Word: ipos
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...PetroChina’s rise couldn’t have happened without the support of UBS, the prestigious Swiss bank. By acting as underwriter for PetroChina’s listing on the Shanghai stock exchange, UBS guaranteed that PetroChina’s initial public offering (IPO) would be a success. That fact should give great pause to UBS employees and students at Harvard and across the country who are considering employment...
...providing PetroChina with such vital services, UBS squandered a tremendous opportunity to use its leverage to engage PetroChina on its connection to Sudan. Prior to PetroChina’s IPO, an international petition, along with three Nobel laureates, and nongovernmental organizations in 15 countries, called on UBS to make its underwriting of PetroChina contingent upon a change in PetroChina’s behavior in Sudan. Since UBS refused to do so, the focus of the awareness campaign has shifted toward swaying students who are considering UBS as an employer...
...which is why on July 5 the company held an initial public offering for just over 10% of the company, bringing in some $2.24 billion. DLF's shares rose 14% by early August, giving it a market capitalization of $25.5 billion--roughly $5 billion more than General Motors. The IPO netted Singh and several family members, who together hold 87% of DLF, nearly $20 billion--enough to make them one of the richest clans in the world. "Frankly, that is embarrassing to me," Singh says. "That is not the yardstick by which I want to be known...
...Nestlé. The company also built luxury apartments and houses, including a residential estate incorporating an 18-hole golf course designed by golfing legend Arnold Palmer. Land that cost Singh as little as $65 an acre now sells for about $4 million an acre. In the run-up to its IPO, DLF has been on another buying spree and now has holdings in 31 cities...
...going public. Critics say DLF, like the Indian property market itself, isn't transparent enough. There are questions surrounding the true value of DLF's recent land acquisitions, in part because 35% of the land on its books is not owned but under "agreement to purchase," according to IPO documents. Sydney-based Macquarie Research criticized the fact that more than half of DLF's land is in New Delhi, Gurgaon or Mumbai--where, some analysts believe, growth will lag smaller cities...