IPO

FirstCaribbean Wants $100M In US IPO

FirstCaribbean International Bank is planning to raise $100 million through its initial public offering (IPO) in the U.S., reports in Seeking Alpha said late last week.

The financial institution currently targets the Caribbean with its banking services and, according to analysts, its financials remain strong despite natural disasters in the region. The bank offers corporate banking, retail banking, treasury management, capital markets, credit cards and wealth management services in a range of consumer and corporate offerings.

An F-1 registration statement revealed the bank’s plans for an IPO in the U.S., seeking $100 million in share sales. The bank is 91.7 percent owned by CIBC Investments, a unit of the Canadian Imperial Bank of Commerce.

Other IPOs in the U.S. are ahead.

Spotify is readying to float in a matter of days, with reports in Reuters estimating the company’s valuation at about $19 billion. When it filed plans for its IPO, Spotify revealed revenues were up 39 percent to $4.99 billion in 2017, though operating losses widened during that time.

Last month, Zuora also revealed plans to raise $100 million via a U.S. IPO. The company, which offers subscription management technology for the enterprise, has seen investments from Benchmark Capital, Wellington Capital Management and Shasta Ventures. To date, the company has raised more than $286 million.

In February, alternative lending company TruFin, based in the U.K., raised more than $97 million in its IPO on the London Stock Exchange.

Not all recent market floats have been successful, however.

Reports in January said Blue Apron faced one of 2017’s worst-performing IPOs, according to Crunchbase analysis. The company ended the year at $4.29 after launching at $10 per share. Snap, another high-profile IPO last year, also landed on the list with a nearly 12 percent decline in share value from its float to the end of the year.

Reports said 159 companies went public in the U.S. last year, raising a combined $38 billion. That’s a significant drop from 2014, when businesses raised a combined $93 billion, though 2017 stats are an improvement from 2016 levels.

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