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Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

South Korean automaker <keyword id="19906087" type="General" weightage="100" keywordseo="Hyundai" source="keywords">Hyundai</keyword>'s Indian arm is likely to file preliminary papers with Sebi shortly to raise at least USD 3 billion (around Rs 25,000 crore) through an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword>, sources close to the development said on Friday. The company's initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>), if it goes through, would be the largest in India, surpassing LIC's share sale of Rs 21,000 crore. This development marks a significant milestone for the Indian industry, as it is the first automaker to go for an initial share sale in over two decades, after Japanese automaker Maruti Suzuki's listing in 2003. Earlier this week, electric two-wheeler company Ola Electric received capital markets regulator Sebi's clearance to raise funds through an IPO. Under the proposed IPO, <keyword id="20106368" type="General" weightage="20" keywordseo="Hyundai-Motor-India-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai Motor India Ltd" meta.hostid="261" meta.entityid="Hyundai Motor India Ltd">Hyundai Motor India Ltd</keyword> (HMIL), which is the second largest carmaker in India after Maruti Suzuki India, may dilute 15-20 per cent stake to raise funds in the range of USD 3.3-5.6 billion, sources said. They said the company is likely to file its papers with the regulatory body Securities and Exchange Board of India (Sebi) soon. When contacted over the issue, HMIL company declined to comment. HMIL commenced operations in India in 1996 and currently, sells 13 models across segments. HMIL reported a 7 per cent year-on-year increase in total sales at 63,551 units in May 2024 against 59,601 units in the corresponding month last year. Domestic dispatch of vehicles to dealers saw a 1 per cent rise to 49,151 units last month from 48,601 units in the year-ago period. Exports of the vehicles grew 31 per cent in May to 14,400 units compared to 11,000 units a year ago.

Hyundai to soon file draft IPO papers with Sebi to raise about Rs 25,000 crore: Sources

<ul><li><keyword id="20243924" type="General" weightage="20" keywordseo="MapMyIndia" source="keywords" meta.keywordsubtype="org" meta.entityname="MapMyIndia" meta.hostid="261" meta.entityid="MapMyIndia">MapMyIndia</keyword> has accused <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword> of stealing its map data for <keyword id="20251740" type="General" weightage="20" keywordseo="Ola-Maps" source="keywords">Ola Maps</keyword>.</li><li>The company has claimed that Ola Electric has copied its data for “unjust commercial gains”.</li><li>The company has reportedly sent a legal notice to Ola Electric.</li></ul> Ola Electric is all set to raise funds from the primary market through an<a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-ola-electric-akums-drugs-and-more/slidelist/112097714.cms"> initial public offering</a> (IPO) which is set to open on August 2. Ahead of the IPO, <keyword id="21641099" type="General" weightage="20" keywordseo="CE-Info-Systems" source="keywords" meta.keywordsubtype="org" meta.entityname="CE Info Systems" meta.hostid="261" meta.entityid="CE Info Systems">CE Info Systems</keyword>, the parent company of homegrown MapMyIndia has accused the Bhavish Aggarwal-led company of stealing map data. According to a<a href="https://www.forbesindia.com/article/news/mapmyindia-alleges-ola-copied-data-for-maps-slaps-legal-notice/93765/1"> report</a> by Forbes India, MapMyIndia in a legal notice has accused Ola Electric of stealing its map data after the company launched its own mapping service, Ola Maps. MapMyIndia has claimed that Ola Electric has breached its license agreement. The electric two-wheeler maker had partnered with MapMyIndia to offer navigational services on its electric scooters. <h2>Data copied</h2>MapMyIndia has claimed that Ola Electric has duplicated the API (application programming interface) and SDKs (software development kits) from the company’s proprietary sources to build Ola Maps. <div type="Article" hostid="261" msid="112039063" title="Pixel 9 series design and specs revealed ahead of launch next month" mstype="2" mssubtype="0"></div> “It is firmly stated that our client’s exclusive data has been copied/derived by you to further your illegal motive and for your unjust commercial gains,” MapMyIndia reportedly said in its notice. Further, the company dismissed Ola Electric’s claim of developing the map data for Ola Maps from Open Map. “Your assertion that you have developed API and map data/Ola Maps solely through open map is factually incorrect and not tenable,” the company added. The company has said that the agreement signed between the two companies prohibits co-mingling and reverse engineering under the Intellectual Property laws. “By indulging in such unscrupulous and illegal activities, you have acted in blatant defiance of the terms and conditions of the agreement and have further infringed the copyright vested exclusively in our client pertaining to the source code,” the notice reads. Ola Electric in a statement to Business Insider India has denied the allegations. “Ola Electric wishes to address the recent claims made by CE Info Systems Limited (“CE Info”) in relation to the alleged issues with Ola Maps vis-à-vis MapMyIndia and reported in news media. We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly," an Ola Electric spokesperson said in a statement to Business Insider India. The Delhi-based Geotech startup has said that it will initiate appropriate civil and criminal legal action against Ola Electric. Earlier this month, the share price of MapMyIndia jumped by up to 10% during the Budget 2024-25 as Finance Minister Nirmala Sitharaman announced that land records in urban areas will be digitised using GIS mapping, highlighting the rising importance of such data. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-ola-electric-akums-drugs-and-more/slidelist/112097714.cms">Upcoming IPOs this week – Ola Electric, Akums Drugs and more</a> <a href="https://www.businessinsider.in/business/auto/news/government-extends-ev-subsidy-scheme-till-september-30-increases-outlay/articleshow/112062360.cms">Government extends EV subsidy scheme till September 30, increases outlay</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-to-manufacture-iphone-16-pro-models-in-india-soon-after-launch/articleshow/112045172.cms">Apple to manufacture iPhone 16 Pro models in India soon after launch</a>

Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens

<ul class="summary-list"><li>The "front page of the internet" is finally ready to go public.</li><li>Reddit shares start trading on the New York Stock Exchange on Thursday.</li></ul><a target="_blank" href="https://www.businessinsider.com/reddit-warns-meme-stock-investors-could-come-for-ipo-2024-2">Reddit</a> might have been self-anointed the "front page of the internet" almost two decades ago, but its time to face the public has just arrived.The social-media forum is set to <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-valuation-price-range-sec-wallstreetbets-meme-stocks-2021-2024-3">list Thursday on the New York Stock Exchange</a> — marking a milestone for the company created in 2005 by a pair of college roommates from the University of Virginia.Back then, Steve Huffman and Alexis Ohanian, its cofounders who'd go by the usernames spez and kn0thing, respectively, worked under the stewardship of the veteran Silicon Valley investor Paul Graham to build a social platform just as <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a> was taking Facebook mainstream.After bringing Aaron Swartz on board — the late computer programmer then known as a developer behind RSS feeds — the company was ready to capture the attention of people using news-aggregation services like Digg by offering its own take.The launch of subreddits in 2008 made for a turning point as communities grew around interest-based groups on the site. However, the freedom given to anonymous users to roam without oversight has left it to contend with a reputation of being social media's underbelly.While it grew through a sale to the media giant Condé Nast in 2006, before being <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-advance-conde-nast-windfall-2024-3">spun out to its parent company, Advance Publications</a>, Reddit has struggled to find a path to profitability.Though it has taken its time, Reddit finally seems ready to prove its doubters wrong.On Wednesday <a target="_blank" href="https://markets.businessinsider.com/news/stocks/reddit-ipo-price-stock-offering-social-media-retail-2024-3">Reddit priced its shares at $34</a>, at the top of the range, implying a $6.4 billion valuation. The IPO is set to be one of the largest listings in recent memory in a test of investor appetite.There's a lot of uncertainty in the run-up to the day.Despite being created at a similar time to rivals such as Facebook and X, Reddit's platform has an average of 73.1 million daily active users, a far cry from the roughly 2 billion and 245 million daily users those two services have respectively.<h2>Lower losses</h2>Meanwhile, the <a target="_blank" href="https://www.businessinsider.com/vcs-playing-waiting-game-to-avoid-losses-pre-ipo-startups-2023-11">IPO market more broadly has suffered a drought</a> in recent years as uncertain market conditions have threatened to chop down ambitious valuation targets. Investors must weigh Reddit's current health to determine whether its target valuation is valid.In its <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1713445/000162828024006294/reddits-1q423.htm">IPO filing</a> last month, Reddit revealed that revenue had grown by about 21% last year, while its net loss at the end of 2023 was $90.8 million, down from $158.6 million the previous year.Those losses haven't dissuaded investors just yet, it seems. Reddit's IPO is between four and five times oversubscribed, <a target="_blank" href="https://www.reuters.com/markets/deals/reddits-ipo-much-five-times-oversubscribed-sources-say-2024-03-17/">Reuters reported Sunday</a> citing unnamed sources.<h2>AI promise</h2>Still, as <a target="_blank" href="https://www.businessinsider.com/why-reddit-loses-money-ipo-research-development-revenue-2024-2024-2">my colleague Peter Kafka has noted</a>, that's still a lot of money for Reddit to burn. In part, it's been spending heavily on engineering talent: about $439 million, or 55% of its revenue, went to research and development, which included engineer salaries.No doubt, part of the bet investors will be making is that the R&amp;D spend is focused on the technology of the moment: <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-shares-loyal-users-ai-steve-huffman-sam-altman-2024-2">artificial intelligence</a>.In its S-1 filing with the Securities and Exchange Commission, Reddit positioned itself as an indispensable component of the generative-AI boom. It described its content as a "foundational part of how many of the leading large language models ("LLMs") have been trained."<a target="_blank" href="https://www.reuters.com/technology/reddit-ai-content-licensing-deal-with-google-sources-say-2024-02-22/">Reuters reported</a> last month that Reddit had sought to monetize that content by striking a licensing deal with Google to make its data available to the search giant's AI models for $60 million a year.That could boost those with a stake in the IPO, like OpenAI CEO Sam Altman, whose holding of Reddit shares <a target="_blank" href="https://www.businessinsider.com/how-much-sam-altman-gain-reddit-ipo-shares-worth-2024-3">could be worth between $51.4 million and $56.4 million</a>.Reddit plans to list 22 million shares raising about $750 million, with <a target="_blank" href="https://www.businessinsider.com/how-much-reddit-karma-needed-ipo-stock-directed-share-program-2024-2">loyal Redditors getting a chance to purchase stock</a> in addition to the usual crowd of institutional investors.The internet's front page is about to become much more visible.

Reddit's IPO is set to make the 'front page of the internet' public

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/reddit-ipo-valuation-price-range-sec-wallstreetbets-meme-stocks-2021-2024-3">Reddit's upcoming public offering</a> could value the company at $6.4 billion.</li><li>Advance, the parent company of Condé Nast, owns about a third of Reddit</li></ul>It's easy to write gloomy stories about the state of the media business. The media business is often pretty gloomy!So let's try to break the mold with an upbeat take. This one is about a very Old World Media Company that has struck gold in digital media — one of the very few times that has ever happened.Here goes: When <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-shares-loyal-users-ai-steve-huffman-sam-altman-2024-2">Reddit goes public</a> this week, it will ask investors to value it at $6.4 billion. And if that happens, one of the chief beneficiaries will be Advance, the privately held company that owns magazine giant Condé Nast — the people who bring you titles like Vogue and The New Yorker. Advance, which isn't selling any shares in the offering, will end up owning 26.5% of <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-redditors-stock-wallstreetbets-meme-2024-2">Reddit after the IPO</a>.So if the pricing pans out the way <a target="_blank" href="https://www.businessinsider.com/why-reddit-loses-money-ipo-research-development-revenue-2024-2024-2">Reddit</a> and its bankers are hoping, Advance's stake will be worth $1.7 billion — and even more if the stock "pops," as Wall Street still expects out of public offerings.Even better for Advance: That $1.7 billion was generated by an initial investment of around $10 million, which is what it paid to buy Reddit back in 2006.That's an amazing return! And one that's very welcome at Advance — which, like many other traditional media companies, has been dealing with <a target="_blank" href="https://www.axios.com/2023/11/01/conde-nast-to-lay-off-5-of-staff">long-term systemic challenges</a>. And even more impressive when you compare it to the track record of other Big Media companies who have bought or invested in digital properties, and almost always live to regret it.A very incomplete list of those: News Corp.'s purchase of MySpace; Disney's acquisitions of gaming company Club Penguin and YouTube network Maker Studios; the hundreds of millions that Disney, Fox, Time Warner, and Comcast/NBC put into digital media startups like BuzzFeed, Vice, Vox Media, and others during the Facebook boom of the last decade. Almost all of those deals ended up as write-offs and shut-downs. (Vox Media, my previous employer, is still motoring along — but at half the valuation it was at its peak.)(While we're in disclosure mode, I should note that Business Insider itself is a digital media company acquired by German media conglomerate <a target="_blank" href="https://www.businessinsider.com/business-insider-sale-to-axel-springer-2015-11">Axel Springer</a> in 2015. And we're still around.)<a target="_blank" href="https://www.businessinsider.com/reddit-survival-2012-9">Reddit's success</a> has been anything but an up-and-to-the-right line, and if you want to know more about the ups and downs of the company there are <a target="_blank" href="https://www.wired.com/story/inside-reddit-protest-ipo/">plenty</a> of <a target="_blank" href="https://www.nytimes.com/2024/03/13/technology/reddit-public-offering-stock-market.html">places</a> to learn more.And while we're at it, it's worth noting that Advance's success comes with some caveats as well: In 2021, for instance, it invested an additional $26 million in Reddit in a funding round that valued the company at a reported $10 billion. So for the moment, those shares are underwater.But it appears that the most important thing Advance's managers did at Reddit, other than buying it, was spinning it out as a stand-alone company in 2011.That did at least two things: It meant that when Reddit was undergoing one of its many controversies and challenges, very few people wondered about the connection between the site and the publisher behind publications like Vogue and The New Yorker. And it meant that Reddit could succeed, or stumble, without much meddling from its owners.Maybe a worthwhile playbook the next time — and there will be a next time — a big media company opens its wallet for a digital upstart again.

Why the big winner in the Reddit IPO is ... a magazine publisher

<ul class="summary-list"><li>Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers.</li><li>At the conference, there was talk of IPOs and M&amp;A being back.</li></ul>As bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference.IPOs and M&amp;As are finally back, and on top of that, there is an exciting new catalyst for rising tech valuations — generative AI."We surveyed a lot of the 140 entrepreneurs that are coming here and found 'IPO' is not a dirty word anymore," said Cameron Lester, Co-Head of Technology, Media and Telecom Investment Banking at Jefferies. "People are thinking maybe they will go public."After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. But there was not much to talk about in the way of actual deals. Now the logjam is finally breaking."We're as busy today as we were in 2021," said Jason Greenberg, Co-Head of Global Technology, Media, and Telecom Investment Banking at Jefferies."We ultimately succeed and get paid on the success of deals happening and closing. I don't think as many deals we're on today will turn into announced deals in 2024 or early 2025 compared to 2021. But even if they don't close at the same rate, you're going to see a market that was down 60% peak to trough recover a lot."AI is driving many of those deals, according to Greenberg; The theme of this year's conference was "In the Age of AI.""Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&amp;A," according to Greenberg.Reports that Salesforce <a target="_blank" href="https://markets.businessinsider.com/news/stocks/salesforce-s-strategic-and-financially-sound-acquisition-of-informatica-backed-by-analyst-s-buy-rating-1033255009">is in talks</a> to buy the $10 billion data management software firm Informatica is another sign dealmaking is back (though some people at the conference were skeptical the deal would ultimately go through).This week, there was also promising news that Goldman Sachs reported its investment banking division saw fees rise 32% in the first quarter thanks to strong underwriting and advisory work growth."It's clear that we're in the early stages of a reopening of the capital markets," said David Solomon, the bank's chairman and CEO, told investors.Reddit went public in March, though the stock is down from its opening price. <a target="_blank" href="https://www.businessinsider.com/the-11-startups-most-likely-to-ipo-in-2024-2024-3#epic-games-2">Other companies in the IPO pipeline include Databricks. Epic Games, and Getir.</a><div type="image" title="Marc Andreessen speaks at the Jefferies Private Internet Conference 2024" height="1391" width="2048" msid="109431736" hostid="261"></div>Aside from the lavish Nobu dinner, attendees at Jefferies also heard from Andreessen Horowitz cofounder Marc Andreessen and Anthropic's head of business development, Neerav Kingsland.Jefferies has significantly bulked up its tech investing division to better compete against more established players like Goldman and JP Morgan Chase."In the last 18 months, we've increased the number of MDs [managing directors] in our investment bank by 70%, which is kind of crazy given what's happened to our industry in terms of the decline over the past couple of years," Lester said.Now that deals are finally happening again, Lester is hoping the investment pays off."People don't typically choose a banker in a 30-day period," Lester said. "They choose it based on relationships built over a couple of years."

Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back

The rupee rose 2 paise to 84.40 against the US dollar in early trade on Tuesday amid a recovery in domestic equity markets and a weaker American currency against major Asian rivals. Forex traders said, however, sustained outflow of foreign funds and an upward movement in crude oil prices put pressure on the local unit and capped its sharp gain. At the interbank foreign exchange, the rupee opened at 84.39 and slipped further to 84.40 against the greenback, trading 2 paise higher from its previous close. On Monday, the rupee recovered from its lowest level of 84.46 to settle 4 paise higher at 84.42 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.09 per cent at 106.10. Brent crude, the global oil benchmark, rose by 0.19 per cent to USD 73.44 per barrel in futures trade. On the domestic equity market front, Sensex was trading 271.42 points, or 0.35 per cent higher, at 77,610.43 points. The Nifty advanced 105.55 points, or 0.45 per cent, to 23,559.35 points. <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 1,403.40 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank">Tata to buy a majority stake in Pegatron's iPhone plant in India</a><a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Rupee rises 2 paise to 84.40 against US dollar in early trade

<ul><li>Skoda recently launched the Kylaq SUV, the company’s latest entry-level subcompact SUV.</li><li>The company has announced its plans to launch an electric vehicle in India in 2025.</li><li>The Skoda Enyaq EV’s updated version will debut in India next year.</li></ul>Skoda Auto will roll out its electric vehicle in the Indian market in 2025. In an exclusive interaction with ANI Skoda Auto Brand Director Petr Janeba says Skoda's European bestseller, the Enyaq EV, was initially slated for an Indian debut this year but postponed to next year for an updated version. Janeba says a significant facelift planned for the model in March has led the company to hold off until the new version, featuring Skoda's latest design language, is ready. He said, "We have one of the best-selling EVs in Europe our European Enyaq. The car was tested, and the car was prepared for India. We have actually stopped bringing the car this year. Because there will be a huge facelift of the Skoda Enyaq coming in March following the new design language." He added, "We actually can choose one of the three EV cars coming to India or all three." Skoda is closely monitoring India's changing EV policies, especially the CAFE3 (Corporate Average Fuel Economy) norms set to be introduced in April 2027. On further investment in India Janeba highlighted the importance of a consistent regulatory environment, as state-level EV and hybrid tax policies currently vary widely, impacting long-term planning. "And within this plan, we understand nobody can survive in India without having a deeper localised CKD EV in India. We are ready for this. We are ready in Pune to make another investment for the car and for the production to get it. At the end of the day, we still take our time in order to decide the right measure car for the market, seeing the new competitors coming on the EVs." Said Janeba Skoda already has two manufacturing units in India, in Chhatrapati Sambhaji Nagar and Pune. EVs are planned to be manufactured in their Pune plant For the production, he stated, "In the same factory in Pune, Chakan we will be producing EVs. Currently we have increased because of the Kylaq the production capacity in Pune to 250,000 units a year and we will be increasing further once it is needed either for the current cars because of the export or because of the Indian demand or for the new cars like EVs." The facility is also set to support EV production with deep localisation efforts to make Skoda's electric lineup more affordable for Indian consumers. Piyush Arora, India CEO, Skoda Auto echoed this sentiment, expressing confidence that Skoda's expanded product offerings will capture the growing sub-four-meter SUV segment, a category that represents nearly 30 per cent of India's automotive market. "With the new Kodiaq and other upcoming models, we are aiming for a 5 per cent market share in the medium term," he added. Skoda's commitment to India extends beyond manufacturing. Arora highlighted the company's investment in local engineering talent and its dealer and supplier networks. "Our technical centre in India plays a crucial role in developing products like the Kodiaq, which was fully designed in India," he noted, calling it a testament to India's engineering prowess and the company's long-term vision for the region. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms">Swiggy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Skoda plans to launch an updated electric vehicle in India in 2025

<ul class="summary-list"><li>Reddit plans to go public later this month at a targeted share price of $31 to $34.</li><li>Sam Altman, the CEO of OpenAI, has a sizable stake in the company.</li></ul><a target="_blank" href="https://www.businessinsider.com/reddit-ipo-valuation-price-range-sec-wallstreetbets-meme-stocks-2021-2024-3">Reddit, which is set to go public</a> later this month, announced its target share pricing on Monday — and <a target="_blank" href="https://www.businessinsider.com/the-scope-of-sam-altmans-future-ai-empire-open-ai-2024-3">Sam Altman</a> stands to reap a sizable windfall.While his personal shares aren't worth the nearly half a billion dollars that has been reported, they do amount to a fortune.Business Insider estimates that the <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">OpenAI CEO</a> owns a maximum of just about 1.66 million shares of Reddit. With the company's estimated price per share at $31 to $34, <a target="_blank" href="https://www.businessinsider.com/sam-altman-investory-reddit-stock-worth-value">Altman's stake in Reddit</a> could be worth between $51.4 million and $56.4 million.Neither Reddit nor Altman would comment on the exact number of shares that Altman owned.Altman has several ties to <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-shares-loyal-users-ai-steve-huffman-sam-altman-2024-2">Reddit</a>: He served on its board, had an eight-day stint as its CEO, and has invested in the company through five of his investment vehicles.The company's S-1 says "entities affiliated with Sam Altman" own an 8.7% stake in the company, made up of 789,456 class A shares and 11,369,103 class B shares.News outlets, including BI, were quick to say that Altman owned all these shares when Reddit filed an earlier version of its S-1 in late February. But the truth is far more complicated.The company's registration statement says Altman "disclaims beneficial ownership of these shares except to the extent of his respective pecuniary interest therein."Basically, just because the shares are affiliated with Altman doesn't mean they are his. Instead, they belong to his various funds, such as Hydrazine Capital II, a venture-capital fund, and Apollo Projects SPV-B, a special-purpose vehicle.For instance, Hydrazine Capital II owns nearly 9.9 million shares of Reddit. But the fund's disclosure form indicates that Altman owns, at most, 5% of these shares — or about 500,000 — with the rest presumably belonging to the fund's limited partners, whose identities are unknown.Applying this method to all of Altman's investment vehicles with ties to Reddit finds that Altman, the individual, owns as much as 1.66 million shares in the company.His ties to Reddit point to Altman's long history as an investor.While he's best known as the <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-staff-loyalty-power-chatgpt-microsoft-2023-11">CEO of ChatGPT's maker, OpenAI</a>, Altman poured both his own money and that of at least one Silicon Valley power broker (<a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">Peter Thiel</a> is reportedly the backer of one of his VC funds) into everything from a <a target="_blank" href="https://www.businessinsider.com/helion-energy-fusion-company-backed-by-sam-altman-and-microsoft-2023-5">nuclear-fusion company</a> to a bioscience upstart looking to delay death.He has made over 155 investments since 2010, according to PitchBook data, and announced his investment in Reddit in 2014."I have been a daily reddit user for 9 years — longer than pretty much any other service I still use besides Facebook, Google, and Amazon," Altman wrote on his <a target="_blank" href="https://blog.samaltman.com/reddit">blog</a>. "I was probably in the first dozen people to use the site, and I shudder to imagine the number of hours I have spent there."

How much Sam Altman stands to gain from a Reddit IPO

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Hate to start your weekend off with some bad news, but here goes: <a target="_blank" href="https://www.businessinsider.com/costco-raising-membership-fee-gold-star-executive-cost-2024-7">Costco is raising the price of its membership</a>.In today's big story, Google risks facing a massive lawsuit <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">over its Search business</a>. But it might have <a target="_blank" href="https://www.businessinsider.com/google-fast-growing-new-business-subscriptions-2024-9">a backup plan</a>.What's on deck:<ul><li>Markets: From the New York Knicks to the Army Rangers to Blackstone, Marshall Plumlee's career <a target="_blank" href="https://www.businessinsider.com/blackstone-career-path-internship-former-ny-knick-marshall-plumlee-2024-8">has had plenty of twists and turns</a>.</li><li>Tech: Amazon's AI chatbot <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">is having some issues</a>, leaked messages reveal.</li><li>Business: Jessica Fern's 'Polysecure' promised a world beyond monogamy. <a target="_blank" href="https://www.businessinsider.com/jessica-fern-polysecure-book-consensual-nonmonogamy-polyamory-2024-9">She didn't say it would be easy</a>.</li></ul>But first, try searching "how to avoid a massive lawsuit."If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Searching for a solution</h2><div type="image" title="google CEo" height="900" width="1200" msid="113133212" hostid="261" sizebytes="71180"></div>Google's no longer feeling lucky.The search giant is already facing a <a target="_blank" href="https://www.businessinsider.com/google-violated-antitrust-law-to-keep-search-monopoly-judge-rules-2024-8">federal judge's ruling</a> that it violated antitrust laws. The Justice Department and Google are scheduled to appear in court today to discuss the next steps for resolving the company's monopoly.Some of the <a target="_blank" href="https://www.businessinsider.com/google-search-index-monopoly-remedy-doj-antitrust-2024-8">proposed resolutions are extreme</a> — like breaking it up — but it's not Google's only problem.The ruling opens up Google to lawsuits alleging that it <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">artificially raised ad prices for years</a>, writes Business Insider's Hugh Langley. Yelp has already filed one about search referencing, and advertisers could be next.Ultimately, Google could face a lawsuit seeking more than $100 billion in damages, according to one analyst.The rationale for the suit goes as follows. A judge ruled that Google suppressed competition in the search market. That meant Google was the only game in town, enabling it to raise its ad prices knowing customers had no other option but to pay up.But a 12-figure suit isn't just terrifying for Google. Apple, Meta, and Amazon are also dealing with antitrust suits. The judge's ruling <a target="_blank" href="https://www.businessinsider.com/google-monopoly-antitrust-ruling-should-make-apple-meta-amazon-nervous-2024-8">was bad enough for Google's Big Tech peers</a>. A hefty lawsuit could foreshadow even more trouble.<div type="image" title="Google's campus" height="1333" width="2000" msid="113133208" hostid="261" sizebytes="352696"></div>It's not all bad news for Google.While its search business might be in trouble, another part of the company is red hot.Subscriptions are <a target="_blank" href="https://www.businessinsider.com/google-fast-growing-new-business-subscriptions-2024-9">becoming a key way Google makes money</a>, writes Hugh. The group, described as "subscriptions, platforms, and devices," has had better revenue growth than Search the past three quarters.YouTube, which has <a target="_blank" href="https://www.businessinsider.com/youtube-has-become-must-have-service-ahead-of-netflix-2024-6">become a top streamer</a> and the <a target="_blank" href="https://www.businessinsider.com/youtube-is-taking-a-victory-lap-dominating-creator-economy-tv-2024-7">go-to spot for content creators</a>, is a big part of that segment. But it also includes its storage services and, potentially, AI.A premium version of Google's chatbot, Gemini, is being rolled out for $19.99 a month. But AI tools haven't necessarily been the revenue boon tech giants had been hoping for thus far, <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">so don't hold your breath</a>.Still, Google is willing to take the risk. Even with Search's regulatory issues, advertising remains a volatile business. Investors view subscriptions as a better, stable bet.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>4 victims on Mike Lynch's yacht were <a target="_blank" href="https://www.businessinsider.com/4-mike-lynch-yacht-victims-trapped-air-bubbles-suffocate-report-2024-9">trapped inside air bubbles</a> before suffocating, report suggests.</li><li><a target="_blank" href="https://www.businessinsider.com/spacex-employees-told-not-to-travel-to-brazil-elon-musk-2024-9">SpaceX tells employees</a> not to travel to Brazil, as Elon Musk's fight with its Supreme Court over X intensifies.</li><li>Tesla stock rises as carmaker unveils full self-driving plans for China and Europe <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-full-self-driving-release-fsd-robotaxi-outlook-2024-9">ahead of next month's Robotaxi reveal</a>.</li><li>How AuditBoard went from a potential IPO to a <a target="_blank" href="https://www.businessinsider.com/how-auditboard-potential-ipo-to-private-equity-hg-takeover-2024-9">$3 billion takeover</a> by private-equity firm Hg in just two months.</li><li>Mark Cuban offers to serve in <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-sec-capital-gains-business-2024-9">the Harris White House</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Steve Eisman collage" height="1000" width="2000" msid="113133206" hostid="261" sizebytes="116556"></div><ol><li>The guy who called the last financial crisis isn't sold on it happening this time around. 'Big Short' investor Steve Eisman told BI <a target="_blank" href="https://www.businessinsider.com/steve-eisman-economy-outlook-financial-crisis-tech-bubble-artificial-intelligence-2024-9">he refuses to peddle negativity about a financial system he's not overly worried about</a>. "I'm not going out of my way to predict the end of the world when I don't see the end of the world," he said.</li><li>JPMorgan's surprising tool in its bid to attract wealthy customers. Bank branches might not be sexy, but they are a key part of JPMorgan Wealth Management CEO Kristin Lemkau's strategy. <a target="_blank" href="https://www.businessinsider.com/jpmorgan-kristin-lemkau-branches-wealth-management-advisors-2024-9">She told BI how they fit into her plan</a>, and who she's hiring to staff them.</li><li>Just your normal NBA-Army Ranger-Blackstone career path. Marshall Plumlee's road to Wall Street <a target="_blank" href="https://www.businessinsider.com/blackstone-career-path-internship-former-ny-knick-marshall-plumlee-2024-8">has been unique, to say the least</a>. The former New York Knick described transitioning from pro sports to the military before joining Blackstone's tactical opportunities group.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Amazon Q logo in a speech bubble cracking" height="1500" width="2000" msid="113133211" hostid="261" sizebytes="94766"></div><ol><li>Leaked messages show early challenges for Amazon's AI chatbot Q. In internal Slack discussions, <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">Amazon employees voiced concerns</a> about high costs and lack of features for the nascent chatbot. As a result, some employees are worried the company could lose customers to Microsoft Copilot.</li><li>Can we keep TikTok, actually? Americans don't want to ban TikTok anymore. According to a Pew Research survey, <a target="_blank" href="https://www.businessinsider.com/the-ban-tiktok-movement-is-losing-momentum-among-americans-2024-9">support for a TikTok ban among US adults is declining</a>, down to a third of Americans from half of all US adults in March 2023. The clock is still ticking on the impending sale-or-ban ruling by early next year the app is facing.</li><li>Silicon Valley's split over "Founder Mode." An essay by Y Combinator cofounder Paul Graham about the best way to run a company has the tech scene forming factions. It weighs a hands-off approach against a hands-on approach of leadership. <a target="_blank" href="https://www.businessinsider.com/founder-mode-manager-dividing-silicon-valley-2024-9">Here's where SV's leaders stand</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Jessica Fern" height="1333" width="2000" msid="113133209" hostid="261" sizebytes="108704"></div><ol><li>Meet the woman behind the polyamory movement. Jessica Fern's 2020 sleeper hit "Polysecure" has become the new polyamory bible — and a status symbol for the sexually enlightened. How she turned her failed open marriage <a target="_blank" href="https://www.businessinsider.com/jessica-fern-polysecure-book-consensual-nonmonogamy-polyamory-2024-9">into a literary phenomenon</a>.</li><li>Elon Musk is a Trump win away from serious federal power. In a speech at the Economic Club of New York, Trump outlined <a target="_blank" href="https://www.businessinsider.com/trump-adopts-elon-musk-plan-cut-government-spending-efficiency-reform-2024-9">a plan proposed by Elon Musk</a> to create a new government commission to cut government spending and regulation. Musk previously said he "can't wait" to work in Trump's White House should he win in November.</li><li>Frequent flyer fleecing? The feds want to make sure you're getting the most out of those airline rewards programs. The Department of Transportation is <a target="_blank" href="https://www.businessinsider.com/airlines-rewards-programs-investigation-united-delta-american-southwest-2024-9">probing the four largest US airlines</a> — Southwest, United, American, and Delta — to make sure customers are "getting the value that was promised to them," Secretary Pete Buttigieg said.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/jd-vance-lower-childcare-costs-grandma-grandpa-help-retirement-crisis-2024-9">JD Vance's plan to lower childcare costs</a>: have grandma and grandpa 'help a little bit more.'</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/telegram-ceo-breaks-silence-after-arrest-2024-9">Telegram's CEO broke his silence after his arrest</a>, saying it's not true that the platform is an 'anarchic paradise.'</li><li>Trump will mimic Harvey Weinstein's successful appeal to fight his own sexual assault verdict Friday. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-mimics-harvey-weinstein-arguments-e-jean-carroll-appeal-2024-9">It won't be as easy</a>.</li><li>There's a hiring frenzy for big ad sales roles in traditional media — <a target="_blank" href="https://www.businessinsider.com/legacy-media-ad-hiring-tear-to-fix-declining-business-2024-9">but that doesn't mean the industry is thriving</a>.</li><li>What Nvidia leadership should be doing <a target="_blank" href="https://www.businessinsider.com/nvidia-artifical-intelligence-department-of-justice-investigation-antitrust-2024-9">to prepare for a possible DOJ case</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Defense Secretary Lloyd Austin hosts Ukraine Defense Contract Group meeting in Germany.</li><li>Bureau of Labor Statistics releases August employment report.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jack Sommers, deputy editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

You Searched For "IPOs in news" and got 11 results

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Ola Electric IPO – MapMyIndia accuses company of stealing map data days before IPO opens

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Reddit's IPO is set to make the 'front page of the internet' public

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Why the big winner in the Reddit IPO is ... a magazine publisher

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Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back

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Rupee rises 2 paise to 84.40 against US dollar in early trade

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Skoda plans to launch an updated electric vehicle in India in 2025

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How much Sam Altman stands to gain from a Reddit IPO

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Google could face a lawsuit seeking more than $100 billion in damages, but it's not all bad news for the tech giant

Dan DeFrancesco

JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public

Bhakti Makwana

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