Latest news with #PritamBiswas
Zawya
4 days ago
- Business
- Zawya
Stablecoin issuer Circle raises $1.05bln in upsized US IPO
Circle Internet on Wednesday priced its upsized U.S. initial public offering at $31 apiece raising $1.05 billion, adding fresh momentum to a growing pipeline of late-stage cryptocurrency firms eyeing public markets. Circle and its shareholders sold 34 million shares at $31 apiece, valuing the company, which issues the USDC stablecoin, at roughly $8 billion on a fully diluted basis. The IPO had been marketed in a range of $27 to $28 per share. The company's flotation would be one of the biggest of the year after the Trump administration's trade policies rattled markets and pushed firms planning to go public to adopt a wait-and-see approach. However, market debuts of companies such as Israeli fintech eToro have offered some respite to investors tracking fresh public offerings. (Reporting by Pritam Biswas and Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
Yahoo
20-05-2025
- Business
- Yahoo
Thoma Bravo's Nearmap to buy insurance tech firm itel for over $1.3 billion
By Ateev Bhandari and Pritam Biswas (Reuters) -Thoma Bravo-backed Nearmap has agreed to buy insurance technology provider itel from private equity firm GTCR, the companies said on Tuesday, as it looks to expand its offerings across property portfolios. The deal values itel at over $1.3 billion, including debt, a source familiar with the matter told Reuters. GTCR declined a comment on the deal value. The deal highlights the revived deployment of dry powder by buyout firms as the industry's recovery from high interest rates was disrupted by tariff-driven turbulence. The exchange of private assets in the secondaries market has also come to the forefront, with the freeze in IPO market, the traditional liquidity source for private equity, forcing many managers to sell their holdings at a discount. Founded in 1993, itel uses its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment. The company also assists policyholders with damage assessments through its mobile platform. Jacksonville, Florida-based itel provides its services to all of the top 100 insurance carriers in North America. GTCR, which manages over $45 billion in capital, bought itel in August 2021 from PNC Riverarch Capital. The firm, in a release on Tuesday, said that the insurance tech firm had doubled its revenue over the past three years. "GTCR has been a great partner to us as we have built itel into a leading data and analytics company in the property claims ecosystem," said itel CEO Brian Matthews in a statement. The sale to Thoma Bravo comes just over a month after GTCR achieved a rare, significant return by selling its 55% stake in payments processor Worldpay to Global Payments in a $24.25 billion three-way deal. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, Thoma Bravo has also been active, liquidating its holding in exchange operator Nasdaq in two separate block trades earlier in the month. Thoma Bravo had acquired Australia-based insurance technology firm Nearmap in December, 2022. Raymond James and Bank of America acted as the financial advisers to itel, while Latham & Watkins served as its legal counsel. 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
Yahoo
29-01-2025
- Business
- Yahoo
Nasdaq's fourth-quarter profit rides on lower-than-expected fintech performance
By Pritam Biswas and Laura Matthews (Reuters) -Nasdaq reported higher fourth-quarter profit on Wednesday, helped by increased demand for the exchange operator's financial technology products, which still fell short of some analysts' expectations. The company has been expanding outside its market-sensitive core activities of trading and listing to products that help traders navigate compliance requirements and safeguard against financial crimes. Revenue from Nasdaq's financial technology business rose nearly 9.8% in the fourth quarter. However, the $438 million revenue from financial technology unit marginally missed analysts' estimates of $441.2 million, per data compiled by LSEG. The company's shares, which rose 33% in 2024, were last down marginally at $80.91. Analysts said the miss in financial technology revenues was weighing on the share price. "Fintech was driving the growth, but it was actually below expectation for the quarter," said Owen Lau, a senior analyst at Oppenheimer & Co. "The key metric driving the stock is (annualized recurring revenue) which is forward looking." Adena Friedman, chief executive officer at Nasdaq, told analysts on a call that the company is well-positioned to build on last year's successes to deliver durable revenue growth in 2025 because of the solid economic backdrop. That's because along with U.S. consumer spending and relatively low unemployment supporting GDP growth, Friedman said inflation and interest rates are settling into a more predictable state, causing investors to feel more confident about deploying capital. "Overall, the global economy is expected to grow with help from strength in the U.S. and other parts of the world, including South Asia," she added. "These factors have contributed to creating a positive business environment to start the year." Hopes of a soft landing for the U.S. economy, strong equity markets and expectations of a friendlier regulatory environment for deals and offerings under the Trump administration breathed new life into the U.S. IPO market during the reported quarter. Nasdaq stock market's total listed companies rose a mere 0.7% to 4,075 as of Dec. 31, 2024, translating to a 1.6% increase in the company's data and listing services revenue. Software firm ServiceTitan and China's self-driving vehicle company WeRide were some of the big names that listed its shares on Nasdaq during the October-December quarter. "After several years of muted IPO activity, we expect more companies to list on public markets with an uptake beginning in the second quarter of 2025, setting up a strong half of the year," said Friedman. Net profit attributable to Nasdaq, on an adjusted basis, came in at $438 million, or 76 cents per share, in the fourth quarter ended Dec. 31, compared with $395 million, or 72 cents per share, a year earlier. That beat analysts' expectation of 75 cents, according to estimates compiled by LSEG. The company reported net revenue of $1.23 billion, up from $1.12 billion. Sign in to access your portfolio
Zawya
29-01-2025
- Business
- Zawya
Nasdaq's quarterly profit rises as fintech shines
Nasdaq reported a higher fourth-quarter profit on Wednesday, helped by strong demand for the exchange operator's financial technology products. Net profit attributable to the company, on an adjusted basis, came in at $438 million, or 76 cents per share, in the fourth quarter ended Dec. 31, compared with $395 million, or 72 cents per share, a year earlier. (Reporting by Pritam Biswas in Bengaluru; Editing by Shounak Dasgupta)
Yahoo
27-01-2025
- Business
- Yahoo
Weight-loss drug developer Metsera targets up to $1.78 billion valuation in US IPO
By Prakhar Srivastava and Pritam Biswas (Reuters) -Metsera, which is developing weight-loss drugs, said on Monday it is seeking a valuation of up to $1.78 billion in its U.S. IPO, aiming to capitalize on Wall Street's insatiable appetite for such treatments. Hopes of a soft landing for the U.S. economy and expectations of a more business-friendly regulatory environment for deals and offerings under the Donald Trump administration have spurred companies' interest in going public in 2025. "In 2025, early signs have been encouraging — Metsera is one of 6 companies that announced IPO plans in January," said William Pickering, senior analyst at Bernstein. "But we don't expect a dramatic uptick for the full year given continued high interest rates," Pickering added and signaled companies' poor post-IPO performances in 2023 and 2024. Despite this, the global weight-loss drug market, expected to be worth about $150 billion by the early 2030s, has drawn increased investor interest in companies targeting the fast-growing segment. New York City-based Metsera is aiming to raise up to $292.2 million by offering 17.19 million shares, priced between $15 and $17 each. Biotech firms such as BioAge Labs and MBX Biosciences were well received on their respective debuts, but have lost ground to trade much lower than their IPO price, as of Jan. 27. Founded in 2022 by venture capital firm ARCH Venture and investment company Population Health Partners, Metsera is developing injectable and oral drugs to treat obesity, based on the GLP-1 mechanism and other biological targets. GLP-1 drugs, which help slow digestion and reduce hunger by triggering a feeling of fullness, are now being studied to see if they can improve health in other ways too. Metsera expects its shares will trade on the Nasdaq Global Market under the ticker symbol "MTSR". BofA Securities, Goldman Sachs, Evercore ISI, Guggenheim Securities and Cantor are the underwriters for the offering.
