Dec 12, 2013, 11:10 am EST
California-based social media startup Snapchat has received a $50 million in Series C round financing. A company spokesperson confirmed that the funding came from a single investor — Coatue Management, an investment firm with about $8.5 billion in assets — and would be used to help grow the video service’s business, Forbes notes.
So far, the startup has received a total of about $123 million in financing.
Snapchat made headlines last month when it reportedly rejected a $3 billion acquisition bid from social media giant Facebook (FB). Videos posted online through Snapchat’s app are visible to other users only for seconds before they disappear. Read
Dec 12, 2013, 8:22 am EST
Watch the latest video at video.foxbusiness.com
IPO Playbook Editor Tom Taulli discusses the Hilton (HLT) IPO with Fox Business’ Cheryl Casone on the Countdown to the Opening Bell.
After the interview, Hilton IPO priced at $20 per share, giving HLT a value of nearly $20 billion. Hilton stock begins trading today.
Dec 12, 2013, 6:00 am EST
There’s little to complain about with the IPO market this year: Out of 201 offerings, 21 have posted gains of more than 100%.
But that doesn’t mean the market was full of winners. Consider that 50 deals are still under water, and 22 are off by more than 20% — a painful loss for anyone who invested early on.
So yes, the IPO market is still a risky game and requires a good amount of due diligence (which, of course, we try to do for you at the IPO Playbook). To that end, it sometimes helps to see what went wrong, so you can avoid similar situations in the future. Read
Dec 11, 2013, 1:12 pm EST
Tonight, Hilton expects to price 112.8 million shares at a range of $18 to $21 on the NYSE. Assuming the deal gets struck at the mid-point, it will be the second-largest transaction for the year, even beating out Twitter (TWTR). Hilton will also be the biggest hotel IPO in history — and will have the largest market cap of its peers.
But things weren’t always so rosy. Back in 2007, Hilton pulled off a massive $26 billion going-private transaction with the Blackstone Group (BX). Unfortunately, the timing was horrible and the hotel operator almost imploded amid the financial crisis and the deep recession.
But the dealmakers at BX had a plan to deal with the challenges. To this end, the partners brought in CEO Christopher Nassetta, who was formerly at the helm of Host Hotels & Resorts (HST). Read
Dec 11, 2013, 11:29 am EST
When it comes to Wall Street, it seems that Twitter (TWTR) has developed an anti-gravity technology. Yesterday TWTR stock soared by 5.8% to $51.99 — then a new high. And shares of Twitter stock are up another 3% today, to over $53.
This compares to the $26 offering price for the Twitter IPO, which was launched in November 6. Interestingly enough, TWTR stock has made other social operators, like Facebook (FB), LinkedIn (LNKD) and Yelp (YELP), look like laggards.
So the follow-up question is obvious: Can anything stop TWTR? Read
Dec 10, 2013, 11:22 am EST
In a couple of weeks, the IPO market will close for the year — the end of a banner performance for new stocks hitting the market.
There have been 198 IPOs in 2014, and the average gain was about 33.24% — better than the performance of the S&P 500, which is up roughly 27% this year. And the hottest IPOs have been huge ones: The top 5 offerings all returned more than 100%.
Going into 2014, there are few signs that the momentum will slow down, especially as the Dow and Nasdaq continue their winning ways. It also helps that the U.S. economy has been showing more strength lately as we look to close out 2013. Read