Arab Today, arab today 2 new tech ipos on the horizon
Last Updated : GMT 00:04:11
Arab Today, arab today
Arab Today, arab today

2 new tech IPOs on the horizon

Arab Today, arab today

Arab Today, arab today 2 new tech IPOs on the horizon

New York - Arabstoday

Kayak Software Corp and Palo Alto Networks Inc will kick off their Morgan Stanley-led initial public offerings next week, according to people with knowledge of the situation, following ServiceNow Inc’s successful debut. Both companies will start their roadshows next week, when they’ll market the offerings to investors, and should start trading by the end of this month if market conditions allow, said the people, who asked not to be identified because the process isn’t public. ServiceNow Inc’s 37 per cent jump in its market debut last week opened the gates for other IPOs after the flop of Facebook’s $16 billion (Dh58.7 billion) initial share sale froze the US market for more than a month. It also may have helped Morgan Stanley redeem itself after coming under fire for the way it led Facebook’s offering. CKE Inc, owner of the Hardee’s restaurant brand, named Morgan Stanley the lead bank on its IPO on Wednesday. “Once we start to get more confidence in going public, you’ll start to see a significant amount of companies that are going to follow through with their delayed plans,” said Jeffrey Sica, who oversees more than $1 billion as chief investment officer of Morristown, New Jersey-based Sica Wealth Management LLC. Shelved IPOs IPOs globally raised $41.3 billion in the three months ended June 30, 34 per cent less than in the same period a year ago, according to data compiled by Bloomberg. At least 50 companies shelved sales as Europe’s debt crisis spread, growth prospects slowed in China and Facebook’s stock sank as much as 32 per cent after the IPO. ServiceNow raised $210 million on June 28, pricing the shares above the planned range. New York-based Morgan Stanley is on track to be the top underwriter for technology and global IPOs, according to Bloomberg data. Morgan Stanley was a bookrunner “on my prior company, I have a long history with them, my faith in them really wasn’t shaken by the Facebook episode,” Frank Slootman, ServiceNow’s chief executive officer, told Bloomberg West yesterday. The macroeconomic environment “was a bigger concern for us” than Facebook. Palo Alto Networks, based in Santa Clara, California, filed in April to raise $175 million in an IPO. The internet security company will list its shares on the New York Stock Exchange, according to a person with direct knowledge of the matter. Kayak, based in Norwalk, Connecticut, filed in November 2010 to raise $50 million. The online travel service postponed its roadshow in May because of Facebook’s disappointing debut, a person close to the situation said at the time. Neither Kayak nor Palo Alto Networks has provided the number of shares being sold or the price range for the IPO. Terms are typically set before the roadshow begins. Jessica Casano-Antonellis, a spokeswoman for Kayak, didn’t respond to an e-mail seeking comment. Mike Haro, a spokesman for Palo Alto Networks, and Pen Pendleton, a spokesman for Morgan Stanley, declined to comment. Rich Adamonis, a spokesman for NYSE Euronext, declined to comment.

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Arab Today, arab today 2 new tech ipos on the horizon Arab Today, arab today 2 new tech ipos on the horizon

 



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