their regional homes.

"How does this (unrest) affect you buying exposure to a good asset that has a presence in China, and is growing? None of those things have any correlation with the Hong Kong protests," said a senior banker with a global investment bank.

"I don't think I have received even one phone call saying 'we shouldn't be doing this IPO because of what's happening in Hong Kong’," said the banker, declining to be named due to sensitivity of the issue.

Watch:&nbsp;Hong Kong protesters hit police station with petrol bombs

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Companies raised $15 billion in new listings in Hong Kong in the first nine months of 2019, second only to New York, according to Refinitiv data. While the protests have hurt tourism and retail sectors, threatening to send Hong Kong into its first recession in a decade, its proximity to the massive Chinese market and locally listed firms' presence there are more important, bankers and analysts say.

Already, the Hong Kong stock market has shown signs of steadying after initial falls as equity investors look for bargain hunting opportunities, they said.

The benchmark Hang Seng stock index rallied about 1.4 per cent last month but is still down 6.1 per cent since mid-June when the unrest began.

"I think people are getting used to the weekly events," Steven Leung, executive director for institutional sales at brokerage UOB Kay Hian, said of the protests. "The impact was seen in the initial one to two months in share prices, and mostly in retail, property and tourism," he said. "(But) the index mostly reflects the onshore Chinese market and economy. Hong Kong companies' share is not that big."

Fundraising Needs

What started as protests over a now-withdrawn extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy, among other demands in Hong Kong.

Demonstrators are frustrated at what they see as Beijing's tightening grip over the former British colony, which returned to China in 1997 under a "one country, two systems" formula intended to guarantee freedoms not enjoyed on the mainland.

After the initial nervousness about the unrest, things are looking up again in the financial markets, partly aided by hopes that Beijing would not take any step that would imperil the prospects of its only offshore financial centre, analysts said.

"The question is whether people think there is a replacement. Hong Kong still has quite a big investor pool," said Gary Ng, an economist at Natixis.

As many as 40 companies have filed IPO applications with the Hong Kong stock exchange in September, according to information available on its website, the highest pace of filing since March this year.

In addition to the Budweiser APAC IPO, Topsports International Holdings, the sportswear business of Chinese footwear retailer Belle International, last week launched a Hong Kong IPO of up to $1.2 billion. Companies expected to launch Hong Kong IPOs within a month include ESR Cayman Ltd, a developer and manager of logistics facilities, planning to raise about $1 billion, and a $1 billion-plus float of Prague-based consumer lender Home Credit. ESR and Home Credit declined to comment.

"A deal can always get done if the price is right, no matter what the market conditions are," said James Wang, co-head of equity capital markets in Asia ex-Japan, at Goldman Sachs, referring to the broader IPO market. "An IPO's timetable is driven more by the company's need to raise capital so in most cases, market conditions have to be severe to override that need and delay a deal."

Solid Demand

Investors including sovereign wealth funds and large global funds that invested in recent offerings are enthused by the lower valuations as well as long term business prospects, bankers said.

Budweiser, which relaunched its IPO last month after cancelling plans for a bigger float in July, priced the offering at the low end of the indicative range.

E-commerce giant Alibaba Group in August also delayed plans for a $15 billion listing in Hong Kong because of the political turmoil.

But such caution has not badly dented the demand for new and listed stocks.

In another sign of solid demand, net purchases on southbound stock connect that allows mainland-based investors to buy Hong Kong stocks - reached $8 billion in August, the most since January 2018. Other markets in Hong Kong are also holding up.

Demand from homebuyers in the world's most expensive property market has shown little signs of weakening due to the protests. Property firm Wheelock sold 80 per cent of its 816 flats in the development since late August, lower than sales at other launches this year, but "still good" given the current environment, property agents said.

Still, other factors including the US-Sino trade war and slowing global growth have been affecting financial markets and asset prices in Hong Kong, as they have elsewhere.

Sean Taylor, APAC chief investment officer at fund manager DWS said Hong Kong could benefit more than most if China and the United States reach an agreement on trade. In the meantime, investors needed to be patient.

"You've got to accept the situation that tourism levels are down, retail sales are down, property prices may come down a bit – you're going to be in a slow environment for a while," Taylor said.

As anti-government protesters fought pitched battles with police in Hong Kong streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer.

As anti-government protesters fought pitched battles with police in Hong Kong streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer. After a freeze during months of sometimes violent protests, Asia's top financial hub looks to be back in business. The stock market is off its lows, Hong Kong's love affair with property is undimmed and companies are forging ahead with listing plans. Budweiser Brewing Company APAC raised about $5 billion in its initial public offering on the Hong Kong Stock Exchange, making it the second-largest IPO in the world this year. Bankers say at least three more major companies are set to list in Hong Kong this month, selling more than $3 billion (£2.44 billion) worth of new shares. Hong Kong's status as a gateway for global capital flowing into and out of China, the world's second-largest economy, has seen many global banks and fund managers make its towering skyscrapers their regional homes. "How does this (unrest) affect you buying exposure to a good asset that has a presence in China, and is growing? None of those things have any correlation with the Hong Kong protests," said a senior banker with a global investment bank. "I don't think I have received even one phone call saying 'we shouldn't be doing this IPO because of what's happening in Hong Kong’," said the banker, declining to be named due to sensitivity of the issue. Watch: Hong Kong protesters hit police station with petrol bombs × Companies raised $15 billion in new listings in Hong Kong in the first nine months of 2019, second only to New York, according to Refinitiv data. While the protests have hurt tourism and retail sectors, threatening to send Hong Kong into its first recession in a decade, its proximity to the massive Chinese market and locally listed firms' presence there are more important, bankers and analysts say. Already, the Hong Kong stock market has shown signs of steadying after initial falls as equity investors look for bargain hunting opportunities, they said. The benchmark Hang Seng stock index rallied about 1.4 per cent last month but is still down 6.1 per cent since mid-June when the unrest began. "I think people are getting used to the weekly events," Steven Leung, executive director for institutional sales at brokerage UOB Kay Hian, said of the protests. "The impact was seen in the initial one to two months in share prices, and mostly in retail, property and tourism," he said. "(But) the index mostly reflects the onshore Chinese market and economy. Hong Kong companies' share is not that big." Fundraising Needs What started as protests over a now-withdrawn extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy, among other demands in Hong Kong. Demonstrators are frustrated at what they see as Beijing's tightening grip over the former British colony, which returned to China in 1997 under a "one country, two systems" formula intended to guarantee freedoms not enjoyed on the mainland. After the initial nervousness about the unrest, things are looking up again in the financial markets, partly aided by hopes that Beijing would not take any step that would imperil the prospects of its only offshore financial centre, analysts said. "The question is whether people think there is a replacement. Hong Kong still has quite a big investor pool," said Gary Ng, an economist at Natixis. As many as 40 companies have filed IPO applications with the Hong Kong stock exchange in September, according to information available on its website, the highest pace of filing since March this year. In addition to the Budweiser APAC IPO, Topsports International Holdings, the sportswear business of Chinese footwear retailer Belle International, last week launched a Hong Kong IPO of up to $1.2 billion. Companies expected to launch Hong Kong IPOs within a month include ESR Cayman Ltd, a developer and manager of logistics facilities, planning to raise about $1 billion, and a $1 billion-plus float of Prague-based consumer lender Home Credit. ESR and Home Credit declined to comment. "A deal can always get done if the price is right, no matter what the market conditions are," said James Wang, co-head of equity capital markets in Asia ex-Japan, at Goldman Sachs, referring to the broader IPO market. "An IPO's timetable is driven more by the company's need to raise capital so in most cases, market conditions have to be severe to override that need and delay a deal." Solid Demand Investors including sovereign wealth funds and large global funds that invested in recent offerings are enthused by the lower valuations as well as long term business prospects, bankers said. Budweiser, which relaunched its IPO last month after cancelling plans for a bigger float in July, priced the offering at the low end of the indicative range. E-commerce giant Alibaba Group in August also delayed plans for a $15 billion listing in Hong Kong because of the political turmoil. But such caution has not badly dented the demand for new and listed stocks. In another sign of solid demand, net purchases on southbound stock connect that allows mainland-based investors to buy Hong Kong stocks - reached $8 billion in August, the most since January 2018. Other markets in Hong Kong are also holding up. Demand from homebuyers in the world's most expensive property market has shown little signs of weakening due to the protests. Property firm Wheelock sold 80 per cent of its 816 flats in the development since late August, lower than sales at other launches this year, but "still good" given the current environment, property agents said. Still, other factors including the US-Sino trade war and slowing global growth have been affecting financial markets and asset prices in Hong Kong, as they have elsewhere. Sean Taylor, APAC chief investment officer at fund manager DWS said Hong Kong could benefit more than most if China and the United States reach an agreement on trade. In the meantime, investors needed to be patient. "You've got to accept the situation that tourism levels are down, retail sales are down, property prices may come down a bit – you're going to be in a slow environment for a while," Taylor said.

Investors keep their faith in Hong Kong markets despite protests

<a href="https://www.wionews.com/world/exclusive-wework-to-press-on-with-ipo-launch-despite-valuation-concerns-sources-248290">WeWork</a>, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong."

But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."

The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down.

The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter.

S&amp;P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans."

The <a href="https://www.wionews.com/world/wework-ipo-valuation-likely-below-20-billion-clouding-softbanks-vision-248837">company's IPO setback</a> is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein &amp; Co, which laid out a belt-tightening plan for the company.

The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries.

However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year.

Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use.

Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive."

Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter.

Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture.

Belt-tightening

Although <a href="https://www.wionews.com/business-economy/weworks-neumann-surrenders-control-and-ceo-role-following-investor-revolt-251890">Neumann will still be on the board</a>, his voting influence over the company has been significantly reduced, limiting his influence over decisions.

Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned.

The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position.

"The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said.&nbsp;

The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode. The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong." But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future." The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down. The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter. S&P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans." The company's IPO setback is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein & Co, which laid out a belt-tightening plan for the company. The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries. However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year. Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use. Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive." Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter. Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture. Belt-tightening Although Neumann will still be on the board, his voting influence over the company has been significantly reduced, limiting his influence over decisions. Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned. The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position. "The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said. The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork to withdraw IPO as it enters austerity mode

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Reuters has reported it could take months for <a href="https://www.wionews.com/world/saudi-aramco-trading-arm-wants-refined-products-after-attacks-sources-250148">Aramco</a>, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply.

The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay.

Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November.

Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale.

Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place.

But other sources, including bankers and <a href="https://www.wionews.com/business-economy/sensex-crashes-over-600-points-after-saudi-arabias-aramco-attacks-250193">investors</a>, said while work would continue, the attacks would have an impact.

"The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said.

The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale.

"It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management.

Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles.

A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas.

"The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said.

Aramco Vulnerability

An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack.

Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters.

However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday.

"Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note.

"The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation."

Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices. 
&nbsp;

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities.

Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilities. Reuters has reported it could take months for Aramco, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5 per cent of world oil supply. The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans, but bankers at international lenders working on the IPO told Reuters there had been no communication from Aramco's management on any delay. Aramco, which did not respond to a Reuters request for comment, is continuing to prepare for a local IPO, which the sources said may happen as early as November. Reuters has reported that Aramco plans to sell 1 per cent this year, in a potential $20 billion deal, and another 1 per cent in 2020 in Riyadh ahead of an international sale. Three sources close to the deal said meetings scheduled this week with Saudi banks to discuss the underwriting work they will do in the offering are still scheduled to take place. But other sources, including bankers and investors, said while work would continue, the attacks would have an impact. "The train has left the station. But it's a pretty major event and a lot will depend on how quickly the damage will be repaired," one banker said. The Aramco IPO is a pillar of an ambitious economic diversification drive by Crown Prince Mohammed bin Salman, who has put the firm's valuation at $2 trillion. The domestic flotation is the first step of a targeted 5 per cent sale. "It would seem logical that Aramco's IPO will be delayed while the damage is assessed but beyond this, we would expect that the risk premium that investors will require should the IPO go ahead will now be higher," said Piers Hillier, chief investment officer at Royal London Asset Management. Saudi Arabia, the world's top crude exporter, recently accelerated plans for the IPO, naming a new chairman for Aramco and mandating 9 banks in top roles. A separate source with knowledge of the deal said Aramco has already carved up the different tasks for banks such as determining valuations, organizing roadshows and focusing on certain geographic areas. "The banks continue to work on it until they are told otherwise. The sense is that they want it done as quick as they can," the source said. Aramco Vulnerability An Aramco pre-IPO meeting with analysts, both local and international, is scheduled for next week at Aramco's headquarters in Dhahran, two sources, said, with one adding that the meeting would still go ahead as planned despite the attack. Even before the attack, Aramco was looking to place part of the offering to wealthy Saudi individuals to ensure demand, two other sources familiar with the matter told Reuters. However, some analysts and investors said the strikes could pose a major setback to the Aramco offering. Oil prices surged oversupply concerns and the threat of a military response to the assault on the heartland of the Saudi oil industry, which US officials blamed on Iran, a charge Tehran denies. Dollar-denominated bonds issued by the Saudi government and Aramco hit multi-week lows on Monday, but rebounded on Tuesday. "Even if Saudi Arabia’s oil facilities are quickly restored, the weekend’s attacks will raise concerns of potential geopolitical risk and the level of premia required," said Monica Malik, Chief Economist at Abu Dhabi Commercial Bank, in a research note. "The developments also have significance ahead of the planned part-IPO of Aramco, highlighting the potential vulnerability of its key infrastructure and raising questions over the appropriate level of risk to be factored in the valuation." Banks including JPMorgan, Morgan Stanley and Goldman Sachs have been appointed to coordinate the deal, which has already faced repeated delays and is crucial for Prince Mohammed's plans to diversify the Saudi economy in an era of low oil prices.

Saudi Aramco pursues IPO planning despite attack damage doubts

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading <a href="https://www.wionews.com/business-%26-economy/yahoo-japan-buys-back-2-billion-of-shares-in-three-way-deal-with-softbank-altaba-150347">shareholder SoftBank Group</a> whose key group portfolio firms have tumbled in value.

The valuation for the money-losing US office-sharing startup could be as low as $15 billion-$18 billion, one of the sources with direct knowledge of the matter said. The other source said the valuation was unlikely to be as low as that.

SoftBank, whose $100 billion Vision Fund is widely seen as having contributed to frothy tech valuations, has urged WeWork to shelve the IPO due to tepid investor demand, the Financial Times reported. SoftBank declined to comment.

But the tech conglomerate's reluctance to pump further funds into WeWork means the startup "may have no choice but to push ahead with the IPO at a much lower than anticipated valuation," one of the sources said.

WeWork's planned listing follows weak initial trading at other startups including Uber Technologies Inc and Slack Technologies Inc, both backed by SoftBank.

While SoftBank and its Vision Fund emphasise their long-term investing credentials, founder and CEO Masayoshi Son has set out an ambitious IPO pipeline for tech investments spanning ride-hailing, fin-tech, and health startups.

Putting WeWork's offering on hold would disrupt that schedule at a time when SoftBank is seeking funds from investors for a second Vision Fund, for which it says $108 billion in pledges have been secured.

SoftBank made a follow-on investment in WeWork, one of its biggest tech bets, at a $47 billion valuation earlier this year,&nbsp;a number widely treated with scepticism by analysts.

While long-time Son lieutenant and group Vice Chairman Ron Fisher is pushing for the IPO to go ahead, others at SoftBank are pushing for a delay, one source said.

Sanford C. Bernstein analyst Chris Lane said that if WeWork halts its IPO, SoftBank could come up with an alternative funding plan for the startup, which he estimates needs $9 billion in funding to become cash-flow positive.

SoftBank "has got an important voice, but more importantly, they have money&nbsp;(WeWork) will have to listen to them," said Lane, who values the office space-sharing firm at $23 billion.

The tech conglomerate has burned through much of the $100 billion raised by its first Vision Fund in just two years, recording big paper gains on internal revaluations of its tech investments.

SoftBank defends its valuation techniques, which include cash-flow analysis, recent transactions, and comparison with peers to underpin its numbers.

At the end of June, the fund recorded the value of $71 billion in investments in 83 startups as having grown by $20 billion. Since then the share price of portfolio companies Uber and Slack have both fallen by around a third.

SoftBank says many investments receive a vote of confidence as third parties come in as co-investors or by making follow-on investments at the same or higher valuations.

If a tech company shelves an IPO due to a lower valuation than expected, investors are generally expected to take that fall into account when appraising their stakes.

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading shareholder SoftBank Group whose key group portfolio firms have tumbled in value.

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading shareholder SoftBank Group whose key group portfolio firms have tumbled in value. The valuation for the money-losing US office-sharing startup could be as low as $15 billion-$18 billion, one of the sources with direct knowledge of the matter said. The other source said the valuation was unlikely to be as low as that. SoftBank, whose $100 billion Vision Fund is widely seen as having contributed to frothy tech valuations, has urged WeWork to shelve the IPO due to tepid investor demand, the Financial Times reported. SoftBank declined to comment. But the tech conglomerate's reluctance to pump further funds into WeWork means the startup "may have no choice but to push ahead with the IPO at a much lower than anticipated valuation," one of the sources said. WeWork's planned listing follows weak initial trading at other startups including Uber Technologies Inc and Slack Technologies Inc, both backed by SoftBank. While SoftBank and its Vision Fund emphasise their long-term investing credentials, founder and CEO Masayoshi Son has set out an ambitious IPO pipeline for tech investments spanning ride-hailing, fin-tech, and health startups. Putting WeWork's offering on hold would disrupt that schedule at a time when SoftBank is seeking funds from investors for a second Vision Fund, for which it says $108 billion in pledges have been secured. SoftBank made a follow-on investment in WeWork, one of its biggest tech bets, at a $47 billion valuation earlier this year, a number widely treated with scepticism by analysts. While long-time Son lieutenant and group Vice Chairman Ron Fisher is pushing for the IPO to go ahead, others at SoftBank are pushing for a delay, one source said. Sanford C. Bernstein analyst Chris Lane said that if WeWork halts its IPO, SoftBank could come up with an alternative funding plan for the startup, which he estimates needs $9 billion in funding to become cash-flow positive. SoftBank "has got an important voice, but more importantly, they have money (WeWork) will have to listen to them," said Lane, who values the office space-sharing firm at $23 billion. The tech conglomerate has burned through much of the $100 billion raised by its first Vision Fund in just two years, recording big paper gains on internal revaluations of its tech investments. SoftBank defends its valuation techniques, which include cash-flow analysis, recent transactions, and comparison with peers to underpin its numbers. At the end of June, the fund recorded the value of $71 billion in investments in 83 startups as having grown by $20 billion. Since then the share price of portfolio companies Uber and Slack have both fallen by around a third. SoftBank says many investments receive a vote of confidence as third parties come in as co-investors or by making follow-on investments at the same or higher valuations. If a tech company shelves an IPO due to a lower valuation than expected, investors are generally expected to take that fall into account when appraising their stakes.

WeWork IPO valuation likely below $20 billion: Sources

WeWork owner The We Company plans to proceed with an investor roadshow for its initial public offering (IPO) as early as next week, braving concerns over the valuation it can achieve in a listing, people familiar with the matter said on Friday.

The company's IPO has been in doubt since Thursday, after sources said the US office-sharing startup now estimated it could be valued at a little over $20 billion in a listing, less than half the $47 billion valuations&nbsp;it achieved in a private fundraising round in January.

Growing investor scepticism over We Company's lack of a roadmap to profitability, and its co-founder Adam Neumann's firm grip on its governance, are weighing on its IPO prospects.

A big drop in We Company's valuation would be a blow to its existing investors, including its biggest backer, Japan's SoftBank Group Corp &lt;9984.T&gt;.

We Company told its IPO underwriters and potential stock market investors on Friday to expect the launch of the roadshow as early as the middle of next week, the sources said.

The sources cautioned that no final decision on beginning the roadshow has been taken and the plans are still subject to change. We Company declined to comment.

An IPO roadshow is typically a 10-day period when companies solicit feedback from investors with the aim of convincing them to buy shares in the IPO. We Company would be hoping to convince investors to give it a valuation closer to what its venture capital backers placed on it.

We Company rents out workspace to clients under short-term contracts and pays rent for the properties under long-term leases.

The New York-based company lost more than $900 million in the first half of 2019, up 25 per cent from a year earlier, even though its revenue doubled to $1.54 billion, as it burned through cash to expand.

The mounting losses and concerns over how it's&nbsp;business&nbsp;model would survive an economic downturn have raised scepticism from analysts and investors about the IPO.

In August, We Company secured bank commitments for a $6 billion credit facility contingent on it raising billions of dollars in an IPO.

Complicating matters further, the company is looking to go public against a turbulent market backdrop, with the US and China trade war-making for the worst August for US&nbsp;stocks in four years.

If We Company proceeds with its IPO, its private investors may take a loss on any shares sold, but they can make that up in the future if the company is able to achieve its projected valuation, said Adam Troso, head of real estate corporate advisory at Greenhill &amp; Co, a New York investment bank.

"There's still an opportunity (for the value) to go back up to where you expect it to be. That's how an underwriter would explain it to his clients," Troso said.

WeWork owner The We Company plans to proceed with an investor roadshow for its initial public offering (IPO) as early as next week, braving concerns over the valuation it can achieve in a listing, people familiar with the matter said on Friday.

WeWork owner The We Company plans to proceed with an investor roadshow for its initial public offering (IPO) as early as next week, braving concerns over the valuation it can achieve in a listing, people familiar with the matter said on Friday. The company's IPO has been in doubt since Thursday, after sources said the US office-sharing startup now estimated it could be valued at a little over $20 billion in a listing, less than half the $47 billion valuations it achieved in a private fundraising round in January. Growing investor scepticism over We Company's lack of a roadmap to profitability, and its co-founder Adam Neumann's firm grip on its governance, are weighing on its IPO prospects. A big drop in We Company's valuation would be a blow to its existing investors, including its biggest backer, Japan's SoftBank Group Corp <9984.T>. We Company told its IPO underwriters and potential stock market investors on Friday to expect the launch of the roadshow as early as the middle of next week, the sources said. The sources cautioned that no final decision on beginning the roadshow has been taken and the plans are still subject to change. We Company declined to comment. An IPO roadshow is typically a 10-day period when companies solicit feedback from investors with the aim of convincing them to buy shares in the IPO. We Company would be hoping to convince investors to give it a valuation closer to what its venture capital backers placed on it. We Company rents out workspace to clients under short-term contracts and pays rent for the properties under long-term leases. The New York-based company lost more than $900 million in the first half of 2019, up 25 per cent from a year earlier, even though its revenue doubled to $1.54 billion, as it burned through cash to expand. The mounting losses and concerns over how it's business model would survive an economic downturn have raised scepticism from analysts and investors about the IPO. In August, We Company secured bank commitments for a $6 billion credit facility contingent on it raising billions of dollars in an IPO. Complicating matters further, the company is looking to go public against a turbulent market backdrop, with the US and China trade war-making for the worst August for US stocks in four years. If We Company proceeds with its IPO, its private investors may take a loss on any shares sold, but they can make that up in the future if the company is able to achieve its projected valuation, said Adam Troso, head of real estate corporate advisory at Greenhill & Co, a New York investment bank. "There's still an opportunity (for the value) to go back up to where you expect it to be. That's how an underwriter would explain it to his clients," Troso said.

WeWork to press on with IPO launch despite valuation concerns: Reports

SBI Card &amp; Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said.

"Roughly about an 8 per cent&nbsp;stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public.

This would value the overall business at about 1 trillion rupees ($14 billion).&nbsp;

SBI and SBI Card did not immediately respond to requests for comment.&nbsp;

At the end of March 31, 2019, SBI Card, which is 74 per cent&nbsp;owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.

India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards.&nbsp;

SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued.&nbsp;

Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base.&nbsp;

SBI's management has been looking at selling its investment in non-core assets to raise capital.&nbsp;

SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO.&nbsp;

It was the biggest IPO after Coal India's in 2010.&nbsp;

&nbsp;

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said. SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said. "Roughly about an 8 per cent stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public. This would value the overall business at about 1 trillion rupees ($14 billion). SBI and SBI Card did not immediately respond to requests for comment. At the end of March 31, 2019, SBI Card, which is 74 per cent owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees. India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards. SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued. Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base. SBI's management has been looking at selling its investment in non-core assets to raise capital. SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO. It was the biggest IPO after Coal India's in 2010.

SBI's credit card business aims to raise $1.1 billion via IPO: Report

Uber sets IPO base price. Uber 's 2018 loss was around $ 3 billion. Watch this video to know more.

WION Wallet: Uber sets IPO base price

Uber Technologies Inc's drivers in New York will go on strike next week shortly before the ride-hailing company goes public to protest what they view as unfair employment conditions, a taxi union said on Friday.

The protests underscore the challenge for Uber of finding a way to lower driver costs in order to become profitable and paying drivers enough to retain their services.

Drivers for Uber, as well Lyft Inc and other ride-hailing apps, will strike on Wednesday for two hours, beginning at 7 am ET (1100 GMT). Uber currently expects to price its IPO on Thursday and begin trading on the New York Stock Exchange the following day.

The drivers join peers in San Francisco, Chicago, Los Angeles, San Diego, Philadelphia and Washington, DC, who are also planning to strike. The New York Taxi Workers Alliance (NYTWA) said the drivers are demanding job security, livable incomes and a cap on the amount ride-hailing companies can collect from fares.

"Uber claims that we are independent contractors even though they set our rates and control our work day," Sonam Lama, a NYTWA member and Uber driver since 2015, said in a statement.

"Uber executives are getting rich off of our work. They should treat us with respect. We are striking to send a message that drivers will keep rising up," Lama said.

Uber cautioned in its IPO filing that its business would be "adversely affected" if drivers were classified as employees instead of independent contractors.

The company hopes to be valued at between $80.5 billion and $91.5 billion. Uber has yet to turn a profit. It reported a net loss for the first quarter of 2019.

"I voted to go on strike because drivers need job security," said Henry Rolands, an NYTWA member and Lyft driver.

Uber did not immediately respond to requests for comment.

Lyft said in an emailed statement that its drivers' hourly earnings have increased over the last two year. "Over 75 per cent drive less than 10 hours a week to supplement their existing jobs. On average, drivers nationwide earn over $20 per hour," Lyft said.

Uber Technologies Inc's drivers in New York will go on strike next week shortly before the ride-hailing company goes public to protest what they view as unfair employment conditions, a taxi union said on Friday.

Uber Technologies Inc's drivers in New York will go on strike next week shortly before the ride-hailing company goes public to protest what they view as unfair employment conditions, a taxi union said on Friday. The protests underscore the challenge for Uber of finding a way to lower driver costs in order to become profitable and paying drivers enough to retain their services. Drivers for Uber, as well Lyft Inc and other ride-hailing apps, will strike on Wednesday for two hours, beginning at 7 am ET (1100 GMT). Uber currently expects to price its IPO on Thursday and begin trading on the New York Stock Exchange the following day. The drivers join peers in San Francisco, Chicago, Los Angeles, San Diego, Philadelphia and Washington, DC, who are also planning to strike. The New York Taxi Workers Alliance (NYTWA) said the drivers are demanding job security, livable incomes and a cap on the amount ride-hailing companies can collect from fares. "Uber claims that we are independent contractors even though they set our rates and control our work day," Sonam Lama, a NYTWA member and Uber driver since 2015, said in a statement. "Uber executives are getting rich off of our work. They should treat us with respect. We are striking to send a message that drivers will keep rising up," Lama said. Uber cautioned in its IPO filing that its business would be "adversely affected" if drivers were classified as employees instead of independent contractors. The company hopes to be valued at between $80.5 billion and $91.5 billion. Uber has yet to turn a profit. It reported a net loss for the first quarter of 2019. "I voted to go on strike because drivers need job security," said Henry Rolands, an NYTWA member and Lyft driver. Uber did not immediately respond to requests for comment. Lyft said in an emailed statement that its drivers' hourly earnings have increased over the last two year. "Over 75 per cent drive less than 10 hours a week to supplement their existing jobs. On average, drivers nationwide earn over $20 per hour," Lyft said.

Ride-hailing drivers in New York to strike ahead of Uber IPO

Ride-hailing company <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/uber-lands-1-billion-from-softbank-toyota-for-self-driving-unit-211646&amp;sa=U&amp;ved=2ahUKEwj3_5eKi-3hAhUk7HMBHbKyDhEQFjAJegQIAxAC&amp;usg=AOvVaw0tPfbIuxVyBuXdciCH0Yex">Uber Technologies Inc</a> will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year.

Uber's moderation of valuation expectations reflects the poor stock performance of its smaller rival Lyft Inc following its IPO last month.

Lyft shares ended trading on Thursday down 22 percent from their IPO price amid investor scepticism over its path to profitability.

Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said.

This would rank it as the largest IPO since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014.

In addition, some Uber insiders will also sell their own shares in the IPO, the sources said.

Reuters reported earlier this month that all the Uber shares sold in the IPO could be worth around $10 billion.

Uber also plans to unveil on Friday its last sale of stock as a private company, the sources said.

The identity of the investor involved in the private placement could not immediately be learned.

PayPal Holdings Inc plans to invest $500 million in a concurrent private placement at Uber's IPO price, Refinitiv IFR reported, citing sources.

Uber and PayPal were not immediately available to comment on the IFR report.

The investor roadshow will kick off in earnest on Monday, setting the stage for Uber to debut on the New York Stock Exchange in early May.

For the roadshow, Uber's top executives will travel the United States and make a stop in London to drum up investor interest in the IPO, sources said.

The sources asked not to be identified because the matter is confidential.

Uber declined to comment. The price range was reported earlier by Bloomberg News.

Two other IPOs this month, those of online scrapbook company Pinterest Inc and video conferencing company Zoom Video Communications Inc, have performed much more strongly than Lyft.

Uber, however, has chosen to still value itself conservatively.

"People are more cautious than they were 4 weeks ago," said Duncan Davidson, general partner at Bullpen Capital, an early-stage venture capital investment firm.

Uber operates in more than 70 countries. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division.

The ride-hailing startup has disclosed it has 91 million users, but growth is slowing and it may never make a profit.

Uber in 2018 had $11.3 billion in revenue, up around 42 per cent over 2017, but below the 106 per cent growth the prior year.

During the IPO roadshow, Uber's chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

AUTONOMOUS DRIVING

Last week, Uber's autonomous vehicle unit raised $1 billion privately from a consortium of investors, including top Uber shareholder SoftBank Group Corp, giving the company a much-needed funding boost for its self-driving ambitions.

Last year, Uber settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit.

Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving car project took with him thousands of confidential documents.

One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates.

Analysts consider building scale crucial for Uber's business model to become profitable.

Lyft, which was valued at $24.3 billion in its IPO, has focused only in the U.S. and Canadian markets.

"Investors are now asking for more clarity on how ride-sharing companies will monetize data they are collecting and if this is a scalable business," said Jordan Stuart, a client portfolio manager for Federated Kaufmann funds who often purchase stock in IPOs.

Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

Ride-hailing company Uber Technologies Inc will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter. The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year. Uber's moderation of valuation expectations reflects the poor stock performance of its smaller rival Lyft Inc following its IPO last month. Lyft shares ended trading on Thursday down 22 percent from their IPO price amid investor scepticism over its path to profitability. Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said. This would rank it as the largest IPO since that of Chinese e-commerce giant Alibaba Group Holding Ltd in 2014. In addition, some Uber insiders will also sell their own shares in the IPO, the sources said. Reuters reported earlier this month that all the Uber shares sold in the IPO could be worth around $10 billion. Uber also plans to unveil on Friday its last sale of stock as a private company, the sources said. The identity of the investor involved in the private placement could not immediately be learned. PayPal Holdings Inc plans to invest $500 million in a concurrent private placement at Uber's IPO price, Refinitiv IFR reported, citing sources. Uber and PayPal were not immediately available to comment on the IFR report. The investor roadshow will kick off in earnest on Monday, setting the stage for Uber to debut on the New York Stock Exchange in early May. For the roadshow, Uber's top executives will travel the United States and make a stop in London to drum up investor interest in the IPO, sources said. The sources asked not to be identified because the matter is confidential. Uber declined to comment. The price range was reported earlier by Bloomberg News. Two other IPOs this month, those of online scrapbook company Pinterest Inc and video conferencing company Zoom Video Communications Inc, have performed much more strongly than Lyft. Uber, however, has chosen to still value itself conservatively. "People are more cautious than they were 4 weeks ago," said Duncan Davidson, general partner at Bullpen Capital, an early-stage venture capital investment firm. Uber operates in more than 70 countries. In addition to ride-hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division. The ride-hailing startup has disclosed it has 91 million users, but growth is slowing and it may never make a profit. Uber in 2018 had $11.3 billion in revenue, up around 42 per cent over 2017, but below the 106 per cent growth the prior year. During the IPO roadshow, Uber's chief executive, Dara Khosrowshahi, will be tasked with convincing investors that he has successfully changed the company's culture and business practices after a series of embarrassing scandals over the last two years. Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria. AUTONOMOUS DRIVING Last week, Uber's autonomous vehicle unit raised $1 billion privately from a consortium of investors, including top Uber shareholder SoftBank Group Corp, giving the company a much-needed funding boost for its self-driving ambitions. Last year, Uber settled a legal dispute over trade secrets with Alphabet Inc's Waymo self-driving vehicle unit. Waymo, in its lawsuit, had said one of its former engineers who became chief of Uber's self-driving car project took with him thousands of confidential documents. One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates. Analysts consider building scale crucial for Uber's business model to become profitable. Lyft, which was valued at $24.3 billion in its IPO, has focused only in the U.S. and Canadian markets. "Investors are now asking for more clarity on how ride-sharing companies will monetize data they are collecting and if this is a scalable business," said Jordan Stuart, a client portfolio manager for Federated Kaufmann funds who often purchase stock in IPOs.

Uber to kick off investor road show with IPO terms on Friday

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.

The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and have changed the way much of the world travels.

The S-1 filing underscores the rapid growth of <a href="https://www.wionews.com/world/lyft-files-for-stock-offering-beating-uber-to-wall-street-200590">Uber</a>'s business in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders.

The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability." Uber lost $3.03 billion in 2018 from operations.

The filing with the US Securities and Exchange Commission revealed Uber had 91 million average monthly active users on its platforms, including for ride-hailing and Uber Eats, at the end of 2018. This is up 33.8 per cent from 2017, but growth slowed from 51 per cent a year earlier.

Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is nearly five times the 18.6 million announced by rival Lyft Inc.

Uber in 2018 had revenue of $11.3 billion, up around 42 per cent over 2017, again below the 106 per cent growth the prior year.

Uber set a placeholder amount of $1 billion but did not specify the size of the IPO. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion.

Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion.

Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached.

Adverse events

Uber will follow Lyft in going public. Shares in its smaller rival closed at $61.01 on Thursday, 15 per cent below its IPO price set late last month, a development which has sent chilling signal for other tech start-ups looking to go public.

After making the public filing, Uber will begin a series of investor presentations, called a roadshow, which Reuters has reported will start the week of April 29. The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May.

Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model.

One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates. Analysts consider building scale crucial for Uber's business model to become profitable.

In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years.

Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO.

Uber said in its filing its ride-hailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies.

A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days.

Uber said its market share fell in most regions last year, although the rate of decline has slowed. The company claims more than 65 per cent market share in the United States and Canada, compared to Lyft's stated 39 per cent in the United States.

Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing.

Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its initial public offering filing. The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and have changed the way much of the world travels. The S-1 filing underscores the rapid growth of Uber's business in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders. The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to "increase significantly in the foreseeable future" and it "may not achieve profitability." Uber lost $3.03 billion in 2018 from operations. The filing with the US Securities and Exchange Commission revealed Uber had 91 million average monthly active users on its platforms, including for ride-hailing and Uber Eats, at the end of 2018. This is up 33.8 per cent from 2017, but growth slowed from 51 per cent a year earlier. Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business. Although its user base includes customers of other services as well as ride-sharing, Uber's 91 million is nearly five times the 18.6 million announced by rival Lyft Inc. Uber in 2018 had revenue of $11.3 billion, up around 42 per cent over 2017, again below the 106 per cent growth the prior year. Uber set a placeholder amount of $1 billion but did not specify the size of the IPO. Reuters reported this week that Uber plans to sell around $10 billion worth of stock at a valuation of between $90 billion and $100 billion. Investment bankers had previously told Uber it could be worth as much as $120 billion. Uber would be the largest IPO since that of Chinese e-commerce company Alibaba Group Holding Ltd in 2014, which raised $25 billion. Although Uber is no longer targeting a $120 billion valuation in the IPO, some stock bonuses to Chief Executive Dara Khosrowshahi and other company executives are only triggered when that valuation is reached. Adverse events Uber will follow Lyft in going public. Shares in its smaller rival closed at $61.01 on Thursday, 15 per cent below its IPO price set late last month, a development which has sent chilling signal for other tech start-ups looking to go public. After making the public filing, Uber will begin a series of investor presentations, called a roadshow, which Reuters has reported will start the week of April 29. The company is on track to price its IPO and begin trading on the New York Stock Exchange in early May. Uber faces questions over how it will navigate any transition towards self-driving vehicles, a technology seen as potentially dramatically lowering costs but which could also disrupt its business model. One advantage Uber will likely seek to play up to investors is that it is the largest player in many of the markets in which it operates. Analysts consider building scale crucial for Uber's business model to become profitable. In addition to answering questions about the company's finances, Uber CEO Khosrowshahi will be tasked with convincing investors that he has successfully changed the culture and business practices after a series of embarrassing scandals over the last two years. Those have included sexual harassment allegations, a massive data breach that was concealed from regulators, use of illicit software to evade authorities and allegations of bribery overseas. Khosrowshahi joined Uber in 2017 from Expedia Inc to replace company co-founder Travis Kalanick who was ousted as CEO. Uber said in its filing its ride-hailing position in the United States and Canada was "significantly impacted by adverse publicity events" and that its position in many markets has been threatened by discounts from other ride-hailing companies. A #DeleteUber campaign surged on social media in 2017 after a public relations crisis, which Uber said in its filing meant hundreds of thousands of consumers stopped using its platform within days. Uber said its market share fell in most regions last year, although the rate of decline has slowed. The company claims more than 65 per cent market share in the United States and Canada, compared to Lyft's stated 39 per cent in the United States. Uber is reserving some shares in the IPO for drivers who have completed 2,500 trips among other criteria.

Uber unveils IPO as growth slows amid profit warning

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