Uber’s IPO next month is set to effectively “ring the bell” at the top of the post-2008 equity bull market on Wall Street. True, it is now expecting to be valued at a “bargain” $91bn, rather than the $120bn originally forecast. But as the Financial Times has noted: “Founded in 2009, it has never made […]
Chemicals and the Economy
Brenntag’s €2.7bn IPO
The blog congratulates Brenntag, the leading distribution company, on its successful flotation yesterday. Its shares were issued at €50, and rose to €52 in early trading, giving it a market capitalisation of €2.7bn ($3.6bn). New private equity owners BC Partners sold 4.45m shares to raise €223m, and now own 71% of the company. Brenntag itself […]
Shenhua shares double on IPO
Coal-to-chemicals just took a further step towards becoming a major source of chemical production once again. Yesterday, major coal producer Shenhua Energy listed on the Shanghai stock exchange, and saw its shares jump 93% to value it at $173bn. Shenhua is the world’s second largest seller of coal, after the US’s Peabody Energy, and it […]
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