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<ul><li><keyword id="267527" type="COMPANY" weightage="20" keywordseo="Craftsman-Automation">Craftsman Automation</keyword> has launched its ₹824 crore initial public offer (IPO) today, and it will be open for subscription till March 17.</li><li>The price band is fixed at ₹1,488-1,490, and each lot consists of 10 equity shares.</li><li>While some investment experts are bullish on the stock and suggest subscribing, others have pointed out certain risk factors.</li><li>This includes the risk posed by electric vehicles and supply chain shocks, among others.</li></ul>It’s raining initial public offers (IPO) this month, and the latest to join the list is the ₹824-crore <keyword id="10449692" type="UNKNOWN" weightage="20" keywordseo="Craftsman-Automation-IPO">Craftsman Automation IPO</keyword>. The Coimbatore-based company has kicked off its IPO today, March 15, with a price band of ₹1,488-1,490, netting you 10 shares per lot. The total IPO size is worth ₹824 crore, but Craftsman Automation has already secured ₹247 crore from anchor investors. 50% of the issue is reserved for qualified institutional buyers (QIB), 15% for non-institutional bidders and the remaining 35% for retail investors. <cmsannotation type="cmsannotation" annotationid="Understanding the business of Craftsman Automation" comment="subhead" text="Understanding the business of Craftsman Automation">Understanding the business of Craftsman Automation</cmsannotation> Craftsman Automation was founded in 1986 in Coimbatore. It has vertically integrated manufacturing capabilities and primarily caters to three business verticals – automotive-powertrain, automotive-aluminum, and industrial &amp; engineering. Craftsman is the leading player when it comes to machining of cylinder blocks and cylinder heads which are used in the commercial vehicles and construction equipment industries. It is also one of the top companies when it comes to supplying these parts in the tractor segment. Coming to the automotive-aluminum vertical, Craftsman has an array of processes in the high pressure, low pressure and gravity die casting for manufacturing auto components for passenger vehicles. In the industrial and engineering vertical, Craftsman builds aluminum products for power transmission, high-end precision products like gear boxes, marine engines and more. <cmsannotation type="cmsannotation" annotationid="Here are some of the clients of Craftsman Automation" comment="subhead" text="Here are some of the clients of Craftsman Automation">Here are some of the clients of Craftsman Automation</cmsannotation> Craftsman Automation has an impressive list of clients that includes companies like Daimler India, Tata Motors, Ashok Leyland, Mahindra &amp; Mahindra, Escorts, John Deere, JCB India, TVS Motors, Royal Enfield among others. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Marwadi Financial Services </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Craftsman Automation – strengths and risk factors" comment="subhead" text="Craftsman Automation – strengths and risk factors">Craftsman Automation – strengths and risk factors</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Diversified engineering company" comment="subhead" text="Diversified engineering company">Diversified engineering company</cmsannotation> Craftsman is the largest player in the machining of cylinder blocks and cylinder heads used in commercial vehicles and construction industry. Apart from this, it also offers products in the passenger vehicle, power transmission, marine engine segments, among others. “Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10. <cmsannotation type="cmsannotation" annotationid="Strong in-house processes and designing capabilities" comment="subhead" text="Strong in-house processes and designing capabilities">Strong in-house processes and designing capabilities</cmsannotation> The SMC report further adds that Craftsman has a ‘strong focus’ on research and development. Its manufacturing automation teams integrate robots and gantry systems, which helps in ensuring consistent quality. The report notes that Craftsman’s design capability is unique amongst its competitors. <cmsannotation type="cmsannotation" annotationid="Impressive domestic and global clientele" comment="subhead" text="Impressive domestic and global clientele">Impressive domestic and global clientele</cmsannotation> Craftsman has a range of marquee clientele, both domestic as well as global. Some of the big domestic names include Tata Motors, Mahindra &amp; Mahindra, Ashok Leyland, TVS Motors, Royal Enfield and others. Global names in the list include the likes of John Deere, India subsidiaries of Daimler, JCB among others. <cmsannotation type="cmsannotation" annotationid="Improving margins despite challenging business environment" comment="subhead" text="Improving margins despite challenging business environment">Improving margins despite challenging business environment</cmsannotation> Despite a challenging business environment and falling revenues, Craftsman has been able to improve its earnings. While its revenues fell by nearly 18% from March 2019 to March 2020, its earnings before interest, tax, depreciation and amortisation (EBITDA) improved from 25.12% to 27.24%. EBITDA is a measure of the company’s financial performance. <cmsannotation type="cmsannotation" annotationid="Powertrain and allied components prone to electric vehicles risk" comment="subhead" text="Powertrain and allied components prone to electric vehicles risk">Powertrain and allied components prone to electric vehicles risk</cmsannotation> While Craftsman’s prowess in the powertrain segment adds heft to the company’s profile, powertrain components would be obsolete when the present internal combustion engine (ICE) based vehicles are replaced by electric vehicles (EVs). <cmsannotation type="cmsannotation" annotationid="Low aftermarket presence ties company’s fortunes to OEMs" comment="subhead" text="Low aftermarket presence ties company’s fortunes to OEMs">Low aftermarket presence ties company’s fortunes to OEMs</cmsannotation> Craftsman caters to original equipment manufacturers (OEMs) across its three business verticals. Some of these OEMs operate in industries like automotive, steel, cement among others, which are cyclical in nature. As such, the demand tapers off in some seasons, and since Craftsman directly serves OEMs, its fortunes are tied to those of the OEMs. <cmsannotation type="cmsannotation" annotationid="Limited long-term contracts, prone to supply chain risk" comment="subhead" text="Limited long-term contracts, prone to supply chain risk">Limited long-term contracts, prone to supply chain risk</cmsannotation> According to the ICICI Direct report dated March 12, Craftsman does not have any exclusive supply arrangements and purchases material on a spot order basis. This exposes the company to supply chain risks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-760-crore-anupam-rasayan-ipo-has-received-a-mixed-response-from-brokerages-heres-what-works-for-it-and-what-doesnt/articleshow/81462495.cms">The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-path-to-5-trillion-plus-the-markets-20-most-shorted-spacs-right-now/articleshow/81501083.cms">Bitcoin's path to $5 trillion, plus the market's 20 most-shorted SPACs right now</a> <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both</a>

The ₹824-crore Craftsman Automation IPO opens today – should you subscribe?

Yes, that's J. Peterman from 'Seinfeld' pitching an IPO on TV - no, that's not the most surprising thing about it

<div type="image" title="BI Graphics Jeff Bezos vs Elon Musk" height="900" width="1200" msid="75721163" hostid="261"></div>Hello dear readers and welcome back to <keyword id="1083886" type="ORGANIZATION" weightage="60" keywordseo="trending">Trending</keyword> — your Wednesday rendez-vous for all things tech. If you want to get Trending in your email inbox every week, <a href="http://newsletter.businessinsider.com/join/4np/trending">just click here.</a><h2>This week: Tech CEOs look into the future</h2><div type="image" title="whats next tech 4x3" height="1375" width="1834" msid="75721166" hostid="261"></div>Remember the old saying about never letting a crisis go to waste? I picture Rahm Emanuel reciting the phrase amid the Great Recession, but <a href="https://www.businessinsider.com/whats-next-ceos-future-business-200-leaders-technology-covid-19-2020-5#pat-gelsinger-ceo-of-vmware-we-cannot-sugar-coat-that-the-pandemic-has-laid-bare-a-central-divide-holding-us-back-as-a-global-community-a-fundamental-lack-of-access-35">VMWare CEO Pat Gelsinger credits the quote to Churchill</a> (an attribution that, it turns out, is a matter of dispute).Regardless of who said it first, the idea of exiting the coronavirus crisis in a different — and hopefully better — place is something we're all thinking about now. And VMWare's Gelsinger is among <a href="https://www.businessinsider.com/whats-next-ceos-on-how-their-business-will-be-transformed-by-the-covid-19-pandemic">more than 200 CEOs who Business Insider asked to peer into our post-pandemic future.</a>Some of my favorite predictions from tech execs:<ul><li>Clean skies — <a href="https://www.businessinsider.com/whats-next-ceos-future-business-200-leaders-technology-covid-19-2020-5#elie-seidman-ceo-of-tinder-an-online-connection-is-just-as-valid-just-as-real-and-just-as-meaningful-as-one-formed-in-the-physical-world-33">"We have an opportunity post pandemic to deliberately choose when commuting is and is not worth the cost of the air we breathe,"</a> says Tinder CEO Elie Seidman.</li><li>A "Roaring Twenties" reaction — Eventbrite CEO Julia Hartz notes that the 1918 Spanish Flu <a href="https://www.businessinsider.com/whats-next-ceos-future-business-200-leaders-technology-covid-19-2020-5#julia-hartz-ceo-of-eventbrite-we-have-witnessed-an-overnight-shift-in-event-creator-behavior-to-transform-their-offline-events-to-online-events-15">was followed by the roaring twenties "as the world came together to experience a renaissance of theater, music, and art."</a></li><li>Robots! — <a href="https://www.businessinsider.com/whats-next-ceos-future-business-200-leaders-technology-covid-19-2020-5#marc-raibert-chairman-of-boston-dynamics-its-becoming-clear-that-having-robots-that-can-free-people-from-directly-engaging-in-dull-dirty-and-dangerous-work-is-a-thing-that-would-be-valuable-to-the-degree-that-robotics-companies-can-achieve-it-5">"For some people it's becoming clear that having robots that can free people from directly engaging in dull, dirty, and dangerous work is a thing that would be valuable,"</a> says Marc Raibert, chair of Boston Dynamics. </li></ul>My job doesn't meet the "dull, dirty and dangerous" criteria most days, so the droids probably won't visit my home office anytime soon. Then again, after seeing the video of a quadruped Boston Dynamics bot <a href="https://www.businessinsider.com/roaming-robodog-politely-tells-singapore-park-goers-to-keep-apart-2020-5">roaming a park in Singapore</a> and urging residents to social distance, I'm on the lookout for the unexpected.<h2><a href="https://www.businessinsider.com/chamath-palihapitiya-second-act-spac-2020-5">Chamath 2.0 </a></h2><a href="https://www.businessinsider.com/chamath-palihapitiya-second-act-spac-2020-5"><div type="image" title="chamath palihapitiya profile controversial silicon valley 4x3" height="1501" width="2001" msid="75721171" hostid="261"></div></a>Speaking of unexpected appearances, the return of <keyword id="229877" type="PERSON" weightage="60" keywordseo="Chamath-Palihapitiya">Chamath Palihapitiya</keyword> is quickly becoming a fascinating Silicon Valley subplot of the coronavirus crisis. The outspoken 43-year-old tech investor and early Facebook exec's venture capital firm <a href="https://www.businessinsider.com/social-capital-finger-pointing-chamath-palihapityia-limited-partners-2018-9">imploded in 2018, with some insiders blaming Palihapitiya's ego and scattershot strategy</a>. Now, as Melia Russell reports in a must-read feature story, Palihapitiya is back and having a moment. 1. In recent weeks Palihapitiya has taken two companies public, raising nearly $1.1 billion, at a time when the rest of the tech industry recoils from the public markets.Note that there were only 9 IPOs in the US in April. Palihapitiya did 2 of them.2. The companies he's taken public are Special Purpose Acquisition Companies, or SPACs. These are essentially shell companies, bankrolled by investors to carry out a mission of finding and acquiring a promising business.In other words: Investors are writing a blank check to the person whose last venture collapsed in a cloud of acrimony. It's too early to call this a comeback story. <a href="https://www.businessinsider.com/chamath-palihapitiya-second-act-spac-2020-5">But it's certainly a page turner.</a><h2><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> and <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> have something in common</h2><div type="image" title="Elon Musk, Tesla factory" height="900" width="1200" msid="75721175" hostid="261"></div>The standoff between <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> and the local authorities makes for great theater, but it's worth remembering that there are real people involved here. Workers at Tesla's auto plant in Fremont, California, told Business Insider that <a href="https://www.businessinsider.com/tesla-asks-employees-back-to-work-despite-shelter-in-place-order-2020-5">they're worried that if they don't return to the assembly line they'll lose their jobs. </a>We've already seen plenty of evidence that working in industrial facilities, like factories and warehouses, carries real risks of contracting the virus. Musk only needs to drive 38 miles (about 15% of a Tesla Model 3's range) from his Fremont factory to the Amazon warehouse in Tracy, California, to see this first-hand. Amazon confirmed last month that a worker at that facility died of COVID-19. As chief tech correspondent Julie Bort previously reported, there are more than <a href="https://www.businessinsider.com/workers-say-amazon-hasnt-shared-full-covid-19-cases-with-employees-2020-4">600 Amazon warehouse workers across the US with confirmed coronavirus infections.</a>Until now, Amazon has had some political cover (despite taking heat from Congress) because the company could argue that the risks of infection at its warehouses were being borne in order to provide Americans with "essential services" like delivering food and toilet paper. As Eugene Kim reports, however, <a href="https://www.businessinsider.com/amazon-lifts-quantity-limits-on-seller-shipments-to-its-warehouses-2020-5">Amazon has quietly begun lifting the quantity limits it had imposed on merchants</a> shipping non-essentials goods to its warehouses (think electronics and sneakers). It's part of Amazon's plan to return to normal.That means the justification for Amazon workers to punch in everyday and risk virus exposure will be closer to the reasoning espoused by Musk for his Tesla factory workers: It's not about heroic frontline workers providing essential services anymore, it's just about getting back to business.That approach may resonate with certain audiences. But it's likely to sharpen an uncomfortable contrast between two classes of tech employees who often work for the same company — the stock-optioned, work-from-home programmers and the mask-wearing laborers.<h3>Recommended Readings:</h3><a href="https://www.businessinsider.com/capital-calls-key-for-venture-but-some-partners-arent-responding-2020-5">Venture capital funds may quietly shrink during the coronavirus crisis if their investors back out of their cash commitments. Experts are spotting early signs of that danger.</a><a href="https://www.businessinsider.com/zoom-alex-stamos-keybase-acquisition-security-encryption-2020-5">Zoom security advisor Alex Stamos explains how the acquisition of Keybase will help the red-hot videoconferencing app address its 'unique' challenges in adding end-to-end encryption</a><a href="https://www.businessinsider.com/airbnb-contractors-laid-off-without-same-benefits-employees-2020-5">Airbnb won praise for how it laid off employees but the generous benefits weren't extended to contractors, reinforcing Silicon Valley's two-tier workforce culture</a><a href="https://www.businessinsider.com/enterprise-tech-companies-still-hiring-coronavirus-crisis-2020-5">These 19 enterprise tech companies are still hiring during the coronavirus crisis — including AWS, Slack, Box, and Okta</a><a href="https://www.businessinsider.com/google-alphabet-companies-that-failed-to-go-it-alone-2020-5">Sidewalk Labs' abandoned smart city is a huge blow for Alphabet – Here are some of its 'other bets' that have failed or are currently in flux</a><h3>Not necessarily in tech:</h3><a href="https://www.businessinsider.com/weber-shandwick-began-furloughs-and-layoffs-read-internal-memo-2020-5">Top PR firm Weber Shandwick started furloughs and layoffs as clients like Royal Caribbean and AB InBev cut spending — read the CEO's internal memo</a>It's time to say goodbye ... until next week. Thanks for reading, and remember, if you like this newsletter, <a href="http://newsletter.businessinsider.com/join/4np/trending">tell your friends and colleagues they can sign up here to receive it</a>.— AlexeiRead the original article on <a href="https://www.businessinsider.com/trending-from-airbnb-to-zoom-tech-ceos-see-new-world-2020-5">Business Insider</a>

From Airbnb to Zoom, tech CEOs see a brave new, post-coronavirus world

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><a href="http://www.businessinsider.com/category/peloton"></a><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/peloton">Peloton</a> users are complaining that the quality of music in Peloton's workouts has dropped since it was hit with a $300 million copyright lawsuit this year.</li><li>A group of music publishers alleged <a href="https://www.cbsnews.com/news/peloton-lawsuit-fitness-company-sued-for-stealing-music/">Peloton had used music without obtaining the proper permissions</a>. Peloton removed some recorded classes and stopped using a selection of popular songs from artists such as Taylor Swift, Rihanna, and Lady Gaga in its workouts.</li><li>Some users said it is discouraging them from working out.</li><li>But Peloton president William Lynch told Business Insider in a recent phone conversation that the brand has "never been in a better position" when it comes to the music and member experience.</li><li>Sign up for Business Insider's retail newsletter, <a href="http://newsletter.businessinsider.com/join/4np/drivethru">The Drive-Thru</a>, to get more stories like this in your inbox every Friday.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Peloton users are complaining that the quality of music has dropped since it was hit with a $300 million lawsuit, and some say it's making them want to work out less.Rhona Harris, who owns one of Peloton's $2,000 bikes, said she's noticed a "huge difference" in the user experience in recent months."The music now consists of TONS of '80s music (and not even good '80s music for the most part - think doing an ab workout to a slow jam by Lisa Lisa and the Cult Jam), a few rap artists, and a bunch of stuff I've never heard of for the most part," she said in a message to Business Insider."It's definitely made me steer away from the bike more than I used to. I am definitely not one of those 'I'm just so addicted to exercise' people ... I run a business from home with my husband and have four teens, so the escape of the music was a huge draw for me as I'm a huge music lover ... unless we're talking crappy '80s tracks, in which case no thanks," she said.Read more: <a href="https://www.businessinsider.com/peloton-files-for-ipo-reveals-risk-factors-for-investors-2019-8">Exercise-bike startup Peloton filed for IPO and revealed a long list of risk factors that investors should know</a>In March, Peloton was sued by a group of music publishers seeking $150 million in damages in a copyright lawsuit. The publishers alleged <a href="https://www.cbsnews.com/news/peloton-lawsuit-fitness-company-sued-for-stealing-music/">Peloton had used music without obtaining the proper permissions</a>.Shortly after, Peloton CEO and cofounder John Foley wrote a letter to Peloton members informing them that it would no longer offer classes featuring the more than 1,000 songs by artists that were named in the lawsuit. These <a href="https://www.reuters.com/article/peloton-interactive-lawsuit/peloton-to-stop-using-songs-named-in-lawsuit-over-bike-workout-classes-idUSL1N21C1PH">included songs by artists</a> such as Drake, Lady Gaga, Rihanna, and Justin Timberlake, he said."While you may notice this in the near time, I can assure you that this will not affect your experience with our service," Foley wrote.But many members felt differently and it wasn't long before complaints flooded in on Reddit."The majority of the Pro Cyclist rides are gone now," one member wrote on <a href="https://www.reddit.com/r/pelotoncycle/comments/b5f9xe/a_message_from_our_founder_and_ceo/?sort=new">Reddit</a> at the time. "This was actually a huge loss.""Wow this is crazy. I checked to see what rides I could retake and over half of them are gone," another <a href="https://www.reddit.com/r/pelotoncycle/comments/b5f9xe/a_message_from_our_founder_and_ceo/?sort=new">wrote</a>."Only 53 classes still available out of the 205 I have done," another <a href="https://www.reddit.com/r/pelotoncycle/comments/b5f9xe/a_message_from_our_founder_and_ceo/?sort=new">said</a>.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>The situation only got worse. In <a href="https://www.businessinsider.com/nmpa-doubles-damages-sought-against-peloton-for-stealing-songs-2019-9">August, the National Music Publishers added</a> a further 1,200 songs to the lawsuit and doubled the damages it was seeking to $300 million.Fellow Peloton rider Chris Razaki told Business Insider in a Facebook message that he's lost about 60% of the rides that he took on a frequent basis."The frustration is that they were reactive on this when they knew it would be an issue. They also haven't communicated about it as a public company," he said.Rhona Harris said that one of the main reasons she's been so frustrated by this is because a class in which she received a shoutout from the instructor was deleted after this lawsuit. (All live classes end up in on the on-demand section and users are free to take part in them as many times as they like after).Libby Smith, a 41-year-old mother of two from Houston, Texas said she had a similar issue.Smith was given a shoutout for her 100th ride in a class earlier this year, of which around 5,000 people were logged in to, she said, making it especially exciting when the instructor called out her username."'LibbyLibbyLuuuu, come on!'" the instructor shouted out to the crowd. "I was like, 'that's me!' she said in a recent phone conversation with Business Insider. "It was so exciting. I thought it was a really good ride physically but I also really loved the music." The class has since been removed.Still, she doesn't see why people are complaining about the quality of the music."There is so much content to choose from but there are people who have been like: 'No, there's not very good music.' From what I have noticed it seems to be heavier in the hip-hop community that people are feeling limited in the music selection."Because I dont listen to it [hip-hop] all the time, I didn't really notice a difference but I feel like that is a hot topic on the Peloton page, people have been very opinionated about the lack of music selection that they used to have."But I'm like, 'there are like 10,000 workouts and you can't find one?' Like, seriously?" she said.Two other Peloton bike users that spoke to Business Insider said they hadn't had any issues with the music or noticed a change in the music since March.Peloton has brushed away any concerns about this. In a phone conversation on the day the company went public, Peloton president William Lynch told Business Insider that the brand has "never been in a better position" when it comes to the music and member experience."We have the largest catalog of music than any connected fitness provider in the world, we have over one million songs that we can play across all the genres, and we signed a major record label and major publishers," he said, adding that they are adding over 950 classes a month. He also said that Peloton hasn't lost one member over this. A spokesperson for Peloton declined to comment because of the ongoing litigation. Despite Lynch's comments, the company is clearly aware that music licensing could become a bigger issue for the company. In its <a href="https://www.businessinsider.com/peloton-warns-of-reliance-on-premium-music-for-success-2019-8">S-1 filing ahead of its IPO</a>, it listed this as being one of the biggest issues it could face."We cannot compel third parties to license their music to us," Peloton wrote in the filing. "And our business may be adversely affected if our access to music is limited."Given the high level of content concentration in the music industry, the market power of a few licensors, and the lack of transparent ownership information for compositions, we may be unable to license a large amount of music or the music of certain popular artists, and our business, financial condition, and operating results could be materially harmed," the company wrote in the filing.It also said that it couldn't guarantee it wasn't "infringing or violating any third-party intellectual property rights" with the music already on its service because of the complexity of licensing agreements.At this point, the music isn't enough to make Harris ditch Peloton completely, but she's definitely not using the bike as much as did, she said, and that's a concerning change.If you are a Peloton user with a story to share, please contact this reporter at mhanbury@businessinsider.com.

Peloton users are complaining about the slew of '80s music in its workouts after it stopped using popular songs named in a $300 million copyright lawsuit

Dear Readers,I hope everyone<a href="https://www.businessinsider.com/nike-backlash-zion-williamson-shoe-explodes-2019-2"> checks their Nikes before their weekend workouts</a>...the sneaker explosion heard round the world was definitely the craziest story of the week (not to mention that the <a href="https://www.businessinsider.com/nike-shares-slide-after-zion-williamsons-sneaker-malfunction-2019-2">sportswear giant's market cap shed $1 billion in market value</a> the next day). If you're new to the Wall Street Insider newsletter, <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">you can sign up here</a>.And if you're an existing Prime subscriber,<a href="https://bievents.typeform.com/to/thLadq"> please take our reader survey here. </a>While not as dramatic as #shoegate, I was shocked by takeaways from some recent housing data analyzed by BI's Tanza Loudenback. Much has been written that millennials don't want the "American dream" of their parents - a white picket fence and 2.5 kids in the suburbs. They're putting off things like marriage and home ownership because they're too burdened by student debt (<a href="https://www.businessinsider.com/millennials-prefer-travel-over-brunch-2018-6">not to mention they've spent all their money on avocado toast</a>). But in fact, the data doesn't support this. <a href="https://www.businessinsider.com/millennials-taking-over-mortgage-market-homeownership-2019-2">Tanza reports:</a>According to <a href="https://www.realtor.com/research/generational-propensity-report-2018-review">a new report from Realtor.com</a>, millennials are taking over the mortgage market in the US. Home-loan data analyzed by Realtor.com show millennials - defined here as the generation aged 19 to 37 - have taken out a larger share of mortgages than Gen Xers or baby boomers in the US since early 2017.Now, new data reveal millennials are responsible for the largest share (42%) of new mortgage loans by dollar volume, narrowly surpassing Generation X for the first time, and there are two clear reasons why. Millennials as a group are buying more homes than ever, and, individually, they're making lower down payments despite rising home prices, which require larger mortgages. Basically, millennials want to own homes. They've just taken longer than their parents' generation to get there (individual Gen X buyers, to be sure, are still taking on the highest loan amounts). To sum it up: Millennials aren't that different than previous generations. They haven't been shunning the idea of homeownership - <a href="https://www.businessinsider.com/millennials-wealth-generation-experts-data-2019-1">they've just been broke and young </a>until now, just like other generations were before they started buying homes. Now they are older and have more money. So they're essentially doing the same thing generations did when they got more money and grew older.Some other interesting takeaways: <ul><li>The stereotype that millennials primarily choose to buy homes and live in large metro areas isn't the reality. In fact, millennials make up more than 50% of mortgage holders in Pittsburgh; Cincinnati; Milwaukee; St. Louis; Columbus, Ohio; and Buffalo, New York where it's cheaper to buy a home. </li><li>All things considered, millennials aren't approaching homeownership exactly as their parents did. There's been a rise in unmarried millennial couples buying homes together and it's due to <a href="https://www.businessinsider.com/how-millennials-gen-x-and-baby-boomers-approach-marriage-2017-11" target="_blank" rel="nofollow noopener">economic conditions</a> and a <a href="https://www.businessinsider.com/how-millennials-gen-x-and-baby-boomers-approach-marriage-2017-11" target="_blank" rel="nofollow noopener">shift in attitudes toward marriage.</a> </li></ul>There are also striking parallels between how millennials approach homebuying and their behavior with credit cards. For years, banks assumed that young people didn't want credit cards, and so they didn't bother wasting marketing dollars on them. That is,<a href="https://www.businessinsider.com/how-jpmorgan-chase-sapphire-reserve-figured-out-millennial-2018-1"> until the hugely popular Chase Sapphire Reserve card came around </a>with flexible dining and travel rewards. The truth wasn't that millennials loathed credit cards...it was that they<a href="https://www.businessinsider.com/how-jpmorgan-chase-sapphire-reserve-figured-out-millennial-2018-1"> just didn't have much interest in having products that were made and marketed</a> for their parents shoved down their throat. It's the same with homebuying. Millennials do want the American Dream...they just want it on their terms.I'd love to hear from my readers. Please let me know if you have thoughts on any of our stories, tips to pass on, or general feedback. To read most of the stories below,<a href="https://www.businessinsider.com/subscription/prime"> you can subscribe to Prime </a>(or email me at ooran@businessinsider.com for a free trial). Have a good weekend! - Olivia <div class="KonaFilter image-container display-table"><div><div class="image on-image">Heidi Gutman/Getty ImagesFormer New York City Mayor Michael Bloomberg.</div></div></div>Bloomberg is diving into into the booming alternative data field with a new product that'll help the market become mainstreamAlternative data is about to be normalized.Bloomberg LP <a href="https://www.businessinsider.com/bloomberg-launching-alternative-data-platform-2019-2">is the latest mainstream financial company </a>to wade into the once-obscure alternative data field with a new product that will give clients access to data from more than 20 niche firms, report BI's Bradley Saacks and Dan DeFrancesco. The datasets will include stats on drug approvals, retail foot traffic tracked through cell phones, construction permits, and more.As hedge-fund managers seek out ways to beat the market,<a href="https://www.businessinsider.com/alternative-data-provider-1010data-launches-new-database-2019-1"> they're increasingly turning to alternative-data providers to identify trends</a> before their competitors.And as the data industry has grown, so have <a href="https://www.businessinsider.com/hedge-fund-managers-are-eyeing-regulatory-scrutiny-in-alternative-data-2019-2">fears about a potential crackdown</a> from regulators about hedge funds and other asset managers information that may have been obtained in an illegal way. Bloomberg's portal, data companies say, allows them to get their information in front of some of the largest financial institutions in the world without the extended due diligence program typically required to onboard them. <a href="https://www.businessinsider.com/bloomberg-launching-alternative-data-platform-2019-2">READ MORE HERE&gt;&gt;</a>Digital Reasoning, a buzzy fintech valued at $270 million and backed by Goldman Sachs and Nasdaq, has lost its CEO and a handful of senior executivesThe chief executive of Digital Reasoning, a fintech valued at hundreds of millions of dollars and backed some of the world's largest banks, resigned earlier this month.<a href="https://www.businessinsider.com/digital-reasoning-executives-leaving-2019-2">Brett Jackson stepped down as CEO of the AI software firm</a> on February 7, less than two years after joining the company, Business Insider has learned. Jackson departure from the Franklin, Tenn.-based company that is <a href="https://www.businessinsider.com/most-valuable-startup-in-each-state-us-2018-11">reportedly valued at $270 million</a> is the latest in a long-line of senior departures from the company, whose investors include Goldman Sachs, Credit Suisse, Barclays and Nasdaq, among others.The company has also lost its head of North American sales, head of product, and its chief product officer in th last six months. Digital Reasoning's director of global sales operations is also on her way out.The recent departures were in part, the result of a culture clash between Jackson and Estes, who serves as president of the firm, sources told BI's Dan DeFrancesco. <a href="https://www.businessinsider.com/digital-reasoning-executives-leaving-2019-2">READ MORE HERE&gt;&gt;</a>JPMorgan is building a cloud engineering hub in Seattle minutes away from Amazon and Microsoft, and it's planning to hire 50 staffers this year<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/horiavarlan/4272009397">Flickr/Horia Varlan</a></div></div></div>The cloud simply became too important for JPMorgan to ignore.As the bank began to embrace cloud computing and the idea of housing information at dozens of disparate data centers rather than a few it tightly controlled, execs at the largest US bank knew it would <a href="https://www.businessinsider.com/indeed-says-amazon-web-services-microsoft-azure-and-google-cloud-skills-are-rising-in-demand-2018-12">face a growing demand for engineers</a> who knew how to keep its data safe. The challenge? How to attract that talent.Many of the best engineers in cloud security work for the largest cloud providers - <a href="https://www.businessinsider.com/aws-market-share-dominates-70-billion-cloud-market-2019-2">Amazon Web Services,</a> Microsoft's Azure and Google Cloud - in Seattle, where there's a thriving tech scene and a more laid back vibe than in New York. Recruiting those engineers and asking them to move to other locations on the buttoned-up East Coast might have been a tough sell.So the bank decided to do the next best thing and go to them. <a href="https://www.businessinsider.com/jpmorgan-is-building-a-cloud-engineering-hub-in-seattle-2019-2">Last year, the company began hiring engineers for a new cloud cybersecurity office in Seattle</a>, housed with other JPMorgan employees at an office just blocks from such landmarks as Pike Place Market.<a href="https://www.businessinsider.com/jpmorgan-is-building-a-cloud-engineering-hub-in-seattle-2019-2">READ MORE HERE&gt;&gt;</a>Pimco and DoubleLine Capital are players in a tug-boat investment gone bad - and their struggles highlight the dark side of credit marketsTwo of the world's most savvy bond investors <a href="https://www.businessinsider.com/harley-marine-esoteric-abs-deal-2019-1">have seen an investment in the sometimes murky world of a niche fixed income market run aground.</a>Pimco and DoubleLine Capital are among the largest investors in a deal sold last May by a Seattle-based tug boat and barge company known as Harley Marine, reports BI's Dakin Campbell. The investment has taken a hit after expenses rose faster than expected, according to people with knowledge of the deal. A legal spat over $2.6 million in alleged embezzled or misappropriated funds has <a href="https://www.krollbondratings.com/announcements/8686">contributed to the deal's</a> underperformance.The deal has, for some, become a symbol of the "late cycle" froth that's developed in parts of the bond market as investors grasp for yield in riskier securities. It's a type of deal known as a whole business securitization, transactions that take entire companies and package them into bonds for sale to investors. It's one subsector in a broader category <a href="https://www.businessinsider.com/inside-the-60-billion-esoteric-abs-market-2019-1">known as the esoteric ABS market that has nearly doubled in the last four years</a>.<a href="https://www.businessinsider.com/harley-marine-esoteric-abs-deal-2019-1">READ MORE HERE&gt;&gt;</a>Pre-IPO companies like Uber and Airbnb could 'test the waters' with investors sooner under a new SEC proposal<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/872127450">Michael Cohen/Getty Images</a>Uber CEO Dara Khosrowshahi.</div></div></div><a href="https://www.businessinsider.com/sec-proposes-new-test-the-waters-rules-for-pre-ipo-unicorns-2019-2">New rules proposed by federal regulators will let mega-startups</a> like Uber and Airbnb seek early feedback about investor appetite for an <a href="https://www.businessinsider.com/category/ipo">initial public offering.</a>On Tuesday, the Securities and Exchange Commission <a href="https://www.sec.gov/news/press-release/2019-14">proposed a new "test the water" reform</a> which would allow all pre-IPO companies to consult with qualified institutional buyers before filing paperwork to go public, reports BI's Becky Peterson.These meetings give startups the chance to see if investors are actually interested in buying their stock before going through the work of filing with the SEC. And it helps institutional investors like Fidelity and T. Rowe Price the chance to see what's coming up in the IPO pipeline while setting the tone on valuation and price.<a href="https://www.businessinsider.com/sec-proposes-new-test-the-waters-rules-for-pre-ipo-unicorns-2019-2">READ MORE HERE&gt;&gt;</a>Quote of the week:<div data-bi-ad="" id="gpt-post-transportation-desktop_in_post_ad-desktop-5c6e0776a936e3.22024861" data-force="" data-type="ad" data-adunit="business-insider/desktop/tech/transportation/post" data-secvert="thelife,travel" data-pagetype="post" data-tag="bitranspo,biselect,hurricane-irma,richard-branson,virgin-group" data-authors="benjamin-zhang" data-views="" data-region="Desktop In Post Ad" data-responsive="[{" browserLimit:00slotSize:300250fluidbrowserLimit:6000slotSize:300250fluidbrowserLimit:12600slotSize:72890300250fluidlocation:inline="" data-tile-order="tile-1" data-url="richard-branson-hurricane-irma-wine-cellar-experience-2019-2" data-amazontamsizes="[[300,250],[728,90]]" data-google-query-id="COul08_ey-ACFUHbwAodvOMANg"><div id="google_ads_iframe_/4442842/business-insider/desktop/tech/transportation/post_3__container__">"It was 14 hours of a screaming train going by," <a href="https://www.businessinsider.com/richard-branson-hurricane-irma-wine-cellar-experience-2019-2">Virgin Group Richard Branson said in an interview with Business Insider </a>of riding out Hurricane Irma in his bunker in the British Virgin Islands. "We were very lucky to be in a wine cellar, a good concrete wine cellar."</div></div>Wall Street move of the week:<a href="https://www.businessinsider.com/bank-of-americas-head-of-equities-quits-2019-2">A star trader and US head of equity derivatives just quit Bank of America Merrill Lynch after less than 2 years at the bank</a>In tech news:<ul><li><a href="https://www.businessinsider.com/divvy-series-a-investor-deck-2019-2">Here's the investor deck that helped the real-estate startup Divvy raise a $30 million series A led by Andreessen Horowitz</a></li><li><a href="https://www.businessinsider.com/peloton-equinox-investor-reveals-next-fitness-trend-2019-2">A leading investor in Peloton and Equinox reveals how his firm predicts the big trends in home fitness - and what he thinks will be next</a></li><li><a href="https://www.businessinsider.com/amazon-employees-describe-peak-2019-2" data-analytics-position="16" data-analytics-module="big_picture">Amazon warehouse employees speak out about the 'brutal' reality of working during the holidays, when 60-hour weeks are mandatory and ambulance calls are common</a></li></ul><div data-sticky="subnav" data-ad-subnav=""><div data-bi-ad="" id="gpt-post-science-subnav-5c3e8bb3471e72.28787359" data-force="" data-type="ad" data-adunit="business-insider/desktop/tech/science/post" data-pagetype="post" data-tag="health,comcast,comcast-ventures,venture-capital,omers,omers-ventures,pension,pension-funds,canada,bi-prime" data-pos="atf" data-authors="zachary-tracer" data-views="4041" data-region="Subnav" data-responsive="[{" browserLimit:00slotSize:300250browserLimit:7280slotSize:72890browserLimit:9700slotSize:9702509709072890location:window="" data-url="omers-ventures-hires-michael-yang-comcast-ventures-silicon-valley-2019-1" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]" data-google-query-id="CJWNsfyV8d8CFZbQmgodtgIBQg"><div id="google_ads_iframe_/4442842/business-insider/desktop/tech/science/post_0__container__">In markets: </div></div></div><ul><li><a href="https://www.businessinsider.com/money-management-advice-why-investors-should-avoid-stocks-2019-2">A wealth manager for the ultrarich explains why he's advising clients to avoid stocks - and reveals where they should put their money instead</a></li><li><a href="https://www.businessinsider.com/next-recession-why-it-will-be-unlike-any-in-history-goldman-sachs-2019-2">Here's why the next recession could be unlike any the US has ever seen</a></li><li><a href="https://www.businessinsider.com/how-fidelity-picks-the-stocks-that-go-into-its-founders-fund-dan-kelley-interview-2019-2">Investing behemoth Fidelity just launched the first-ever fund for founder-led companies. Here's the 3-part 'secret sauce' its manager looks for when picking entrepreneurs.</a></li></ul>Other good stories from around the newsroom:<ul><li><a href="https://www.businessinsider.com/pharmaceutical-companies-novartis-sanofi-starting-think-beyond-drugs-digital-apps-2019-2">Pharma giants like Novartis and Sanofi are betting that the future of healthcare looks more like an app or sensor than a prescription</a></li><li><a href="https://www.businessinsider.com/regulators-fda-warn-young-blood-transfusions-ambrosia-startup-2019-2" data-analytics-position="1">A controversial startup that was charging $8,000 to fill your veins with young blood says it's halted operations after a warning from regulators</a></li><li><a href="https://www.businessinsider.com/pharmaceutical-companies-novartis-sanofi-starting-think-beyond-drugs-digital-apps-2019-2"></a><a href="https://www.businessinsider.com/walmart-rail-operations-supply-chain-2019-2">Walmart is quietly taking charge of its rail operations - and it could cut serious transportation costs as the country's largest retailer seeks to boost e-commerce profits</a></li></ul>

You Searched For "ABS Marine Services Limited IPO" and got 6 results

The ₹824-crore Craftsman Automation IPO opens today – should you subscribe?

Rounak Jain

Yes, that's J. Peterman from 'Seinfeld' pitching an IPO on TV - no, that's not the most surprising thing about it

Dan Bobkoff,Rachael Levy

From Airbnb to Zoom, tech CEOs see a brave new, post-coronavirus world

Alexei Oreskovic

Peloton users are complaining about the slew of '80s music in its workouts after it stopped using popular songs named in a $300 million copyright lawsuit

Mary Hanbury

Bloomberg gets into alt data; Millennials are taking over the mortgage market; JPMorgan is hot on the cloud

Olivia Oran

Inside Symphony's battle to break into a $28 billion market for Wall Street chat - and avoid becoming Bloomberg roadkill

Oscar Williams-Grut

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