Article: Top Carbon-Credit-Seller Launches Internal Probe After Selling “Worthless” Offsets To JPMorgan, Disney

Article - Media, Publications

Top Carbon-Credit-Seller Launches Internal Probe After Selling “Worthless” Offsets To JPMorgan, Disney

Joen Coronel, 09 April 2021

Back in December, Bloomberg published a sweeping expose that raised serious questions about the ESG investing craze sweeping the world. In the piece, Bloomberg detailed how the Nature Conservancy, the world’s biggest environmental group and a prominent seller of carbon offsets, had sold “worthless” credits to JPMorgan, Disney and BlackRock as the corporations sought to finance the protection of carbon-absorbing forest land to absolve them of their sins tied to fossil fuel usage. Continue reading “Article: Top Carbon-Credit-Seller Launches Internal Probe After Selling “Worthless” Offsets To JPMorgan, Disney”

Article: Goldman Bought $100M Of Deliveroo Shares During “Worst IPO Ever”…And Still Made Money

Article - Media, Publications

Goldman Bought $100M Of Deliveroo Shares During “Worst IPO Ever”…And Still Made Money

TYLER DURDEN, 07 April 2021

Goldman Sachs managed to avoid billions of dollars in potential losses from the implosion of highly levered hedge fund Archegos Capital Management by breaking ranks with other syndicate banks to dump large blocks of shares representing Archegos’s exposure to a coterie of tech and media names. When the dust settled, the bank told shareholders any losses would be insignificant, while Credit Suisse, the bank with perhaps the biggest exposure, said Tuesday it has booked a nearly $5 billion loss. Continue reading “Article: Goldman Bought $100M Of Deliveroo Shares During “Worst IPO Ever”…And Still Made Money”

Article: Deliveroo Debut Declared “Worst IPO In London’s History”, Sign Of Amsterdam’s Growing Dominance

Article - Media, Publications

Deliveroo Debut Declared “Worst IPO In London’s History”, Sign Of Amsterdam’s Growing Dominance

TYLER DURDEN, 02 April 2021

It’s official: the Financial Times (citing an informal polling of anonymous bankers) has declared Deliveroo’s botched London offering the “worst IPO in London’s history.”

As we reported yesterday, shares of the food-delivery competitor, which is struggling to grow market share at all costs in a battle for survival with Uber Eats and “Just Eat Takeaway”, tanked in their public-markets debut, sliding 31% after pricing at the bottom of their range. Bankers immediately started complaining to reporters about being misled by Deliveroo’s bankers, who had initially bragged that the company would price at the high end of the range. The debut, marketed as a major coup for the LSE and London markets, which are struggling for European supremacy with Euronext Amsterdam, more generally, has turned into a major embarrassment for the industry. Continue reading “Article: Deliveroo Debut Declared “Worst IPO In London’s History”, Sign Of Amsterdam’s Growing Dominance”

Article: “An Absolute Car Crash” – Deliveroo Shares Tumble 31% In London IPO

Article - Media, Publications

“An Absolute Car Crash” – Deliveroo Shares Tumble 31% In London IPO

TYLER DURDEN, 31 March 2021

In what some might take to be the latest sign of exhaustion in global equity markets, shares of Deliveroo tumbled 31% in their market debut Wednesday after pricing at the lower end of their range.

Despite pricing near the bottom of its range, Deliveroo’s opening valuation of about £7.6 billion ($10.5 billion) was the highest in London since resources group Glencore’s 2011 IPO, according to Dealogic data.

But traders quickly wiped more than £2 billion ($2.8 billion) off its market cap as shares plunged. It’s a start contrast to the debut of DoorDash, which IPO’d in the US back in December. Its shares soared more than 86% at the open. One equity capital markets banker who was not involved in the deal described the debut to the FT as “absolute car crash”. In recent days, Deliveroo and its bankers had continued to insist that the offering had seen “very significant demand” from investors, even as its debu tprice range started to slip. Continue reading “Article: “An Absolute Car Crash” – Deliveroo Shares Tumble 31% In London IPO”