14th May 2021

Covid IPOs Have Collectively Crashed

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Welcome to another edition of The Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[M&A] Kansas City Southern (KCS) has backed a new $34 billion offer from Canadian National. The new deal will involve Canadian National paying $200 in cash to KCS shareholders and providing 1.129 shares of Canadian National. The deal is expected to create the first railway spanning Canada, the U.S. and Mexico. 

Over60: Business Wire

[IPO] Ahead of an IPO this summer, Go Air has rebranded itself as Go First. The Indian low-cost carrier filed a red herring prospectus with the Indian market’s regulator, as the company looks to raise $49 million via its IPO. The issue will be managed by Citigroup, Morgan Stanley and other Indian investment banks. 

Over60: Economic Times

[Stocks] 11 of the top IPOs in 2020 and early 2021 have crashed following stellar public offerings. These companies include Snowflake (-$245), Coinbase (-$166), DoorDash (-$113) and Bumble (-$46). Online gaming platform Roblox is the only tech Covid IPO that has escaped the predicament of other recent IPOs.

Over60: Yahoo! Finance, Yahoo! Finance

[Banking] Some of the largest U.S. banks included J.P.Morgan Chase, Wells Fargo and U.S. Bank, plan to start sharing data on customers’ deposit accounts as part of a government-backed initiative to extend credit to people who have traditionally lacked opportunities to borrow.

Over60: WSJ

[Gambling] America’s commercial casinos matched their best quarter ever in the first three months of this year, as customers continued returning amid the COVID-19 pandemic and internet and sports betting money helped boost revenue numbers. Sports betting revenue set a new quarterly record this year at $961 million, up 270% from a year earlier and surpassing 2019’s full-year total of $909 million.

Over60: A.P. News

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