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Who is rich? IPOs are a huge breakthrough for Uber, Delta and VC technologies

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New York Stock Exchange Clear Secure, Inc. (NYSE: YOU) welcomes company executives and guests to celebrate its first public campaign on June 30, 2021.

NYSE

Investors made billions of dollars in profits in a single day with more technology IPOs than the call slots available on U.S. exchanges.

But the winners went beyond Silicon Valley’s venture capital network.

Uber and Tencent made their debut for SoftBank on the New York Stock Exchange on Wednesday and raised $ 67.8 billion. Delta Air Lines is one of CLEAR’s best investors in airport security, ringing the opening bell at the NYSE.

Among Venture companies, New York-based Insight Partners had the biggest day thanks to a $ 1.45 billion stake in SentinelOne cybersecurity software, while Highland Capital has more than $ 500 million in shares in the manufacturing market of Xometry.

There is a lot of money to be made for private capital companies as well. Francisco Partners owns a quarter of LegalZoom, which will celebrate its opening in Nasdaq on Wednesday, and Integral Ad Sciences advertising technology is mostly owned by Vista. Integral rang Nasdaq’s last bell.

While Confluent and Doximity software IPOs last week initially rewarded well-known venture names such as Benchmark, Index Ventures and Emergence Capital, these deals have fueled a thirst for technology in the investment world. ‘kidladi. From purchasing firms and mutual fund managers to large publicly traded companies, capital has entered the technology industry, which plays an expanded role in the wider economy.

Didi made his biggest debut on Wednesday, after which the company raised $ 4.4 billion in an IPO. According to PitchBook, its largest investor is SoftBank, which in 2015 began buying shares for the next $ 16.5 billion in cash. The firm received a share of $ 13.7 billion, primarily through its Vision Fund.

Traders traded on the New York Stock Exchange (NYSE) during the IPO of China’s Didi Global Inc on the New York Stock Exchange (USA), June 30, 2021.

Brendan McDermid | Acesparks

Uber now owns Didi’s $ 8.1 billion stake after handing over China to a rival and selling its Chinese business in exchange for Didi shares. At the end of March Uber is appreciated its Didi shares are worth $ 5.9 billion.

Emil Michael, a former Uber chief executive officer, said on Twitter earlier this week that Uber’s loss was due to a $ 2 billion investment.

“Almost every stakeholder was against our huge investment in China and was relentlessly negative about it,” Michael wrote in one of several tweets about the deal.

Chinese internet giant Tencent already owns a $ 4.4 billion stake in Didi after investing in 2013. Apple and Alibaba have also made investments in recent years, but each owns less than 5 percent of the company, so their shares will not be disclosed. prospekt.

“Minimize difficulties” at the airport

CLEAR, whose biometric devices help passengers get through airport security lines, has a market capitalization of $ 5.9 billion after rising 29 percent to $ 40 in its NYSE debut.

T. Rowe Price is CLEAR’s largest foreign investor, with a stake of $ 763 million at the close, followed by General Atlantic venture firm with $ 596 million.

Delta shares are valued at $ 331 million due to investments related to the partnership between the two companies. At the center of the airline in Atlanta, Delta uses a face recognition system so that passengers can quickly board some international flights without having to show their boarding pass or passport. In 2017, CLEAR began operations at New York’s John F. Kennedy and LaGuardia airports and paid Delta a share of the revenue rather than paying for the airport. prospekt.

“Our customers tell us that their time is precious, as well as having a constant and pleasant experience at the airport,” said Delta CEO Ed Bastian. press release At the time of the deal in 2016. “We look forward to what this partnership will bring to our customers.”

SentinelOne rose 21 percent after the company raised $ 1.2 billion in an IPO on Wednesday. Insight Partners, which is in the winning streak from Israel’s Monday.com and WalkMe IPOs, is the best shareholder. Tiger Global investment firm, known for its latest technology deals, has a $ 1.1 billion stake.

Xometry, which provides on-demand manufacturing technology, had the biggest pop among Wednesday’s IPOs, nearly doubling the bid price from $ 44 to $ 87.39.

The company closed the day with a capital of $ 3.7 billion. Highland Capital, which operates in the Bay Area and Boston, Brought in $ 8.8 million in investment With a valuation of $ 40 million in 2015. T. Roue Price presided the latest private tour It was worth about $ 550 million last year.

Xometry CEO Randy Altschuler said in an interview with Acesparks that the IPO is the company’s best option, even for direct listing or public offering through a special purpose acquisition company (SPAC). there are more ways to get out.

“When we came to our debut today, there was a lot of passion and we thought we would create a great company by creating a long-term investor book,” he said.

Big profits for buying firms

On Wednesday, two private equity deals from 2018 also performed well.

Francisco Partners nearly quadruples their money in LegalZoom in less than three years It has invested $ 300 million in a deal that valued the legal services site at $ 2 billion. LegalZoom’s market capitalization rose to $ 7.3 billion and Francisco’s share reached $ 1.1 billion after shares rose 35 percent to $ 37.85 on Wednesday.

Vista’s return to Integral Ad Science is less dramatic in percentage terms, but the total dollar amount is even higher. In June 2018, Vista bought a lot According to PitchBook, in a deal that Ad-tech valued the business at $ 835 million.

Shares of Integral Ad rose 14 percent to $ 20.58 and the company’s market capitalization was $ 3.1 billion. Vista’s 70 percent stake is now over $ 1.94 billion.

SEE: The CEO of Xometry is making his IPO debut

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