The IPO market is picking up steam. Pinterest started its IPO roadshow on Monday, targeting a lower valuation than it achieved in its last private funding round. On Thursday, PagerDuty soared on its debut. And later that day, Uber filed for its own long-awaited listing.
By some estimates, more than 100 tech unicorns could hit the public markets this year. We’ll be keeping a close eye on the winners and losers over the coming months.
You can read all of our extensive coverage on the Uber IPOhere, but here are some of the highlights.
- One of Uber’s earliest investors explains why he invested in the first place, and how the company is going to keep growing past its IPO
- Uber spent $US3.3 billion on acquisitions in 2018 and 2019 – 10-times more than Lyft
- Uber driver says he feels vindicated as his fight for the minimum wage is listed as a risk factor in its $US100 billion IPO
- Uber’s chief self-driving scientist reveals how different the world will look when autonomous cars eventually roll out
- Uber’s original pitch deck from a decade ago shows just how much the ride-hailing giant has changed
And if in case you missed it, here’s six tips from top wealth advisers about how this new wave of Silicon Valley millionaires should prepare for a sudden influx of cash.
In related IPO news, electronic trading platform Tradeweb just went public at a $US7.5 billion valuation. I caught up with Billy Hult, the company’s president, to talk about the IPO process, electronic markets going mainstream, and what it means to be a public company.
What would you like this email to include? What have we missed? You can reach me at [email protected]
Quote of the week
“I’ll say I am looking for a short-term futures guy with Python [coding abilities] and two years’ experience, and once you narrow that down, there’s really only like five or 10 guys out there that fit the bill.” – Michael Graves, a hedge fund manager starting his own fund, on the battle for quant talent with Silicon Valley.
- Marley Jay talked to Peter Mallouk, CEO of Creative Planning and one of the top-ranked US wealth managers in recent years, about the five ways he says you can invest like “the millionaire next door.”
- Rich Feloni talked to Roger Duguay, a managing partner and global practice leader for CEO and board services for Boyden, about the three key traits he looks for in CEO candidates.
- Shona Ghosh talked to Patrick Studener, Bird‘s most senior exec outside the US, about the company’s expansion in Europe, and how you stop someone wielding a scooter as a riot weapon.
- Lisa Eadicicco talked to Ring founder Jamie Siminoff about how he’s bringing his entrepreneurial spirit to Amazon a year after selling to the tech giant for $US1 billion.
- Rosalie Chan talked to Mark Templeton, CEO of cloud computing startup DigitalOcean, about the “cult following” that helped it grow a $US225 million business even under the shadow of Amazon Web Services.
- Meghan Morris talked to Byron Sorrells, chief operating officer at SAY, about how the fintech platform is trying to make voting and other corporate governance processes more accessible to individual investors.
- Kate Taylor talked to José Cil, the new CEO of Restaurant Brands International, the parent company of Burger King, Tim Hortons, and Popeyes, about his plans for the future of the chains.
- Dennis Green talked to Bonobos‘ new CEO, Micky Onvural,about how the retailer is helping Walmart make a crucial strategic shift.
- Lydia Ramsey talked to Flatiron Health CEO and co-founder Nat Turner, a year after the health-tech company sold to Roche in a $US1.9 billion deal, about his advice for other founders who want to stay on after an acquisition.
- Tanya Dua talked to Procter & Gamble chief brand officer Marc Pritchard about why he thinks his crusade to overhaul digital advertising is working.
Finance and Investing
Tim Throsby sent an email to Barclays’ CEO with the title ‘irreconcilable.’ He warned that a plan to gut compensation by 20% and boost profitability was unrealistic
Tim Throsby, a former JPMorgan banker hired by Barclays to much fanfare to run its investment bank, drafted an email over the weekend of March 23 to 24. By the time he got around to sending it to CEO Jes Staley, he was already out.
The Champagne was flowing in February 2018 when the Goldman Sachs executive Rich Friedman welcomed a couple hundred guests to the Rainbow Room.
Jim Tierney can use a painful market crash every now and then.
Tech, Media, Telecoms
In late March, McDonald’s announced its $US300 million-plus acquisition of Dynamic Yield, an Israeli startup that uses algorithms to personalise shopping experiences to the individual.
The head of revenue at Apttus, an enterprise tech company that has been rocked by a series of controversies and executive turnover, has left the company without an immediate replacement, according to a memo obtained by Business Insider.
The next “battle for the home” will revolve around home internet-of-things management, and the voice-control stalwarts Google and Amazon could face stiff competition from Comcast and Charter.
Healthcare, Retail, Transportation
Apple has been edging its way into healthcare for years. Morgan Stanley says investors aren’t taking the move seriously enough.
Making drugs is a notoriously slow and costly proposition.
How does IKEA plan to adapt to the increasingly omnichannel world of retail? Well, the furniture-store chain’s new planning studio in Manhattan may offer up some important clues.
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