Amidst a brutal environment for IPOs, Fiat Chrysler’s(FCAU) IPO of 10% of Ferrari(RACE) seems to have bucked the trend. The IPO priced at $52, at the top of the $48 to $52 range, in the face of strong demand. At this price, Ferrari will have a market capitalization of nearly $10 billion. With a small float of just… Read More »
General Electric(GE) is the prototypical conglomerate. It is welll known for its turbines, its locomotives, its jet engines, and its finance division. Chastened by the financial crisis which GE entered as a finance company with some industrial assets attached, CEO Jeff Immelt has been on a multiyear mission to shift the company’s focus back to its industrial operations.… Read More »
Faced with one marketed generic drug and insufficient capital to further development of its late stage cancer drug, Australian biotech Alchemia(AEMAF) concocted a strategy for funding. Alchemia split its cancer division into a new company, Audeo Oncology, which it planned to IPO in the United States, raising $50 million. The remaining shares were to be spun off to… Read More »