Bjarne Tellmann is senior vice president and general counsel at GSK Consumer Healthcare, a joint venture that combines the consumer brands of GSK and Pfizer. He speaks to Global Finance about the intersectionality of his work.
Household saving is defined as the difference between a household’s disposable income and its expenditures on goods and services. During the pandemic it rose to historical highs everywhere.
On October 27, Global Finance conducted a Sub-custody Roundtable, moderated by publisher and editorial director Joseph Giarraputo. The Roundtable agenda covered crucial topics in the sub-custody sector including: the global and regional impact on the COVID-19 pandemic on sub-custodians; the effect ...
Is the technology share party over for investors? Either the market is getting frothy, or investment bankers are having a hard time pricing IPOs of fast-growing companies that are making big losses.
Data-warehousing cloud platform Snowflake jumped 112% in its spectacular first day of trading on the New York Stock Exchange on September 16. At $3.4 billion, it was the largest IPO of the year to date, and the biggest software IPO ever—more than double that of Dell-backed VMware, which raised just under $1 billion in 2007, according to Renaissance Capital.
“First-day pops are fine, but only a select few get those allocations,” says William K. Smith, CEO of Renaissance. Snowflake was the twelfth IPO this year to return 100% on its first day, he says. Only three are now trading above their first-day close. Priced at $120 a share (up from an original range of $75 to $85), Snowflake opened at $245 and quickly rose above $300 before settling just under $254 on its debut day, giving it a market cap of $70 billion. Bookrunners were Goldman Sachs, Morgan Stanley, J.P. Morgan and seven others.