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Baidu video streaming unit iQiyi launches $2.4 billion US IPO

Chinese video streaming service provider iQiyi, a unit of search engine giant Baidu, has launched an initial public offering in New York worth up to $2.4 billion, seeking to expand its range of content. The listing is expected to give the firm extra financial muscle as it squares off against rivals in the Chinese market, including Alibaba Group service Youku Tudou. It plans to offer 125 million American depositary shares priced at $17 to $19 each, the company said in a filing to the U.S. Securities and Exchange…

Saudi bourse adjusts rules to attract foreign funds, ease Aramco IPO

DUBAI: Saudi Arabia’s stock exchange is adjusting its rules to make it easier for foreign investors to trade - steps that may help the bourse absorb a huge IPO by oil giant Saudi Aramco this year, the exchange’s chief executive said on Wednesday. These changes are required by the growth of the market and what international institutions tell us,” Khalid al-Hussan said in a telephone interview from Riyadh. Trading limits will be made more flexible for the exchange’s independent custody system, Hussan said. The system…

Trump urges Saudis to list Aramco on NY stock exchange

WASHINGTON: US President Donald Trump on Saturday urged Saudi Arabia to choose Wall Street as a venue for the initial public offerings of shares of oil giant Aramco in 2018. "Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!" Trump tweeted from Hawaii, ahead of a trip to Asia. The Aramco IPO is expected to be the largest in history, raising around $100 billion in much-needed revenue for the kingdom. Aramco, which controls Saudi…

Snap arrives in London to woo skeptical investors ahead of IPO

LONDON: Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance. The U.S. company, which has yet to make a profit, is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange, after cutting its initial target of $20 billion-$25 billion last week following investor…

Snapchat parent to offer shares on NYSE: reports

LOS ANGELES: The parent company of hit mobile-messaging service Snapchat is expected to make its debut as a public company on the New York Stock Exchange, according to reports. The Wall Street Journal and news website TechCrunch each reported that Snap Inc. chose to make its initial public offering of shares on the NYSE instead of on the tech-heavy Nasdaq where Apple, Amazon and Google-parent Alphabet are traded. The IPO move by California-based Snap would build on a trend of the Nasdaq no longer being the preference…

Ex-employee sues Snapchat, alleges it misled investors

A former employee has dragged Snapchat to court accusing the messaging app of misleading investors and trading partners to drive up its initial public offering, the Hollywood Reporter said citing a court document. In the lawsuit filed on Wednesday in a California court by Anthony Pompliano, who earlier worked with Facebook, also alleged he was fired for being a whistleblower, the magazine reported. Snap Inc, Snapchat's parent company, rejected the allegations. "We've reviewed the complaint. It has no merit. It is…