Latest news with #ArasuKannagiBasil
Yahoo
6 hours ago
- Business
- Yahoo
Public markets primed for US IPO revival despite tariff uncertainty, NYSE President Martin says
By Arasu Kannagi Basil (Reuters) -Intercontinental Exchange-owned NYSE's President Lynn Martin said on Thursday that public markets were ready for well-prepared companies despite tariff unease as easing volatility was setting the stage for a rebound in U.S. IPO activity. Optimism that 2025 would finally be the year for a strong rebound in U.S. IPO market activity has recently been tempered by tariff-driven uncertainty, but the window seems to be opening up again after volatility eased and equities bounced back. "There's been this narrative in the market, particularly for the last two years. It's a bit false that companies can't go public," Martin said at the Piper Sandler Global Exchange & Trading Conference. The companies debuting at this time were public-market ready, she said, highlighting the successful listings of cybersecurity firm Rubrik and social media platform Reddit last year. "They were ready to go. They went, and they've done extraordinarily well," Martin said. Analysts say the IPO market could be in the early stages of a broader pickup, but that sustained stability was needed before the window opens fully. "We expect approximately one or two deals per week in June, ramping up a bit in July after Independence Day, and if all goes well, a full rebound in September, October after the summer lull," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. NYSE TEXAS The impending launch of the Texas Stock Exchange, backed by Wall Street giants BlackRock and Citadel Securities, is set to heat up the competition in listings markets. The NYSE was following its playbook, talking to its customers about why more of them were moving to Texas, Martin said. NYSE Texas officially opened for business in March and has secured a handful of companies over the past few weeks - including Trump Media & Technology Group - as its "founding" members. "The conversations we're having are incredibly positive," Martin said, adding that NYSE Texas had another double-digit dual listing lined up.
Yahoo
7 hours ago
- Business
- Yahoo
Public markets primed for US IPO revival despite tariff uncertainty, NYSE President Martin says
By Arasu Kannagi Basil (Reuters) -Intercontinental Exchange-owned NYSE's President Lynn Martin said on Thursday that public markets were ready for well-prepared companies despite tariff unease as easing volatility was setting the stage for a rebound in U.S. IPO activity. Optimism that 2025 would finally be the year for a strong rebound in U.S. IPO market activity has recently been tempered by tariff-driven uncertainty, but the window seems to be opening up again after volatility eased and equities bounced back. "There's been this narrative in the market, particularly for the last two years. It's a bit false that companies can't go public," Martin said at the Piper Sandler Global Exchange & Trading Conference. The companies debuting at this time were public-market ready, she said, highlighting the successful listings of cybersecurity firm Rubrik and social media platform Reddit last year. "They were ready to go. They went, and they've done extraordinarily well," Martin said. Analysts say the IPO market could be in the early stages of a broader pickup, but that sustained stability was needed before the window opens fully. "We expect approximately one or two deals per week in June, ramping up a bit in July after Independence Day, and if all goes well, a full rebound in September, October after the summer lull," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. NYSE TEXAS The impending launch of the Texas Stock Exchange, backed by Wall Street giants BlackRock and Citadel Securities, is set to heat up the competition in listings markets. The NYSE was following its playbook, talking to its customers about why more of them were moving to Texas, Martin said. NYSE Texas officially opened for business in March and has secured a handful of companies over the past few weeks - including Trump Media & Technology Group - as its "founding" members. "The conversations we're having are incredibly positive," Martin said, adding that NYSE Texas had another double-digit dual listing lined up. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
4 days ago
- Business
- The Star
Circle, shareholders aim to raise $896 million in upsized US IPO
(Reuters) -Circle Internet and some of its existing shareholders are aiming to raise as much as $896 million in an upsized initial public offering in the United States, the stablecoin giant said on Monday. New York-based Circle and some existing investors are now offering 32 million shares priced between $27 and $28 apiece. This compares with the $624 million expected in proceeds at the top of the previously disclosed offering of 24 million shares priced between $24 and $26 apiece. Circle will list on the New York Stock Exchange under the symbol "CRCL". J.P. Morgan, Citigroup and Goldman Sachs are the lead underwriters for the offering. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)
The Star
4 days ago
- Business
- The Star
Digital banking startup Chime targets $9.5 billion valuation in US IPO
(Reuters) -Digital banking startup Chime Financial said on Monday it was targeting a valuation of up to $9.47 billion in its initial public offering in the U.S. San Francisco, California-based Chime and some of its existing shareholders are seeking to raise up to $832 million by offering 32 million shares priced between $24 and $26 apiece. The U.S. IPO market has sprung back to its feet after a disappointing April as equities rebounded amid easing volatility, paving the way for companies to go public after tariff-driven chaos shut the window for weeks. Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead underwriters for the offering. Chime will list on the Nasdaq under the symbol 'CHYM'. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)
Yahoo
29-05-2025
- Business
- Yahoo
Canada's No.1 lender RBC posts rare profit miss, CIBC beats
By Nivedita Balu and Arasu Kannagi Basil (Reuters) - Royal Bank of Canada missed analysts' quarterly profit estimates on Thursday as it set aside larger than expected sums of money for potential loan defaults in an uncertain economy brought on by U.S. tariffs. The miss is RBC's first in two years and contrasts with peer Canadian Imperial Bank of Commerce, which topped estimates as its earnings from the capital markets unit rose 20%. Shares of RBC, Canada's largest bank, were down about 3.3% in Toronto while those of CIBC were marginally lower. All Canadian banks have set aside large funds to cover potential loan defaults, as the changing economic outlook is expected to be challenging for borrowers. U.S. President Donald Trump's trade policies have created tremendous uncertainty for Canada's economy. Investors hope newly elected Prime Minister Mark Carney will establish pro-business policies and initiate more positive trade talks. "We cannot say for certain where global trade policies will settle but are cautiously optimistic about the path forward," RBC's CEO Dave McKay said. Executives told analysts a U.S. trade court blocking most of Trump's tariffs in a sweeping ruling on Wednesday maintains that uncertainty in various elements, including allocating capital from mortgages right through to M&A. "We are not shaking the overall uncertainty level because of that ruling last night but it helps for renegotiation of USMCA that we expect to happen in the coming six months," McKay said. He added that RBC was not projecting a recession in Canada or the United States, but the uncertainty was dampening confidence in certain parts of the North American economy, including housing. Canaccord Genuity analyst Matthew Lee noted that RBC was playing it "extra safe" as the lender implemented a downside "trade disruption scenario" to its credit model. RBC's provision for credit losses jumped 55% to C$1.42 billion in the second quarter, higher than analysts' estimate of C$1.13 billion, according to LSEG data. Adjusted profit rose 8% to C$4.53 billion ($3.28 billion). On a per share basis, RBC earned C$3.12, missing the estimated C$3.19. CIBC's provisions rose C$91 million to C$605 million. Earnings of C$2.05 per share surpassed analysts' average estimate of C$1.89. ($1 = 1.3821 Canadian dollars)
