Tag: Initial Public Offerings

How Aramco’s Huge I.P.O. Fell Short of Saudi Prince’s Wish

Early on Oct. 15, a group of international investment bankers delivered some unwelcome news to top executives of Saudi Arabia’s giant oil company, Saudi Aramco. The bankers, gathered at Aramco’s headquarters in Dhahran, reported that global investors weren’t as bullish on the company’s initial public offering of stock as the officials had expected, said two […]

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Saudi Aramco to Raise $25.6 Billion in Biggest I.P.O. Ever

Saudi Arabia’s giant state-owned oil company, Saudi Aramco, on Thursday set the price of its initial public offering at a level that will raise $25.6 billion, a sum that is expected to make it the world’s biggest I.P.O., according to two people briefed on the pricing plan. Saudi Aramco set the initial price at 32 […]

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What Makes a ‘Narrative Violation’?

There’s an easy way to sound smart and edgy in the tech world: First, identify a broad idea that people seem to agree on. Then, cherry-pick a single piece of data that refutes it. Call it a “narrative violation.” And tweet it bumptiously. Venture capitalists, the tech world’s philosopher-kings, have embraced narrative violations. Earlier this […]

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For Start-Ups, Cash Is King (Again)

SAN FRANCISCO — Mark Frank, who runs a health technology start-up called SonderMind, had planned to wait until the end of 2020 to raise more money for his company. But after Uber and Lyft stumbled when going public and WeWork ousted its chief executive and pulled its initial stock offering, Mr. Frank changed his mind. […]

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Saudi Aramco Sees Itself as a $1.7 Trillion Company

Saudi Aramco, the world’s largest oil company, offered more details on the enormous share offering it is planning for December, setting an overall market value of the company of as much as $1.7 trillion, a figure short of the $2 trillion initially estimated by Crown Prince Mohammed bin Salman. Still, the company could raise close […]

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Saudi Aramco Offers Some Details on Coming Stock Offering

Saudi Aramco, the world’s largest oil company, took another step on its lengthy path to a stock market listing on Saturday, saying that it would announce a price for its shares on Dec. 5, with trading expected to start in mid-December. The company announced last week that it planned to list on the local Saudi […]

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Awaiting Layoffs, WeWork Employees Seek a ‘Seat at the Table’

In the latest sign of worker activism in tech companies and start-ups, a group of employees at the struggling office-space giant WeWork are calling on management to treat workers humanely as the company prepares to lay off thousands, and to give workers a say in corporate decisions and policies. Alluding to the controversies that have […]

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Airbnb to Verify All Listings, C.E.O. Chesky Says

Airbnb plans to conduct a comprehensive review of every property listed on its platform as part of a series of initiatives to give customers “peace of mind,” Brian Chesky, the company’s chief executive, announced at the DealBook Conference on Wednesday. By the end of next year, Mr. Chesky said, Airbnb will check the accuracy of […]

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The Promise and the Peril of Aramco

Saudi Arabia’s Capital Market Authority on Sunday announced that the kingdom had approved plans for turning Saudi Aramco, its hugely profitable national oil company, into a publicly traded corporation. An initial public offering of 1 percent to 3 percent shares is expected in December, but may come later. Prince Mohammed bin Salman touted a valuation […]

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SoftBank Takes a Financial Hit as Its WeWork Bet Sours

TOKYO — SoftBank Group of Japan on Wednesday said it took a multibillion-dollar write-down related to its stakes in WeWork and Uber, two flashy technology companies that have become the poster children for the excesses of start-up culture. SoftBank Group is the world’s largest tech investor, and it has used its $100 billion Vision Fund […]

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Is Aramco Worth $2 Trillion? And Other Crucial I.P.O. Questions

LONDON — Saudi Aramco is undoubtedly huge and very profitable. But what’s the company worth? That question was one of many left unanswered Sunday when the company, the world’s dominant oil producer, announced it would sell a stake to investors. Just about everything about the initial public offering remains to be determined in the coming […]

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Saudi Aramco I.P.O. Is Announced

LONDON — Saudi Arabia said on Sunday that it had approved plans for the giant state-owned oil producer, Saudi Aramco, to go public, taking the country’s crown jewel and what is probably the world’s most profitable enterprise close to its long-awaited goal: becoming a publicly traded company. The country’s Capital Market Authority said that Aramco […]

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Adam Neumann and the Art of Failing Up

Adam Neumann stood on the 57th floor of the Woolworth Building, the neo-Gothic skyscraper that was once the tallest in the world. It was late on a Friday night in 2013, and the WeWork founder and chief executive had just made a move to add the top 30 floors to his rapidly expanding real estate […]

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Diaz a Reminder of U.F.C.’s Star Challenge

Nate Diaz arrived half an hour late to a Midtown Manhattan hotel ballroom Thursday afternoon, sat down in front of a crowd of reporters and proceeded to talk about anything but his fight Saturday against Jorge Masvidal at Madison Square Garden. He was animated discussing his veganism (“The vegans get mad, though, because I’m not […]

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Aramco’s I.P.O. Will Be Less Gigantic Than Promised

When Mohammed bin Salman announced in 2016 that he would list one of his country’s crown jewels — the state-owned oil giant Saudi Aramco — on the stock market, he set some audacious goals. Aramco would be valued at about $2 trillion, easily making it the world’s biggest publicly traded company. Even though the stock […]

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‘It’s Definitely Pretty Empty’: Why Saving WeWork Will Be Hard

Even as WeWork was scrambling to secure a financial bailout last week, Sebastian Gunningham, one of its co-chief executives, made time to oversee the opening of Dock 72, an immaculate shiplike building on the Brooklyn waterfront that houses one of the company’s newest shared working spaces. As Mr. Gunningham posed for a ribbon cutting with […]

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WeWork Considers Rescue Plans From SoftBank and JPMorgan

The board of WeWork, the cash-starved purveyor of shared office space, is weighing competing financial rescue packages from SoftBank and a financial consortium led by JPMorgan Chase, according to two people with knowledge of the matter. SoftBank, a Japanese technology giant that is already the largest outside shareholder in WeWork, is offering to take a […]

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Silicon Valley Is Trying Out a New Mantra: Make a Profit

SAN FRANCISCO — Fred Wilson, a venture capitalist at Union Square Ventures, recently published a blog post titled “The Great Public Market Reckoning.” In it, he argued that the narrative that had driven start-up hype and valuations for the last decade was now falling apart. His post quickly ricocheted across Silicon Valley. Other venture capitalists, […]

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WeWork Formally Withdraws Its I.P.O. After Investors Balked

WeWork shelved its plans for an initial public offering on Monday, days after its chief executive resigned under pressure. It was the latest sign of trouble at the fast-growing company, which rents out shared office space, and was until recently considered one of the world’s most valuable start-ups. But investors balked at buying shares in […]

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