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SAP SE today filed paperwork with the Securities and Exchange Commission for an initial public offering of its Qualtrics subsidiary that values it at between $20 and $24 per share, or about $12 billion to $14.4 billion.
The pricing is preliminary and the amount of stock to be sold has not been specified.
SAP, which announced it was planning the spinoff in July, said Morgan Stanley and JP Morgan are the lead underwriters for the offering, and that Qualtrics will trade on the Nasdaq index under the ticker symbol “XM.” Venture funds associated with Silver Lake Technology Management LLC have already agreed to purchase $550 million worth of stock in the offering, CNBC reported.
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Businesses scrambled to raise money in 2020 as the COVID-19 pandemic forced companies to shore up weak balance sheets and raise capital. Apart from that, 2020 was the second-best year for IPOs after 2007, raising $300 billion globally.
The top five U.S. investment banks were at the center of all the deal activity, making it a record year in investment banking fees. Together,
JPMorgan Chase & Co (NYSE: JPM),
Goldman Sachs Group Inc (NYSE: GS),
Bank of America Corp (NYSE: BAC),
Morgan Stanley (NYSE: MS), and
Citigroup Inc (NYSE: C) generated more than $37 billion in investment banking fees, the Financial Times reports.
What Happened: The top five banks’ fees accounted for a 30% share in the global investment banking revenues of $125 billion for 2020. It is the highest share for the U.S. banks since 2013, as per FT. On the other hand, European peers accounted for 25% of the global share, their lowest in two decades.
Covid-19 caused chaos for investors in 2020 but these hedge funds made billions
The funds that did well in 2020 bet early on an acceleration to online as people lived and worked remotely then quickly shifted into a recovery trade betting on restaurants, hotels and travel
(Bloomberg)
Juliet Chung
, The Wall Street Journal
Managers who bet certain stocks would rise and others would fall had their best year in a decade. The biggest winners wagered that e-commerce and cloud computing would thrive while shopping centers and travel struggled
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For little-known hedge-fund manager Jim Davis, 2020 is a career-defining year.
The one-time analyst for famed hedge-fund manager Julian Robertson Jr. came into the year managing $675 million at his Woodson Capital Management. That ballooned to about $1.7 billion by the end of November after bets he made against bricks-and-mortar retailers and on e-commerce firms hit pay dirt. His returns soared more than 100% for the year through Oc
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