Joshua Franklin
Joshua Franklin
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How Airbnb's CEO succumbed to an IPO he resisted

How Airbnb's CEO succumbed to an IPO he resisted

By , (Reuters) - Airbnb CEO Brian Chesky resisted calls from his investors for years to follow the lead of other Silicon Valley unicorns and take the home rental startup public, as he pursued his dream of turning it into a one-stop shop for leisure and travel. He is now pressing ahead with a stock market debut just as the COVID-19 pandemic hits its peak.Airbnb aims to complete its initial public offering (IPO) on Nasdaq next month, 12 years after Chesky founded the company with former roommates Joseph Gebbia and Nathan Blecharczyk. The long road to the IPO frustrated many investors and...

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Joshua Franklin
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Nov 20
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Exclusive: Instacart taps Goldman Sachs to lead IPO at $30 billion valuation - sources

Exclusive: Instacart taps Goldman Sachs to lead IPO at $30 billion valuation - sources

By , Instacart was valued at $17.7 billion last month, when it raised $200 million in a private fundraising round. Were the IPO to push Instacart’s valuation to close to $30 billion, it would underscore the rapid growth of its business as more consumers turn to it to shop for groceries during the COVID-19 pandemic.The sources requested anonymity because the IPO preparations are confidential. Instacart and Goldman Sachs declined to comment.Launched in 2012 and led by its co-founder Apoorva Mehta, Instacart’s order volumes have surged as much as 500% this year, as consumers shopped online...

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Joshua Franklin
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Nov 12
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Airbnb to make IPO filing public next week despite COVID-19 surge: sources

Airbnb to make IPO filing public next week despite COVID-19 surge: sources

By , (Reuters) - Airbnb Inc plans to make its IPO registration public next week, putting it on course for a New York stock market debut in December even as the COVID-19 pandemic intensifies, two people familiar with the matter said on Thursday.The U.S. home rental company’s planned debut on the Nasdaq is set to be one of the largest stock market listings of 2020, amid a pandemic that has seen demand for house rentals surge as vacationers snub hotels to practice social distancing.Airbnb’s initial public offering filing will give outsiders their first detailed look into Airbnb’s business,...

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Joshua Franklin
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Nov 5
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Exclusive: Airbnb aims to raise roughly $3 billion in IPO - sources

Exclusive: Airbnb aims to raise roughly $3 billion in IPO - sources

By , (Reuters) - Home rental company Airbnb Inc is aiming to raise around $3 billion in its upcoming initial public offering (IPO), people familiar with the matter said on Friday, taking advantage of the unexpectedly sharp recovery in its business after the COVID-19 pandemic roiled the travel industry.Airbnb said in August it had filed confidentially for an IPO with U.S. regulators. [nL4N2FL3SN]The company’s current plan is to make its filing publicly available in November after the U.S presidential election and is targeting an IPO some time in December, the sources said, requesting...

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Joshua Franklin
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Oct 3
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Palantir close to registering for stock market debut: sources

Palantir close to registering for stock market debut: sources

United States (Reuters) - Data mining firm Palantir Technologies Inc is aiming to file confidentially with U.S. regulators to go public in the coming weeks, emboldened by the strong performance of other initial public offerings (IPOs), people familiar with the matter said. A string of successful IPOs is paving the way for Silicon Valley firms, concerned about the economic fallout of the global coronavirus outbreak, to follow suit. Shares of online used car seller Vroom Inc VRM.O more than doubled in their Nasdaq debut on Tuesday, on the heels of eight companies last week that raised more in...

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Joshua Franklin
Jun 12
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U.S. companies issue shares at fastest rate ever, selling the rally

U.S. companies issue shares at fastest rate ever, selling the rally

United States NEW YORK (Reuters) - U.S. public companies sold more than $60 billion in shares in May, the biggest monthly haul ever, as they capitalized on a stock market rally fueled by hopes that the COVID-19 pandemic is subsiding. The benchmark S&P 500 Index has risen around 40% off of recent lows, hit in late-March at the height of market panic during the coronavirus outbreak, and is now roughly 10% shy of all-time highs hit in February. The whipsawing markets stunted companies’ ability to issue new shares and raise cash, with just $4.8 billion sold in March, the lowest monthly total...

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Joshua Franklin
Jun 1
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Exclusive: Norwegian Cruise taps Goldman Sachs to explore stake sale - sources

Exclusive: Norwegian Cruise taps Goldman Sachs to explore stake sale - sources

United States (Reuters) - Norwegian Cruise Line Holdings Ltd () has hired investment bank Goldman Sachs Group Inc () to explore financing options that could include the sale of a stake in the company, people familiar with the matter said on Friday. Norwegian’s attempt to bolster is finances comes as cruise operators have been forced to suspend their operations due to the novel coronavirus outbreak. They have been left out of a $2.3 trillion stimulus package that U.S. lawmakers have adopted to support the economy and provide aid to troubled companies. Among the options Norwegian Cruise is...

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Joshua Franklin
Apr 17
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Exxon raises $9.5 billion to load up on cash while debt market still open to new deals

Exxon raises $9.5 billion to load up on cash while debt market still open to new deals

United States NEW YORK (Reuters) - Exxon Mobil Corp on Monday raised $9.5 billion in new debt, with the largest U.S. oil producer seeking to bolster its finances while debt markets remain open to new deals. Exxon paid a lower price to borrow than it did in a similar debt deal almost four weeks ago, a sign of how investor confidence is gradually returning after a rout in energy prices and a stock market collapse fueled by the coronavirus outbreak. Nevertheless, borrowing costs for Exxon were still higher than prior to the coronavirus outbreak. Exxon raised $9.5 billion by selling five...

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Joshua Franklin
Apr 14
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