Page 24 - atoday

A24

BUSINESSMonday 19 October 2015

First Data debut, delays show cooling IPO market Seeking love on
Nasdaq: Match
MARLEY JAY after competitor Wal-Mart ger of exchange-traded trading below their starting Group filing IPO
AP Business Writer surprised Wall Street with a funds focused on IPOs, said prices.
NEW YORK (AP) — The larg- weak outlook, causing its offerings are now at their First Data Corp. provides NEW YORK (AP) — Match
est initial public offering of shares to tumble. Early this slowest pace in four years. credit card and payment Group is swiping right and
the year fell short of expec- month Albertsons project- And when companies do card processing for banks hopes investors will do the
tations and the proposed ed it would raise as much go public, the returns for and retailers and sells net- same: The parent of Tinder,
second-largest was post- as $1.7 billion by going companies and their back- work and security prod- Match.com and OkCupid
poned in a sign that IPOs public. ers have been disappoint- ucts. Its offering of 160 mil- is filing for an initial public
are struggling while inves- Earlier this year companies ing: since the start of Sep- lion shares priced at $16 offering of stock.
each, below the compa- The company valued the
First Data Corp. President Guy Chiarello, left, Chairman & CEO Frank Bisignano, second left, with ny’s estimate of $18 to $20 offering at $100 million,
Executive Vice Presidents Tom Higgins, third left, and Anthony Marino, pose for photos in front of a share. The stock closed although that is an esti-
the New York Stock Exchange prior to the company’s IPO, Thursday, Oct. 15, 2015. First data is the day at $15.75, down 25 mate made for purposes
the leading payment services provider to the e-commerce industry. cents. of calculating a filing fee
According to Renaissance and could change. Match
(AP Photo/Richard Drew) Capital, the offering is Group Inc. says it will list its
bigger than the two next- shares on Nasdaq under
tors worry about the health were going public at the tember, IPOs have priced largest U.S. IPOs put to- the symbol “MTCH.”
gether: Tallgrass Energy GP Match Group is a unit
of the global markets. fastest pace in years, but an average of 17 percent raised $1.2 billion in May of IAC/InterActiveCorp,
Late Wednesday payment that changed over the last lower than the companies and Columbia Pipeline which is controlled by bil-
technology company First few months as Wall Street expected. Partners raised almost $1.1 lionaire Barry Diller. IAC/
Data said its IPO priced worried more and more “Right now it looks like billion in February. Since InterActiveCorp will still
then a supply glut has sent have majority control of
at $2.56 billion. The offer- about the slowing econo- IPO investors are willing energy prices plunging, Match after the offering. It
and they’ve taking en- also owns Web properties
ing was by far the largest my in China, the second- to come to the table, but ergy company profits and like Vimeo, HomeAdvisor,
U.S.-listed IPO of 2015, but largest economy in the only at discounted prices,” stocks with them. About.com and Colleg-
First Data had expected to world. While the U.S. econ- Smith said. Spokesman Brian Dowl- eHumor.
ing said the company was Match Group says it has
raise hundreds of millions omy is improving, there are But there’s a positive side to postponing its IPO “given turned a profit in each of
the recent market volatil- the last three years. The
more. Meanwhile Albert- areas of concern affecting the lower-than-expected ity.” Albertsons’ brands in- Dallas-based company
sons Cos., the second-larg- it as well: low inflation, fall- prices. Smith said shares of clude Albertsons, Safeway, says it had $1 billion in rev-
est supermarket operator ing commodity prices, and companies that went pub- and Jewel-Osco, and its enue over the 12 months
in the U.S., said it would the question of when the lic with disappointing IPO annual revenue is more ended June 30. Before the
than $57 billion. end of the year it expects
delay its own offering be- Federal Reserve will raise prices in September are Retail giant Wal-Mart on to buy yet another site,
Wednesday said it is brac- PlentyOfFish, for $575 mil-
cause of the volatile state interest rates and what will currently providing positive ing for its profit to take a hit lion.
of the markets. happen when it does. returns, while most com- as it works to fend off com- According to a filing with
Albertsons announced the Kathleen Smith from Re- panies that have gone petition from traditional regulators, as of Sep. 30
grocers, dollar stores and Match had about 59 mil-
postponement just hours naissance Capital, a man- public in 2015 are currently Amazon.com. The com- lion active monthly users,
pany said its profit will fall 4.7 million of them paid, us-
in its next fiscal year and ing its “dating products” in
sales in the current year 38 languages in more than
will be flat because of un- 190 countries.
favorable currency ex- The filing comes at a time
change rates. Wal-Mart’s of slowing IPO activity be-
shares on Wednesday fell cause of concerns about
10 percent, their biggest the health of the global
drop in almost 30 years, economy, which has led to
and slipped another 1.2 turmoil on Wall Street.
percent on Thursday.q IPOs are currently at their
slowest pace in about four
Deutsche Bank to restructure divisions, management years, according to Renais-
sance Capital, and many
BERLIN (AP) — Germany’s separate units. The compa- and several top managers executive John Cryan, who of the companies that
biggest bank, Deutsche ny’s management structure will shift positions or leave. took over July 1 after co- have gone public have
Bank AG, said Sunday that also will be overhauled. It Deutsche Bank said the CEOs Anshu Jain and Juer- seen their stocks start trad-
it is restructuring its divisions will scrap its group execu- aim is “to reduce complex- gen Fitschen announced ing at lower prices than
and making changes to tive committee, a body ity of the bank’s manage- they were leaving. Fitschen they had hoped.
its management structure that includes the bank’s ment structure, enabling it will remain until May 2016, This week, payment tech-
in an effort to streamline top executives as well as re- to better meet client de- after which Cryan is to be- nology company First Data
its business. The bank’s cor- gional and other represen- mands and requirements come sole CEO. In recent Corp. went public with
porate banking and se- tatives, and slightly expand of supervisory authorities.” years, Deutsche Bank has the largest U.S.-listed IPO
curities division will be split its management board. In The decision at a supervi- struggled to get over legal of the year, but the $2.56
in two, and its asset and addition, it will abolish 10 sory board meeting is the issues dating back years billion offering was smaller
wealth management divi- of the current 16 manage- latest shake-up following and has seen disappointing than the company had
sion also will be divided into ment board committees, the arrival of new co-chief profits.q expected.q