Reddit, TPG And Gopuff Join The IPO Pipeline

Reddit revealed on Wednesday night that it has filed for an IPO, news that comes a few months after Reuters reported the company was planning a Wall Street debut at a potential $15 billion valuation.

The filing will remain confidential for now, and details on the planned listing are scarce. But we don’t need the details to know that this will be a closely watched and long-awaited debut for a company that’s been a fixture in venture capital circles since the second Bush administration.

After 16 years and more than $1.3 billion in funding as a private company, Reddit will finally join fellow social media giants like Twitter, Snap and Pinterest as a public one. And after a year in which the /r/WallStreetBets subreddit became a phenomenon and helped spur a frenzy of retail trading, Reddit will soon join that frenzy itself.

There won’t be many notable IPOs between now and the end of the year. But the pipeline for 2022 is looking packed. And it filled up even more this week, as Reddit wasn’t the only major name to make moves toward the public market.

Famed private equity firm TPG also filed for an IPO, this time with a prospectus that’s publicly available. The document shows how the firm has continued to build on an already impressive base in recent years, growing its assets under management from $60 billion in 2016 to $109 billion at the end of this September.

It now has five distinct investment platforms with at least $10 billion in AUM, including $52.6 billion in its flagship TPG Capital buyout business, an array of offerings that demonstrates how the private equity industry has matured since TPG got its start in 1992.

Speculation has swirled for years that TPG might make the move from private firm to public entity, following in the footsteps of rivals like Blackstone (which went public in 2007), KKR (2010) and The Carlyle Group (2012). The recent performance of those firms is surely one reason TPG decided to take the leap. Private equity stocks have soared this year, with a huge volume of deals driving huge profits. Carlyle stock is up 67% since the beginning of January, while KKR is up 81%.

It’s a trend that’s already caused a few different private equity investors to go public on the other side of the Atlantic. The U.K.’s Bridgepoint and France’s Antin Infrastructure Partners both conducted IPOs earlier this year. Goldman Sachs, meanwhile, conducted a listing in London for its Petershill Partners unit, which holds minority GP stakes in more than a dozen other private equity firms.TPG appears to be next in line.

This one might be farther in the distance, but delivery startup Gopuff has begun planning an IPO of its own that could occur in the second half of 2022, according to Bloomberg. To call the company’s recent growth explosive would be to undersell it: Gopuff was valued at $190 million in 2017, $1 billion in 2018, $2.2 billion in 2019, $3.9 billion in 2020 and $15 billion with a new round of funding this July, per PitchBook.

And that number could continue to shoot up. Axios reported this week that Gopuff issued a $1.5 billion convertible note led by Guggenheim Partners that could value the company at as much as $40 billion.

Based in Philadelphia, Gopuff is a different kind of delivery company than the likes of DoorDash and Instacart, relying on a network of hundreds of its own small fulfillment centers to house goods rather than buying from other restaurants and grocery stores. But Gopuff has benefited from changing consumer tastes amid the pandemic in the same ways that DoorDash and Instacart have—which goes a long way toward explaining its new status as one of America’s most valuable startups.

The broader IPO market has cooled down in recent weeks from its prior incendiary state, with fewer listings going off and fewer enormous first-week gains. But dealmakers across the financial industry expect things to heat back up in 2022. And the planned listings of Reddit, TPG and Gopuff will only add fuel to the fire.

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I am a staff writer at Forbes covering private equity and M&A. I previously wrote about the private markets for PitchBook, where I created the Weekend Pitch newsletter. I graduated from

Source: Reddit, TPG And Gopuff Join The IPO Pipeline

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KeyCorp Shares Slide After Revealing Fraudulent Q3 Activity

KeyCorp (KEYGet Report)  shares traded lower Tuesday after the lender uncovered fraudulent activity associated within one of its business customers in its current quarter.

KeyCorp revealed that it is investigating the activity, which it believes was associated with one particular business customer of KeyBank National Association.

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The bank holding company has launched an internal investigation into the matter to determine its exposure, which it currently estimates at $90 million. The Cleveland, Ohio-based bank said there could be an additional impact on its third-quarter earnings. Executives are working with law enforcement to determine additional details.

Shares of KeyCorp were down 1.14% at $17.38 in early trading Tuesday. The shares are down approximately 17% year-to-date.

U.S. banks began rolling out their quarterly earnings numbers this week, starting with Citigroup (CGet Report) , which Monday said that second-quarter profit rose 6.6% to $4.8 billion. JPMorgan (JPMGet Report) and Goldman Sachs (GSGet Report) both posted better-than-expected results on Tuesday before the market open.

Wall Street analysts have warned that U.S. banks could face a squeeze on their lending profits as the Federal Reserve moves toward a likely interest-rate cut later in July.

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Source: KeyCorp Shares Slide After Revealing Fraudulent Q3 Activity – TheStreet

Google And Goldman Back Bitcoin Startup For Small Businesses – Michael del Castillo

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Marwan Forzely has come a long way since his days at Western Union. The serial entrepreneur, who sold his previous company to Western Union to help the money-transfer giant directly connect to customer bank accounts, has raised $25 million to cut intermediary banks out of the payment process altogether.Instead of relying on a series of correspondents to move money between different jurisdictions around the world, Marwan’s latest venture, Veem, uses bitcoin to directly connect its clients’ bank accounts with suppliers and customers…….

Read more: https://www.forbes.com/sites/michaeldelcastillo/2018/09/26/google-and-goldman-back-bitcoin-startup-for-small-businesses/#539a7ad546d9

 

 

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Barclays’ Smoke & Mergers Will Not Deflect Tough Questions – Nils Pratley

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Chairmen, especially those embarrassed by the share price on their watch, feel obliged to examine any old merger or acquisition idea. But there are limits to what counts as credible and Barclays’ John McFarlane was seriously off-piste if he thought shareholders would be remotely interested in a corporate combination with Standard Chartered.

The idea provoked inevitable derision in the City. First, Barclays’ entire strategy for the past three years has been to reinvent itself as a US-UK “transatlantic bank”, minus its former African business. Merging with Standard, which operates almost exclusively in Asia and Africa, would be a U-turn too far. Second, regulators would probably demand substantially bigger capital buffers, thereby negating the appeal of Standard’s Asian deposit base. Third, the potential to rip out costs, banks’ usual justification for big mergers, would barely exist.

Barclays’ “exploratory conversations”, according to the FT’s report, were prompted by the perceived need to have a plan B to hand when the unsmiling agitator Edward Bramson turns rough. Bramson’s Sherborne fund has bought a 5.4% interest in Barclays and a confrontation of some form is inevitable because that is how activists justify their fees.

McFarlane and colleagues should drop their “blue sky” bumbling. Barclays’ share price, stuck around the 210p mark, is unimpressive but a panicky mega-deal could make things worse. Their thinking should be simple. If the board trusts the chief executive, Jes Staley, to grind out higher returns over time, let the strategy run. If it doesn’t, it should not have approved his plans in the first place.

Bramson’s beef is assumed to be about Barclays’ investment bank. Should the bank even be in a capital-hungry business dominated by big American firms? Bramson will probably offer a few sharp criticisms and, actually, it’s right that Barclays should be made to explain why dismantling its unreliable investment bank is supposedly too expensive to contemplate. But give the detailed rebuttal, don’t play silly games of fantasy mergers.

Most of all, remember that Bramson is merely a 5% short-termist punter who may have overreached in trying to call the tune at a large regulated bank. He should not be a source of terror.

M&S has time to save itself

It was a “historic day” for Marks & Spencer, declared the chairman, Archie Norman, and he wasn’t talking about the record £514m “adjusting item” hit to profits, which beat even last year’s £437m whack. Rather, M&S was offering the first warts-and-all assessment of its troubles for ages, Norman said.

The list of woes was certainly long: too many stores; stores in the wrong places; a website that is too slow; a distribution centre that cannot cope with peak demand; dated IT systems; an inefficient supply chain in food; and, as the chief executive, Steve Rowe, put it, a corporate culture that was “top heavy” and “inward looking”. Given that none of those items can be considered minor, you can understand why the promised turnaround is pitched as a “three-to-five-year” job.

The share price rose 5%, probably reflecting M&S’ confidence in a same-again dividend of 18.7p. The yield is 6% if you believe the annual distribution is permanently safe. That’s not the worst long-term gamble in a horrible retail sector, even if one suspects more than 100 stores will eventually have to close. M&S still has time to save itself.

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New Technologies Allow You to Do Business (and Compete) From Anywhere – Amarillo

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Everyone knows just how much of an impact technology has had on global business, but if there’s one segment that has benefited the most from technological innovation it’s entrepreneurs. With mobile phones, cloud computing, do-it-yourself accounting software and ubiquitous connectivity, business owners can now create successful companies quickly and from anywhere.

However, with so much technology out there, it can be hard to know what programs and tools are essential for getting a company off the ground and growing. There are some must-haves, though, including these five types of tech.

Super-Size Your Storage

In today’s world, most budding businesses need far more storage than their computers can provide. Things like high-resolutions photos, data-heavy PowerPoints and an endless stream of documents will max out CPU storage in no time. Fortunately, cloud-based companies like Dropbox, Box, Apple and Google offer several terabytes of data for a reasonable monthly cost.

These programs also make collaboration easier as you can quickly share files and folders with contractors and employees. Thanks to these storage sites that many small companies can create a global workforce from the start.

Keep Up With Collaboration

Whether you’re in an office or have a remote workforce located in different cities, being able to collaborate and connect with staffers quickly is a must. Over the last few years, sites like Slack, Basecamp, Trello and others have revolutionized the way small business employees interact with one another.

Forget e-mail–you can now send messages to individuals or teams in an instant, you can work together, in real-time, on complex projects, and you can even build camaraderie by creating “channels” dedicated to more social communication. Messages and files are also easily searchable, making it difficult to lose something important.

Crunch The Numbers

As excited you may be about your brilliant idea, you still need to run a business. That means keeping receipts, adding up bills, doing taxes and other more mundane work. While it may still be a good idea to have an accountant nearby, technology can, and should, take care of most of this work.

Quicken, the classic accounting software, is still popular for tax work, but other programs like Wave Accounting, Xero and Zoho Books come with a variety of features like invoicing, payroll, bill payments and other mission critical applications and fall well within the budgets of most small businesses.

Show Your Face

Instant messaging and email only goes so far. In many cases, you still want to see clients or employees face-to-face–maybe you have to walk them through a presentation or just want to catch up. That’s why having a good video program is critical for small businesses today.

You’ll want to find software that allows you hold meetings with multiple participants, share files with people on a call and you may want to be able to record conferences for future viewing. Google Hangouts, Skype for Business, Zoom.us and GoToMeeting are just some of the popular video conferencing sites to choose from. While it may not be quite as good as a face-to-face meeting, it saves a fortune in travel costs and wear and tear.

Set Up A Store

There was once a time when creating a consumer-focused e-commerce website was a painstaking process. Now, though, sites like Shopify and Tictail let even the smallest companies create sleek websites with all the e-commerce fixings. Companies like these have been a boon to entrepreneurs-

They let users create online shops in snap and take a variety of payment options, such as credit card and PayPal, so that every potential customer can buy what you’re selling. It only takes a few hours to get a store up and running and turn your company into a potentially global business.

While there are plenty of other useful technologies out there–security software, customer relationship management programs and so on–incorporate these five tools into your budding business and you could find yourself ahead of the competition in no time.

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