U.S. IPO market hits oversupply problem

Dole

30/07/2021 15:09

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are his own.)
    By Richard Beales
    NEW YORK, July 30 (Reuters Breakingviews) - There are too
many companies coming to market, even excluding record numbers
of blank-check vehicles. Robinhood’s vaunted offering fell flat,
battery maker Clarios delayed its debut, and fruit purveyor Dole
downsized. Other IPOs did better, but investors can afford to be
choosy.
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    CONTEXT NEWS 
    - Robinhood Markets’ shares fell 8% to around $35 on their
first day of trading on July 29, compared with an initial public
offering price of $38 set a day earlier.
    - Clarios International, a car-battery maker owned by
Brookfield Asset Management, on July 29 delayed its initial
public offering citing “current market conditions.”
Advertising-technology company Teads, owned by French telecom
group Altice, also postponed its IPO.
    - Dole on July 28 slashed the indicative price range for its
initial public offering. The fruit and vegetable grower said it
plans to price its shares between $16 and $17 apiece, compared
with the previous range of $20 and $23 per share. It would be
valued at $1.7 billion at the top end of the new range. 
 


     
    
 

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Clarios, Teads delay U.S. IPOs citing market volatility   
 urn:newsml:reuters.com:*:nL4N2P53Z6
Farm produce giant Dole slashes IPO price range, targets $1.7
bln valuation     urn:newsml:reuters.com:*:nL4N2P42CM
BREAKINGVIEWS-Robinhood spoons up taste of own medicine   
 urn:newsml:reuters.com:*:nL1N2P52CD
BREAKINGVIEWS-China makes market tea leaves very hard to read   
 urn:newsml:reuters.com:*:nL1N2P404K
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 (Editing by Lauren Silva Laughlin and Marjorie Backman)
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