corporate funding
Procore Technologies Aims to Digitize Construction. Its IPO Gained 31%.
Text size Procore’s CFO says many construction companies still use pen, paper, and fax machines. Pojoslaw/Dreamstime Procore Technologies is looking to modernize the construction industry, which it says has been slow to adopt technology that could save vast amounts of money. Founded in 2003, Procore (ticker: PCOR) provides cloud-based construction-management software that enables its customers, …
Grab to Go Public in Record-Breaking SPAC Merger
Grab Holdings Inc. said it would go public on the Nasdaq Stock Market by merging with a special-purpose acquisition company, securing a near-$40 billion valuation in a new milestone for the SPAC boom that has swept U.S. financial markets. The $39.6 billion deal to list Grab, a ride-hailing, food-delivery and digital-wallet group that operates across …
GE stock sinks after proposing reverse stock split, confirming $30 billion AerCap deal
Shares of General Electric Co. slumped Wednesday, after the industrial conglomerate confirmed a $30 billion deal with AerCap Holdings NV, while also surprisingly proposing a 1-for-8 reverse stock split. GE, which hosted an analyst meeting early Wednesday, also provided 2021 financial guidance, in which the range for adjusted earnings was a bit downbeat, but the …
Oscar Health Could Raise $1 Billion in IPO Next Week
Text size A scene inside the Oscar Center in the Brooklyn borough of New York. Kholood Eid/Bloomberg Oscar Health, the insurance-technology company backed by Josh Kushner, is slated to go public early next month, two people familiar with the situation said. Oscar is scheduled to price its deal on March 2, and trade the next …
Tech IPO Bonanza Yields Riches for Venture-Capital Firms
More than $157 billion has been raised as of Thursday, according to data provider Dealogic—over a third of that in the past 11 weeks—and the number of listings is the largest since the final hurrah of the dot-com boom in 2000. The soaring public offerings are showering returns on some of the biggest names in …
China’s Health-Care Listings Break Records
Chinese health-care companies are enjoying a banner year, with an overhaul of the country’s health system and relaxed listing rules helping fuel a surge in share sales. More than 60 health-care companies from China have raised a total $16.3 billion from initial public offerings and secondary listings in Hong Kong, mainland China and elsewhere, according …
U.S. Moves to Seize Cryptocurrency Accounts Linked to North Korean Heists
WASHINGTON—U.S. authorities on Thursday moved to seize 280 cryptocurrency accounts they said were used by North Korean hackers who stole more than a quarter of a billion dollars from cryptocurrency companies around the world, including one in the U.S. The U.S. Justice Department said the accounts targeted in the civil forfeiture filing were used by …
American Express to Buy Financial Technology Firm Kabbage. Amex Stock Drops
Text size Andrew Harrer/Bloomberg American Express has agreed to buy nearly all of fintech Kabbage as it seeks to expand its services for small businesses. Financial terms weren’t announced, although press reports peg the sale at $850 million. AmEx (ticker: AXP) is buying Kabbage’s team as well as its suite of financial technology products, data …
Mnuchin Calls for Forgiving PPP Loans to Smallest Businesses
WASHINGTON—Congress should consider automatically forgiving Paycheck Protection Program loans taken out by the smallest U.S. businesses—and offer a second helping of aid to firms hard hit by the pandemic, Treasury Secretary Steven Mnuchin said Friday. The comments came at a House Small Business Committee hearing, where lawmakers in both parties signaled they want to push …
Technology, Manager Initiative Buffer Florida Pension’s PE Portfolio
Hefty exposure to technology investments combined with swift action by managers helped lessen the impact of the coronavirus on the private-equity portfolio of Florida’s largest public pension fund, the Florida State Board of Administration, which manages the pension, said in a recent presentation. Nearly 44% of the market value of Florida Retirement System Pension Plan’s …
