These three things will change the world today.
Snap Inc, the loss-making messaging startup will float on the New York Stock Exchange (NYSE) today, in one of the biggest tech offerings since Facebook.
An estimated 200m Shares are reportedly priced at $17 each, exceeding expectations and raising $3.4bn at a $24bn valuation.
Evan Spiegel, the company’s chief executive, and his fellow co-founder Bobby Murphy, chief technology officer, will have stakes valued at $4.3bn each from the IPO, with Spiegel eligible for an extra bonus.
“The demand for the Snap IPO has been very, very strong,” said Jeff Zell, an analyst with research firm IPO Boutique. “Even the original naysayers and detractors from the deal have pretty much softened their negativity.”
2. Gazprom’s charm offensive in Hong Kong
Russia’s state-controlled energy supplier, Gazprom, will meet with investors in Hong Kong to discuss plans to send more natural gas to China.
Gazprom said it expects strong interest from Chinese investors after signing a 30-year gas-supply deal worth $400bn almost three years ago.
While Europe “was, is and will remain Gazprom’s priority market,” China will be the company’s key partner in Asia, Gazprom’s deputy chief executive officer Alexander Medvedev said in Singapore earlier this week.
From 2014-15, European and US investors owned more than 85 percent of Gazprom’s depository receipts, representing 27 percent of its share capital..
Asian ownership accounted for about 10 percent, compared with 4 percent in 2008.
3. Farewell Agent Provocateur?
Agent Provocateur, the British lingerie retailer, will reportedly fall into administration today, before being sold on to Sports Direct.
Agent Provocateur was put up for sale in January by owner 3i after struggling with large debts and poor sales.
The State of Technology This Week
If the sale to Sports Direct goes ahead, an estimated 600 Agent Provocateur employees will lose their jobs.
At present, the underwear retailer has 100 stores in 13 countries.