Core Viewpoint - Meesho, an online marketplace in India, is preparing for an initial public offering (IPO) aiming for a valuation of approximately 530 billion rupees ($6 billion) and plans to raise around 60 billion rupees through the offering [5]. Group 1: IPO Details - The IPO will consist of a fresh issue of shares valued at 42.5 billion rupees and an offer for sale of 175.7 million shares from existing investors [5]. - The company is in discussions with SBI Funds Management for a pre-IPO placement, which may influence the size of the IPO [5]. - The IPO is expected to launch in the first half of December [5]. Group 2: Market Context - Meesho is part of a growing trend in India's IPO market, which has seen companies raise nearly $19.5 billion this year, following a record $21 billion in 2024 [2][5]. - The ongoing deliberations regarding the IPO may lead to changes in timing and deal size [2]. Group 3: Financial Performance - Meesho reported a free cash flow of 10.32 billion rupees for the year ending March 2025, the highest among listed e-commerce firms in India [4]. Group 4: Advisory Team - The IPO is being advised by Kotak Mahindra Capital Co., Axis Bank Ltd., and local units of JPMorgan Chase & Co., Morgan Stanley, and Citigroup Inc. [5].

Core Viewpoint - Central Bancompany, Inc. is making its debut on NASDAQ under the symbol "CBC" with a successful IPO raising $373 million amid increased scrutiny on regional banks [1][2] Group 1: IPO Details - The company is offering 17.77 million shares of Class A common stock priced at $21.00 each [1][2] - Trading is expected to begin on November 20, 2025, with the offering anticipated to close on November 21, 2025 [2] - Underwriters have a 30-day option to purchase an additional 2.667 million shares at the offering price [2] Group 2: Market Performance - CBC is currently trading at $22.15, reflecting a 5.48% increase from its IPO price [3] - The stock has experienced a low of $22 and a high of $22.70 today, marking its highest price over the past year [3] - The company has a market capitalization of approximately $4.89 billion, with a trading volume of 3,040,630 shares indicating strong investor interest [3]

Core Insights - Phoenix Education Partners, Inc. reported a fourth quarter revenue of $257.4 million and a fiscal year 2025 revenue of $1,007.2 million, marking a year-over-year increase in both periods [1][5]. Financial Performance - For the fourth quarter of 2025, net revenue was $257.4 million, up from $240.2 million in the fourth quarter of 2024, representing a growth of approximately 7.3% [3]. - The average total degreed enrollment for the fourth quarter of 2025 was 79,300, compared to 75,000 in the same quarter of 2024, indicating a 5.7% increase [3]. - Net income for the fourth quarter of 2025 was $17.6 million, compared to $10.0 million in the fourth quarter of 2024, reflecting a 76% increase [3]. - Adjusted EBITDA for the fourth quarter of 2025 was $56.6 million, up from $41.6 million in the fourth quarter of 2024, showing a growth of 36.1% [4]. Annual Results - For fiscal year 2025, net revenue totaled $1,007.2 million, compared to $950.0 million in fiscal year 2024, marking a 6% increase [5]. - The average total degreed enrollment for fiscal year 2025 was 81,900, compared to 78,900 in fiscal year 2024, indicating a 3.8% increase [5]. - Net income for fiscal year 2025 was $135.4 million, compared to $115.1 million in fiscal year 2024, representing a 17.5% increase [5]. - Adjusted EBITDA for fiscal year 2025 was $243.9 million, compared to $229.1 million in fiscal year 2024, reflecting a growth of 6.5% [5]. Initial Public Offering - On October 10, 2025, Phoenix Education Partners completed an IPO of 4.9 million shares at a price of $32.00 per share, with no proceeds received by the company as the shares were sold by existing shareholders [8]. Balance Sheet and Liquidity - As of August 31, 2025, the company's cash and cash equivalents totaled $194.8 million, down from $382.9 million as of August 31, 2024, primarily due to $250.6 million in distributions and $22.5 million in capital expenditures [10]. - The company had no outstanding debt as of August 31, 2025, and entered into a $100 million senior secured revolving credit facility on November 13, 2025 [11]. Business Outlook - For fiscal year 2026, the company expects revenue to be in the range of $1,025.0 million to $1,035.0 million, with adjusted EBITDA projected between $244.0 million and $249.0 million [12].

Core Viewpoint - Billionaire Bill Ackman indicated that Fannie Mae (FNMA) and Freddie Mac (FMCC) are not ready for an IPO despite discussions about a potential public offering by late 2025 or early 2026 [1][2] Group 1: IPO Readiness - Ackman emphasized that preparing FNMA and FMCC for the market requires significant time and effort, particularly in gaining the confidence of the financial community [2] - He proposed that the Treasury should exercise its 79.9% warrants in both companies to facilitate their shares returning to the New York Stock Exchange, allowing institutional investors to start building positions [3] Group 2: Market Reaction - Following Ackman's comments, FNMA and FMCC shares initially rose over 7%, with FNMA increasing by 13.69% at market close [4] - However, FNMA stock subsequently fell by almost the same amount, dropping 13.88% [4] Group 3: Company Overview - Fannie Mae provides financing solutions for residential mortgages in the U.S., focusing on single-family and multifamily housing [5] - The company buys mortgages from lenders, packages them into securities, manages credit risk, and supports low-income housing projects, ensuring mortgage liquidity for homebuyers [6] - FNMA has a market capitalization of $65 billion and trades on OTC markets with an average three-month volume of 7.37 million [7] Group 4: Financial Performance - In Q3 2025, Fannie Mae reported a net income of $3.9 billion, a 16% increase from the previous quarter, raising its net worth to $105.5 billion [8] - Since January 2020, Fannie Mae has increased its net worth by $92 billion through retained earnings, demonstrating significant financial progress [8]

Indian internet companies are going public, and investors are jumping in. It may pay to wait until the smoke clears. ...

Cryptocurrency exchange Kraken’s choice to move ahead with a confidential IPO filing, just days after securing an $800 million raise, shows an exchange trying to capitalize on market momentum while U.S. regulators edge toward clearer crypto rules. The timing surprised some market watchers as the company's recent capital raise implied a strong private-market valuation and provided substantial runway. But the IPO move fits a broader trend playing out across crypto, according to seasoned securities attorney ...

Core Viewpoint - Billionaire investor Bill Ackman advises against rushing the IPOs of mortgage giants Fannie Mae and Freddie Mac, suggesting a more measured approach to maximize taxpayer value [1][2]. Group 1: IPO Strategy - Ackman proposes a three-step reform plan to secure "hundreds of billions of dollars in value" for taxpayers, emphasizing that rushing to IPO is a mistake and that the companies are worth significantly more [2]. - The proposed steps include the Treasury acknowledging past payments, exercising warrants for 79.9% common stock ownership, and relisting both companies on the New York Stock Exchange [2][3]. - Ackman believes this strategy could lead to a potential market cap of $400 billion for Fannie Mae and Freddie Mac [3]. Group 2: Market Preparation - Ackman stresses the importance of careful preparation before an IPO, criticizing the previous administration's "net worth sweep" as detrimental to the companies' capital rebuilding efforts [3][4]. - He highlights the need to reset capital levels and establish the right management teams before proceeding with an IPO [4]. Group 3: Mortgage Market Protection - Ackman's plan aims to prevent widening mortgage spreads that could result from a rushed IPO, advocating for keeping the entities in conservatorship while listing them on the NYSE [4]. - This approach is presented as a way to balance the risks and benefits, offering potential for narrowing spreads while avoiding disruption in the mortgage market [4]. Group 4: Economic Outlook - Beyond the specific case of Fannie Mae and Freddie Mac, Ackman expresses optimism for the U.S. economy, citing factors such as massive AI investment, deregulation, and tax reforms as positive influences [6]. - He advocates for initiatives like universal 401(k) plans to ensure broader participation in capitalism and address wealth disparity issues [6].

Core Viewpoint - ICICI Prudential Asset Management Co. is nearing approval from India's securities regulator for a significant initial public offering (IPO), which could be one of the largest in the country this year [1][2]. Group 1: IPO Details - The Securities and Exchange Board of India (SEBI) is expected to grant approval in the coming days, with the company initiating discussions with potential investors and aiming for a launch next month [2]. - If successful, the IPO could elevate India's market above last year's record of nearly $21 billion, with the deal potentially raising up to 100 billion rupees ($1.1 billion) and valuing the firm at approximately $11 billion [3]. - ICICI Securities Ltd. and Citigroup are leading the IPO, supported by a record number of 16 additional banks in the syndicate [4]. Group 2: Company Background - The company submitted its draft red herring prospectus on July 8, proposing the sale of up to 17.65 million shares, representing a 10% stake [5]. - ICICI Bank Ltd. holds a 51% stake in the joint venture, while the remaining shares are owned by UK-based Prudential [5].

Core Insights - Phantom, a Solana-based crypto wallet, has decided against going public, launching a token, or building its own blockchain, focusing instead on product development and investment in Solana [3][4][5] - The company has over 7 million monthly active users and has attracted significant private funding from major investors like Paradigm, a16z, and Sequoia Capital [1][3] - The decision to remain private reflects a broader trend among crypto startups prioritizing sustainable revenue and product focus over the pressures of public market volatility and quarterly earnings [8][9][10] Company Strategy - Phantom's CEO, Brandon Millman, emphasized that the company will stay private "for as long as it makes sense," indicating a strategic choice to avoid the burdens of public market compliance [3][4] - The company has assessed the costs and benefits of public listing, concluding that it can meet its funding needs through private capital [4][9] - Millman also dismissed the idea of launching a token, citing the responsibilities and market risks associated with token issuance [5][6] Market Context - The crypto market has seen a shift with companies like Circle and Kraken going public, while Phantom opts to remain private, highlighting a divergence in strategies within the industry [2][3] - Analysts note that Phantom's revenue is closely tied to Solana's performance, with a 97% correlation to Solana's total app revenue, indicating both a strength and a risk in its business model [7] - The current market environment rewards predictable cash flows, making the decision to stay private more appealing for companies focused on long-term sustainability [9][10] Industry Trends - The trend of crypto companies staying private reflects a maturation of the industry, moving away from hype-driven growth towards sustainable business practices [8][10] - Regulatory uncertainty in the U.S. adds to the complexity of going public, with companies preferring to avoid rigid compliance frameworks that could stifle innovation [9] - The dual-path model of integrating an IPO with a token remains largely untested, indicating that many firms are still exploring new business structures [6]

US-based cryptocurrency and digital assets exchange Kraken has confidentially submitted a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), marking an official request to offer common stock in an initial public offering. The number of shares on offer and the price of the initial stock offering has yet to be determined. According to a Nov. 19 blog post on the Kraken website, the IPO is expected to occur after the SEC completes its review process. Fundraising an ...