Articles by Michael Okonkwo
India IPO Market Poised for Record Year as Deal Activity Accelerates
Kotak Investment Banking predicts a record year for Indian IPOs in 2024, with deal activity accelerating after a slow start. Strong investor demand supports the outlook.
Generate Biomedicines Shares Reclaim IPO Price After Heavy Trading Week
Generate Biomedicines (GENB) surged 13.7% in a week, closing Friday at $16.47—above its $16 IPO price—with heavy volume and a $2.11B market cap, as sector momentum lifts biotech stocks.
Bending Spoons IPO to Test Appetite for Debt-Heavy Software M&A
Bending Spoons (BSP) accounts for 61% of next week's $2.56B U.S. IPO proceeds, with a $1.57B raise that will test investor appetite for debt-heavy software M&A.
SpaceX Slumps After Russell Inclusion, Growth Funds Bear $73B Exposure
SpaceX shares dropped 32% from their peak after joining the Russell indexes, with growth funds shouldering $73.1 billion of the $80.9 billion notional. Passive trackers must buy over $4 billion, while S&P 500 inclusion remains off the table.
SpaceX Bond Sale Draws $85B in Orders Amid Rising Short Interest
SpaceX's $25 billion bond sale saw $85 billion in orders, enabling debt refinancing and AI and rocket project funding without shareholder dilution, even as short interest climbs.
Micron's Strategic Investment Boosts Anthropic Ahead of IPO, Financial Transparency Key
Micron Technology secures a strategic investment and supply deal with Anthropic ahead of its IPO, as the AI firm faces pressure to disclose key financial metrics like gross margin.
OpenAI's $100B Ad Revenue Goal Fuels IPO Ambitions Amid Cost Challenges
OpenAI expects $2.5B in ad revenue this year, projecting $100B by 2030, as it rolls out ChatGPT ads in emerging markets to strengthen its case for a $1T IPO.
Oaktree-Backed ITG Targets $2.67B Valuation in Nasdaq IPO
ITG seeks up to $2.67 billion valuation in Nasdaq IPO, with most proceeds going to debt repayment. High customer concentration and cancellable backlog are key investor concerns.
Lime Targets $180.9M IPO, Uber Stake and Debt Guarantee in Focus
Lime aims to raise up to $180.9 million in its IPO, with Uber potentially purchasing $20 million in shares. Most proceeds will repay a $115 million debt guaranteed by Uber.
SpaceX's Thin Float Test: Lessons for Anthropic and OpenAI IPOs
SpaceX stock fell 21% from its peak, highlighting how a tiny tradable supply can cause massive swings, with implications for Anthropic and OpenAI's IPO plans.
SpaceX Stock Slips Amid Profit-Taking and AI Deal Doubts
SpaceX (SPCX) trades at $185, down 18% from its $225.64 high, as profit-taking and debate over the $60 billion Cursor/Anysphere deal weigh on shares.