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U.S. IPO market hits oversupply problem
Breakingviews · 9:41 AM PDT
The pandemic has thrown the world’s supply chains into disarray. The pipeline for companies going public on U.S. exchanges has its own sourcing problem: too many of them. Online trading app Robinhood Markets’ (HOOD.O) vaunted offering fell flat this week, battery maker Clarios International delayed its debut, and Dole cut its price. Other initial public offerings did better, but investors can afford to be choosy.
Viewsroom: Climate transition, Chinese stocks
Some of the biggest investors, including Brookfield and TPG, are launching mega-funds to invest in the global transition to a net-zero economy in what could be the ultimate new asset class. Richard Beales and Rob Cox discuss. Plus, Beijing’s crackdown on after-school tutoring.
Robinhood spoons up taste of own medicine
IPO U-turn is probably Didi’s most sensible route
The beleaguered $40 bln Chinese ride-hailing group denied a report that it plans to go private a month after its U.S. debut. Changing course would be embarrassing and quite costly. But it may be the best way to get back in Beijing’s good graces amid a continuing crackdown.
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