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<ul><li>The health insurer’s IPO is looking to raise ₹7,249 crore through the public issue of shares.</li><li>The IPO consists of a fresh issue of shares worth ₹2,000 crore and an offer for sale of 5.83 crore shares by existing promoters and shareholders.</li><li><keyword id="12595847" type="General" weightage="20" keywordseo="star-health-and-allied-insurance-ipo" source="Orion">Star Health and Allied Insurance IPO</keyword> will open on November 30 and close on December 2.</li></ul>Health insurance company Star Health and Allied Insurance, which is backed by marquee investors like <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and Westbridge Capital, is all set to open its initial public offering (IPO) next week. The company is looking to raise ₹7,249 crore through the public issue of shares. The price band of the IPO is ₹870-900 per share. The IPO consists of a fresh issue of shares worth ₹2,000 crore and an offer for sale of 5.83 crore shares by existing promoters and shareholders. Here are some important dates of the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹870 to ₹900 </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 30 </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 2 </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 7 </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 8 </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 9 </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 10 </td></tr><tr><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #000000 0.9375pt;border-top:solid #000000 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">16 </td></tr></tbody></table> Safecrop Investments India LLP, APIS Growth 6, University of Notre Dame DU LAC, MIO IV Star, MIO Star, ROC Capital, Sai Satish, Venkatasamy Jagannathan, Konark Trust, Berjis Minoo Desai and MMPL Trust are all of the shareholders selling shares in the IPO. The net proceeds from the fresh issue will be utilised towards augmentation of the company's capital base and maintenance of solvency levels. The private health insurer has a market share of 15.8% in the Indian health insurance market as of financial year 2021. As of September 30, 2021, it has a distribution network of 779 health insurance branches spread across 25 states and 5 union territories in India. The health insurer has made a loss for the first time in three years in FY21 while revenue continues to rise. <div type="image" title="star health 2" height="900" width="1200" msid="87882134" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bharti-airtel-coal-india-spicejet-and-other-stocks-to-watch-out-for-on-november-24/slidelist/87879862.cms">Bharti Airtel, Coal India, SpiceJet and other stocks to watch out for on November 24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/url-go-fashion-ipo-allotment-tomorrow-and-gmp-is-falling-every-day/articleshow/87876496.cms">Go Fashion IPO allotment tomorrow; GMP on a downward trend</a>

Rakesh Jhunjhunwala-backed Star Health and Allied Insurance set to open its IPO next week — here are a few important details

<ul><li>Glenmark Life Sciences, subsidiary of Glenmark Pharmaceuticals is all set to raise ₹1,060 crore through its IPO.</li><li>The IPO will open for subscription on July 27 and close on July 29 with a price band of ₹695 to ₹720.</li><li>The company intends to use some of the proceeds from the IPO for the growth of contract development and manufacturing organisations (CDMO) business.</li></ul>Glenmark Pharmaceuticals’ subsidiary Glenmark Life Sciences is all prepped up to launch its ₹1,060 crore initial public offering (IPO). From the overall IPO proceeds, ₹ 800 crore will go to the promoter Glenmark Pharmaceuticals as payment for the spin-off. In 2019, the API manufacturing business of Glenmark was spun off into Glenmark Life Sciences as part of a broader reorganisation focusing on the API business. Further, the company has a debt of ₹916 crore, but Chief Executive Officer Yasir Rajwee told Business Insider that the money from the IPO will go into expanding two of its plants because he expects a fresh wave of demand. but Chief Executive Officer Yasir Rajwee told Business Insider that the money from the IPO will go into expanding two of its plants because he expects a fresh wave of demand. The subscription for the IPO will start on July 27 and close on July 29. It has set a price band of ₹695 to ₹720. Glenmark Life Sciences is a leading developer and manufacturer of select high value ingredients that go into drugs for treating chronic illnesses, including cardiovascular disease, central nervous system disease, pain management and diabetes, according to the company’s IPO prospectus filed with the regulator. These are the important dates to remember for Glenmark Life Sciences IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹695-₹720 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">July 27 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">July 29 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 3 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 4 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 5 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 6 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20 </td></tr></tbody></table> The company intends to use the proceeds from the IPO for capital expenditure requirements which includes the expansion of capacity at the Dahej (Gujarat) manufacturing site to meet the anticipated future demand of its generic active pharmaceutical ingredients (API) products. Active pharmaceutical ingredient (API) means the active ingredient, which is contained in a medicine. For example, an active ingredient to relieve pain is included in a painkiller. <div type="ExtQuote" text="“Except for one antimalarial product segment, our demand outlook I mean demand that we are getting from customers from the last five quarters has been extremely solid. See no one is saying that we are buying less from China and more from India, but it is very clear to see that kind of demand. So I believe China Plus One is a real thing.”" auname="Yasir Rajwee, CEO of Glenmark Life Sciences."></div> China Plus One is the business strategy to avoid investing only in China and diversify business into other countries. The government has also approved, early this year, a production linked incentive (PLI) scheme worth ₹6,940 crore ($955 million) to promote domestic manufacturing of essential key starting materials, drug intermediates, and active pharmaceutical ingredients (APIs). The Indian API market has shown steady growth of 9.1% since FY19 and is expected to further grow at a compound annual growth rate (CAGR) of 9.6% from 2021-26 outpacing the global market growth. This is on account of increased focus on newer geographies in the global pharmaceutical industry, transition to specialty segments and strong domestic demand as per the management of the company. <div type="image" title="Glenmark financials 3" height="900" width="1200" msid="84618729" hostid="261"></div> The other business that Glenmark Life Sciences is into Some part of the proceeds will also go towards the growth of contract development and manufacturing organisations (CDMO) business. CDMO is a drug development and manufacturing services facility provided by a pharma company. Pharmaceutical companies partner with CDMOs as a way to outsource drug development and drug manufacturing. As emerging markets are growing, global companies lacking robust manufacturing capabilities would look for competent CDMOs that can provide readily available expertise and infrastructure to support their growing need for both customised and generic APIs, the company said in its DRHP filing. The increasing outsourcing trend by small and large pharmaceutical companies represents a promising opportunity for CDMOs, said <a href="https://www.fiercepharma.com/sponsored/insider-principles-key-criteria-to-consider-when-selecting-right-cdmo">a report</a>. As pharma shifts its focus to more research and development and less in-house manufacturing, CDMOs are well positioned to fill the gap between their clients and the patient. “From a business perspective, the CDMO coming in is going to make a huge difference, I mean in the last three years alone it has regarded 8-10%. Actually this year was a dip, if you see FY20 revenue, the contribution was 13% already so our topline and bottomline were even better,” said Rawjee. The company received 8% of its revenue from CDMO in the last financial year, while it expects the number to trend upwards with the rising demand. “This year because of a dip in one business on the CDMO side it actually went down to 8% but that is a temporary blip. Overall the CDMO is an extremely nice area for us to grow. It is a very big driver for us,” added Rawjee. The Indian CDMO industry has seen several success stories in the recent past. Players like Syngene, Anthem Biosciences, GVK BIO and Sai Life Sciences have demonstrated strong revenue growth and have established a track record of quality and delivery. SEE ALSO: <a href="https://www.businessinsider.in/business/news/byjus-acquires-us-based-epic-plans-to-invest-1-billion-in-the-north-american-market/articleshow/84612303.cms">BYJU’s acquires US-based Epic, plans to invest $1 billion in the North American market </a> <a href="https://www.businessinsider.in/tech/mobile/how-to/how-to-check-if-your-phone-is-hacked-or-not/articleshow/84549556.cms">Here’s how to check if your phone is hacked</a>

Glenmark Life Sciences IPO is nearly as big as its debt but the funds will go into expanding its plants

Markets regulator <keyword id="35210" type="General" weightage="80" keywordseo="sebi" source="Orion">Sebi</keyword> has approved <keyword id="6367820" type="General" weightage="20" keywordseo="Adani-Group" source="Orion">Adani Group</keyword>'s open offer to buy an additional 26 per cent stake in media firm New Delhi Television (<keyword id="6420486" type="General" weightage="20" keywordseo="NDTV" source="Orion">NDTV</keyword>) and the offer will commence on November 22. According to an update on Sebi's website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7. The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV. The conglomerate, run by India's richest man <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, in August acquired a little-known company that lent over Rs 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time. Post that, Vishvapradhan Commercial Pvt Ltd (VCPL) - the firm that <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> group bought out - announced that it would launch an open offer on October 17 to buy an additional 26 per cent stake from minority shareholders of NDTV. However, the offer was delayed since Sebi had not given its approval to the open offer. VCPL along with AMG Media Networks and Adani Enterprises Ltd had proposed to acquire an additional 26 per cent or 1.67 crore equity shares at an offer price of Rs 294 per share. If fully subscribed, the open offer will amount to Rs 492.81 crore at a price of Rs 294 per share. "The decision to acquire NDTV was arrived at in furtherance of the Adani Group's objective to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, and that NDTV is a suitable broadcast and digital platform to deliver on this vision," Adani Enterprises said in a regulatory filing in October. On Monday, shares of NDTV closed 1.99 per cent higher at Rs 365.85 on BSE and Rs 364.50 on NSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sai-silks-gets-sebi-nod-to-float-ipo-eyes-to-raise-up-to-rs-1200-crore/articleshow/95526795.cms">Sai Silks gets Sebi nod to float IPO; eyes to raise up to Rs 1,200 crore</a>

Sebi approves Adani Group's open offer for 26% stake in NDTV

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.axios.com/uber-floors-travis-kalanick-ipo-day-d89e8810-c508-488b-83c9-66b080b94f61.html">Illustration: Lazaro Gamio/Axios</a></div></div></div><ul class="summary-list"><li>Uber founder Travis Kalanick won't assist in Uber's bell-ringing ceremony when it goes public, according to Axios' sources.</li><li>However, Uber CEO Dara Khosrowshahi has offered to allow Kalanick to join other company directors on the floor of the New York Stock Exchange, but it's not clear if Kalanick will take him up on that offer.</li></ul>Uber CEO Dara Khosrowshahi has decided against inviting predecessor Travis Kalanick to join him on the New York Stock Exchange balcony during next Friday's bell-ringing ceremony, according to multiple sources.Details: Instead, Kalanick has been offered to be on the NYSE floor, alongside other company directors. No word yet on if he plans to attend.<div id="hidden-d89e8810-c508-488b-83c9-66b080b94f61" aria-hidden="false" aria-expanded="true"><div>Why it matters: Kalanick co-founded Uber and led the majority of its growth before being <a href="https://www.axios.com/uber-ceo-travis-kalanick-resigns-under-pressure-1513303135-2e8badc1-e625-4c29-9de5-ac6c03381fbf.html">forced out</a> in mid-2017. He had <a href="https://www.axios.com/uber-ipo-travis-kalanick-new-york-stock-exchange-4dff381c-570a-471c-b191-945dbc42e689.html">asked during a recent board meeting</a> to participate in the bell-ringing, alongside Khosrowshahi and a group of longtime Uber executives and drivers, but Khosrowshahi was noncommittal at the time.<ul><li>More: <a href="https://www.axios.com/uber-sets-ipo-terms-could-be-valued-at-billion84-78bd1b63-d1d5-4a90-aec1-7fc13c15152f.html">Uber sets IPO terms, could be valued at $84 billion</a></li></ul></div></div><a href="https://www.businessinsider.com/intelligence/ai-101?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=appsandplatforms&amp;itm_campaign=ai-101"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsung-galaxy-fold-review-first-generation-foldable-smartphone-tablet-2019-4">I tried the $1,980 Samsung Galaxy Fold and it's impressive for a first-generation foldable phone, though far from perfect</a></h3> <div> </div> </div>

Travis Kalanick asked Uber's board if he could help ring the opening bell on IPO day, but CEO Dara Khosrowshahi rejected his request

Airbnb on Thursday <a href="https://press.airbnb.com/airbnb-announces-intention-to-become-a-publicly-traded-company-during-2020/">announced it plans to go public in 2020.</a> The startup did not specify a timeline beyond "during 2020." Airbnb has not clarified whether it has confidentially filed its S-1 IPO paperwork, which would include basic financial information for potential investors to consider. An Airbnb spokesperson declined to comment when asked whether the paperwork has been filed. The home-sharing rental startup was last privately valued at $31 billion in September 2017, according to PitchBook. Airbnb has teased potential IPO plans as recently as March of this year, with cofounder Nathan Blecharczyk saying that the company "<a href="https://www.businessinsider.com/exclusive-airbnb-may-defer-its-ipo-plan-2019-3">had not decided if we will go public in 2019."</a> "We have already said that we are taking the steps to be ready to go public in 2019. That doesn't mean we will go public in 2019," Nathan Blecharczyk, an Airbnb cofounder, told Business Insider in a March email interview. The company hasn't clarified how it plans to list its shares, either. Airbnb was considering a direct listing in June, <a href="https://www.reuters.com/article/us-airbnb-ipo/airbnb-plans-public-listing-in-2020-idUSKBN1W41Z7">Reuters reported</a>. A number of startups have gone public in 2019 to mixed results. Uber and Lyft went public earlier this year, and both companies have spent most of the time since trading below what they opened at. WeWork's IPO plans — which were recently postponed until at least October — were derailed shortly after the startup publicly filed its S-1 paperwork, which raised questions about the company's CEO, governance, spiraling losses, and unclear path to profitability. Tech startups Zoom, Slack, PagerDuty, CloudFlare, and Pinterest went public in 2019 and are currently trading above their IPO price. Airbnb's initial public offering has been heavily anticipated by Wall Street. The company had <a href="https://techcrunch.com/2018/11/16/airbnb-q3-2018-revenue/">revenue of over $1 billion</a> in the third quarter of 2018, according to TechCrunch. In November, former Amazon vice president Dave Stephenson <a href="https://www.businessinsider.com/airbnb-poaches-amazon-exec-dave-stephenson-new-cfo-2018-11">joined Airbnb</a>, feuling the market's hopes that the company was preparing to go public. In March, Airbnb cofounder Nathan Blecharczyk cast doubt on whether the company would go public any time soon, but had hinted that it was taking steps towards an initial public offering. Airbnb has already made its CEO Brian Chesky one of the richest tech founders in America, and the company's origin story is a quintessential rags-to-riches tale of success in Silicon Valley. Chesky, a 37-year-old former bodybuilder, founded the company with two former roommates in August 2008, which started out renting air mattresses in a room in San Francisco. The company struggled with investor support at first, but it picked up a $600,000 seed investment <a href="https://www.businessinsider.com/how-airbnb-was-founded-a-visual-history-2016-2#in-march-2009-the-company-finally-scrapped-the-air-bed-and-breakfast-name-and-simplified-it-to-airbnb-no-more-confusing-associations-with-air-mattresses-13">in 2009</a> and its growth quickly accelerated. In the years that followed, Airbnb picked up venture capital investments from industry heavyweights. Its third VC round in 2011 raised $112 million from investors including Crunchfund, General Catalyst, and Jeff Bezos' venture capital group at a $1.3 billion valuation. It picked up another $1.6 billion in venture capital in 2015 and $1 billion in 2017, and has raised a grand total of $4.4 billion to date, according to PitchBook. The company has recently branched out beyond its primary business model. In November it announced Backyard, an initiative that will explore building new homes specifically designed to accommodate short-term rentals. Backyard was slated to test prototypes by late 2019, according to <a href="https://www.cnbc.com/2018/11/30/airbnb-will-start-building-homes-as-soon-as-2019.html">CNBC</a>. Developing...

$31 billion Airbnb announces plan to go public in 2020

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Redis LabsOfer Bengal, co-founder and CEO of Redis Labs</div></div></div><ul class="summary-list"><li>On Tuesday, <a href="https://www.businessinsider.com/mongodb-and-redis-labs-have-a-new-plan-to-take-on-amazon-2018-10">Redis Labs</a> announced it closed $60 million in Series E financing. </li><li>Last year, Redis Labs <a href="https://www.businessinsider.com/mongodb-and-redis-labs-have-a-new-plan-to-take-on-amazon-2018-10">changed its license</a> in response to <a href="https://www.businessinsider.com/category/amazon">Amazon</a> taking Redis Labs' database software and selling it on its cloud - a move that proved <a href="https://www.businessinsider.com/open-source-initiative-open-letter-definition-2019-2">controversial</a> among <a href="https://www.businessinsider.com/amazon-web-services-open-source-licensing-undermine-2018-12">open source developers</a>.</li><li>Despite the competition from Amazon, Redis Labs showed investors that it was able to grow quickly, and <a href="https://www.businessinsider.com/why-investors-throwing-money-at-open-source-startups-2019-2">investors agreed</a> with the licensing change, says Ofer Bengal, co-founder and CEO of Redis Labs.</li></ul>Redis Labs has been living under the spectre of Amazon for some time.Redis Labs is best-known as the creator of the free, open source Redis database, which has only grown more popular among developers since its introduction in 2011, thanks in large part to the speed with which it gives results. That popularity has translated into fast growth: In 2018, Redis Labs saw 60% revenue growth from the year before, from sales of its paid <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="enterprise">enterprise</keyword> edition with more features. In November, it hired its first CFO, Rafael Torres, ahead of an IPO that it plans to hold in about two years, says Redis Labs CEO Ofer Bengal. However, because Redis is open source - meaning that anyone can use, download or modify the software in any way they want, for free - it also means that Amazon Web Services was completely within its rights when it took Redis, packaged it up, and sold it as a service for a profit, as it did starting in 2013. "We lived with the Amazon competition from day one," said Bengal. "All this time we learned to live with it, although it hurts because they make hundreds of millions of dollars each year on Redis alone. These are revenues that are taken from us. Redis is the fruit of our development efforts...They didn't add any significant functionalities to it and basically just packaged the open source into a fully managed service which they offer over AWS."Still, Bengal says that its fast growth offset investor concerns about Amazon. And on Tuesday, Redis Labs announced it closed $60 million in Series E financing led by Francisco Partners, as well as participation by existing investors, Goldman Sachs, Bain Capital Ventures, Viola Ventures, and Dell Technologies Capital. "We are building our company to be a leading database company," Bengal said. "The landscape has changed a lot. Ten to twenty years ago, it was insane to build a new database company because of the dominant position of Oracle. Today, everyone understands that there's a market that's open, and there's room for several database companies."<h2>Competition from Amazon</h2>Just because Redis Labs has grown on its own merits, it doesn't mean the company is taking the competition from Amazon lying down. Last year, Redis Labs made ripples in the open source community when it announced it would adopt <a href="https://www.businessinsider.com/mongodb-and-redis-labs-have-a-new-plan-to-take-on-amazon-2018-10">the Commons Clause </a>- a controversial new provision in its software license that would prevent Amazon, or any other large cloud provider, from taking components of Redis' code and selling it for a profit. Read more: <a href="https://www.businessinsider.com/mongodb-and-redis-labs-have-a-new-plan-to-take-on-amazon-2018-10">Two software companies, fed up with Amazon, Alibaba and other big cloud players, have a controversial new plan to fight back</a>When Redis Labs first added the Commons Clause, <a href="https://www.businessinsider.com/amazon-web-services-open-source-licensing-undermine-2018-12">open source developers were divided,</a> fretting that putting provisions on how the software was used could undermine the very <a href="https://www.businessinsider.com/open-source-initiative-open-letter-definition-2019-2/amp/">meaning of open source</a>. But Redis Labs was soon joined by companies like Confluent and MongoDB in taking similar stands. "I think people understand we need to update the open source concept," Bengal said. "I think today people are okay with it. In terms of the business itself, it has no impact on our business whatsoever. We didn't see any deduction."In fact, Bengal says, it will help Redis Labs become more competitive with Amazon. While AWS is still free to use the older versions of Redis, which are still under the previous license, it means that it's blocked by the license from taking advantage of features in any future releases. "Our newest innovation is not open to them anymore," Bengal said. "They can't adopt them anymore because of our new license. We base our potential future growth on those new innovations which we constantly bring to the market…And the competition from Amazon will become less and less."<h2>Risks and rewards</h2>This approach does have its risks, though, and the new licenses aren't a silver bullet. Although its new license prevented Amazon from selling MongoDB's own open source database software, it didn't stop Amazon from creating <a href="https://www.businessinsider.com/amazon-web-services-documentdb-mongodb-database-2019-1">its own version</a> based on the same concepts. "MongoDB just now feels the power of the Amazon competition," Bengal said.Still, he says, the time is right for change in the way that open source and cloud computing work with each other."Everyone understands that what happens with cloud providers and open source today is unfair," Bengal said. "If it will continue without change, there is no reason for anyone to distribute open source code without Amazon picking up the code at the expense of the creator. We were the first company to really do it."Bengal says that only time will tell whether the new license will actually help Redis Labs in terms of its business. However, he says the logic of changing the license resonated well <a href="https://www.businessinsider.com/why-investors-throwing-money-at-open-source-startups-2019-2">with investors</a>."Most investors in open source, they have the same interest as the company, which is to protect the assets of the company, and this license is very much what it is," Bengal said. "It's very constructive in this approach."Read more: <a href="https://www.businessinsider.com/why-investors-throwing-money-at-open-source-startups-2019-2">Here's why investors are throwing money at startups that give away their software for free</a>With the new funding, Redis Lab plans to invest in its global go-to-market strategy, the Redis community, and more high-performance features in the software. To date, Redis Labs has raised $146 million. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/top-15-presidents-historians-survey-abraham-lincoln-george-washington-lyndon-johnson-barack-obama-ronald-reagan-2017-2">The top 15 presidents according to historians</a></h3> <div> </div> </div>

Open source startup Redis Labs raises $60 million and starts planning for an IPO, as it takes a stand against Amazon Web Services

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>WeWork filed to go public on Wednesday.</li><li>The opening to its paperwork featured a distinctly cultish dedication to the "energy of we."</li><li>WeWork also said its mission is to "elevate the world's consciousness," and critics on Twitter were quick to mock the rhetoric.<a href="https://www.businessinsider.com/?hprecirc-bullet"></a></li><li><a href="https://www.businessinsider.com/heres-the-latest-wework-news-2019-6" target="_blank" rel="noopener">Read all of BI's WeWork coverage here.</a></li></ul><a href="https://www.businessinsider.com/wework-s-1-prospectus-ipo-revenue-cash-flow-2019-8?r=US&amp;IR=T">WeWork published the S-1 paperwork for its initial public offering</a> on Wednesday, and the business' gargantuan losses of $1.6 billion weren't the only thing to catch people's attention.Read more: <a href="https://www.businessinsider.com/wework-ceo-adam-neumann-bio-life-career-2019-8?r=US&amp;IR=T">The life and career rise of Adam Neumann, the billionaire WeWork founder and CEO taking his company public</a>Two pages into WeWork's S-1 is a spread bearing the firm's minimalistic logo along, with a strange dedication: "We dedicate this to the energy of we - greater than any of us, but inside each of us."<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Journalists and others were quick to snort at the mantra.In addition to the mantra, some critics went in on the language inside the S-1, including WeWork's stated goal to "elevate the world's consciousness," and its frequent use of the word "community," which pops up a total of 150 times in the 220-page document.Cultish, grandiose, and vaguely ridiculous language from tech companies is nothing new, but "the energy of we" has definitely struck a chord as even more preposterous than usual.Read more of Business Insider's WeWork coverage:<ul><li><a href="https://www.businessinsider.com/wework-ipo-we-company-history-founder-story-timeline-adam-neumann-2019-8?r=US&amp;IR=T" data-read-more-link="" data-e2e-name="">WeWork just filed to go public - Check out the company's journey from one SoHo building to a $47 billion valuation</a></li><li><a href="https://www.businessinsider.com/wework-ceo-adam-neumann-didnt-take-a-salary-in-2018-2019-8?r=US&amp;IR=T" data-read-more-link="" data-e2e-name="">WeWork's founder and CEO didn't take a salary last year as the company prepared for its massive IPO</a></li><li><a href="https://www.businessinsider.com/wework-welive-wegrow-all-subsidiaries-owned-by-we-company-list-2019-8?r=US&amp;IR=T" data-read-more-link="" data-e2e-name="" data-analytics-position="">WeWork is just one of the businesses owned by the $47 billion company that just filed for its IPO - check out the full list</a></li></ul><div></div><div></div><div></div><div></div><div></div><div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/facebook-privacy-hacking-scandal-mark-zuckerberg-cambridge-analytica-2019-5">Facebook's scandals aren't enough for people to stop using it. Here's how the company has held up through data hacks, lawsuits, and massive security threats.</a></h3> <div> </div> </div>

'The energy of we': People are roasting WeWork for its cultish IPO filing

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Associated PressAlthough Slack is in a far different industry than Uber, it faces the same issue of being a growth story with no profits to show as yet.</div></div></div><ul class="summary-list"><li>Scott Baker is an associate professor of finance at <a href="https://www.kellogg.northwestern.edu/">Kellogg School of Management</a> at Northwestern University.</li><li>In this opinion piece, he writes that Uber's long-awaited IPO disappointed some investors initially, after the stock fell more than 10% on its first day of trading and is now clawing its way back to the opening prices.</li><li>Slack now becomes the next litmus test for high-growth/high-loss startups. If it also stumbles out of the gate after its IPO, that could spread the domino effect of disappointment.</li><li>Although Slack is in a far different industry than Uber, it is burdened with the same issues: a growth story with no profits to show as yet. </li><li>Other companies contemplating IPOs, having seen what happened to Lyft and Uber, will likely closely watch Slack's launch to see if the disappointment continues.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories.</a></li></ul>Uber's long-awaited IPO at <a href="https://markets.businessinsider.com/news/stocks/uber-stock-price-goldman-sachs-says-business-model-key-risk-2019-6-1028254314">$45 a share</a> has disappointed some investors initially, after the stock fell <a href="https://www.cnbc.com/2019/05/13/uber-falls-another-7percent-after-disappointing-debut.html">more than 10%</a> on its first day of trading and is now clawing its way back to the opening prices but is only up 1 percent from its IPO, or nearly flat. That may cast a shadow over IPOs of other companies that have been long on growth but short on current profitability, such as software company <a href="https://pitchbook.com/news/articles/slack-updates-public-during-investor-day-while-uber-and-lyft-tank">Slack</a>, which plans to go public on June 20.Slack now becomes the next litmus test for high-growth/high-loss startups. If it also stumbles out of the gate after its IPO, that could spread the <a href="https://www.nytimes.com/2019/06/02/technology/slack-stewart-butterfield.html">domino effect</a> of disappointment. Although Slack is in a far different industry than Uber, it faces the same issue of being a growth story with no profits to show as yet. Slack is a cloud-based software company that makes collaboration tools and apps. Slack's newly released S-1 filing with the Securities and Exchange Commission revealed <a href="https://pitchbook.com/news/articles/slack-updates-public-during-investor-day-while-uber-and-lyft-tank">estimated results</a> for the quarter ended April 30, 2019, with revenues of between $133.8 million and $134.8 million, and a loss from operations of between $39.4 and $38.4 million. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Courtesy of Scott BakerScott Baker</div></div></div>Slack has showed progress in improving its net losses, while accelerating revenue growth, which is good for net margins. But <a href="https://news.crunchbase.com/news/a-first-look-at-slacks-s-1-filing-for-its-impending-direct-listing/">Slack's operating costs</a>, due to sales and marketing expenses, are keeping it in the red and still far from profitability. As investors hear that story, will it sound like Uber all over again?This has been a banner year for high-profile IPOs, including Lyft, Zoom Video and Pinterest. Of these <a href="https://www.wsj.com/articles/uber-stock-tumbles-in-second-day-of-trading-11557756271?mod=article_inline">new issues</a>, Pinterest is up about 40% from its IPO and Zoom has about doubled its offering price. Uber and ride-sharing rival Lyft, however, both dropped quickly after their IPOs, raising concerns about companies that point to strong revenue and growth, but not profitability.When startups go public, the expectation is that investors will understand that accelerating growth at 50-100 percent a year consumes a lot of marketing dollars and capital expenditures. At some point, insiders hope, that spending will plateau as a company reaches a critical mass; costs fall, and margins improve.But it's hard to say when any startup will get off that high-cost growth treadmill and stay off it, such that margins can improve and profits materialize. This reality may spook retail investors who, in the case of Uber, did not flock to the stock and its promise of future growth and a path to profitability. Even with "adjusted" earnings metrics-for example, stripping out hundreds of millions of dollars in autonomous vehicle research costs or incentive pay for new drivers-investors have questioned just how much Uber is worth. Uber reportedly wanted a <a href="https://www.businessinsider.com/ubers-desired-120-billion-ipo-valuation-scared-off-big-shareholders-2019-5">$120 billion</a> valuation with its IPO, but ended up with an initial market cap of $75.5 billion because of resistance from <a href="https://www.nytimes.com/2019/05/15/technology/uber-ipo-price.html">institutional investors</a>. These investors, which already own shares through private funding rounds, balked at paying twice as much for IPO shares. Moreover, their previous rounds had been composed of preferred shares with rights and returns in excess of the common stock being sold at IPO. These investors have little incentive to rush to buy shares at the IPO. When retail investors also shy away from buying, that's a recipe for a disappointing offering. Other companies contemplating IPOs, having seen what happened to Uber, will likely closely watch Slack's launch to see how the market will react. In the case of Uber, which perhaps has not had a truly objective pricing for several years, it's a lesson to be learned about how rewarding or punishing public markets market can be.Scott Baker is an associate professor of finance at <a href="https://www.kellogg.northwestern.edu/">Kellogg School of Management</a> at Northwestern University. <a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=40-big-tech-predictions-for-2019"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gary-shilling-legendary-economist-trade-war-outlook-says-us-will-win-2018-10">WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war</a></h3> <div> </div> </div>

Opinion: This is why Uber's stumble could cause Slack's IPO to falter

<div class="KonaFilter image-container display-table"><div><div class="image on-image">David Paul Morris/Bloomberg via Getty ImagesLyft CEO and co-founder Logan Green.</div></div></div><ul class="summary-list"><li>The S-1 paperwork for <a href="https://www.businessinsider.com/category/lyft">Lyft's </a>anticipated <a href="https://www.businessinsider.com/lyft-ipo-public-s-1-filing-details-2019-2">multi-billion IPO</a> is now open to the public.</li><li>It lists who the major shareholders are.</li><li>These are the people that will cash in big time should the stock sale go well.</li></ul>The S-1 paperwork for <a href="https://www.businessinsider.com/category/lyft">Lyft's </a>anticipated <a href="https://www.businessinsider.com/lyft-ipo-public-s-1-filing-details-2019-2">multi-billion IPO</a> is now open to the public and it lists who the major shareholders are. These are the executives and venture investors who will reap a huge financial windfall should the public love the stock and drive the share price up.While we don't know exactly how much this IPO will enrich each one of the early investors until the shares are priced, Lyft has revealed how many shares these people currently own. Bankers reportedly expect the IPO to value the company between $20 billion and $25 billion, up from its last private financing round, which valued the company at $15 billion.Here are all the people with sizeable stakes in the ride-hailing company:

Here's who's getting rich from Lyft's enormous IPO

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Mike Blake/ReutersCloudflare CEO Matthew Prince</div></div></div><ul class="summary-list"><li>Cloudflare filed to go public on Thursday, and it listed its controversial former clients in the risk factors section of its filing.</li><li>Cloudflare, a web protection service, once served a neo-Nazi website and 8chan, an online forum connected to three deadly mass shootings.</li><li>Though Cloudflare ultimately terminated its client relationships with both sites, the company said that its past association with the customers, and its subsequent responses, have the potential to pose adverse business consequences.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Cybersecurity startup <a href="https://www.businessinsider.com/cloudflare-files-s1-ipo-cloud-networking-platform-2019-8">Cloudflare filed the paperwork for an IPO on Thursday</a> with disclaimers about a couple of controversial former clients: a neo-Nazi, white supremacist website, and a notorious online forum connected to mass shootings.Cloudflare <a href="https://support.cloudflare.com/hc/en-us/articles/200172736-Is-Cloudflare-a-free-CDN-Content-Delivery-Network-">offers</a> content delivery network, or CDN, services. One purpose of a CDN is to protect websites against attacks like a Distributed Denial of Service cyberattack, which can disable a website by flooding and overwhelming it with traffic. Cloudflare also speeds up content delivery.In its S-1 filing, Cloudflare addressed the negative press it received as a result of its former customers The Daily Stormer and 8chan. Then, the company specified that activities of its customers have alienated potential clients before: "We are aware of some potential customers that have indicated their decision to not subscribe to our products was impacted, at least in part, by the actions of certain of our paying and free customers.""We experienced significant negative publicity in connection with the use of our network by The Daily Stormer, a neo-Nazi, white supremacist website, around the time of the 2017 protests in Charlottesville, Virginia," the filing reads. "We also received negative publicity in connection with the use of our network by 8chan, a forum website that served as inspiration for the recent attacks in El Paso, Texas and Christchurch, New Zealand."Cloudflare <a href="https://new.blog.cloudflare.com/why-we-terminated-daily-stormer/">terminated</a> the The Daily Stormer in August 2017 following the white nationalist march "Unite the Right" in Charlottesville, Virginia, which left one counter-protester, Heather D. Heyer, <a href="https://www.businessinsider.com/r-victim-in-virginia-melee-wept-for-social-justice-her-boss-says-2017-8">dead</a>. The Daily Stormer promoted the march, and a post on the site after the march <a href="https://www.businessinsider.com/the-daily-stormer-charlottesville-threats-2017-8">read</a> "We are going to go bigger than Charlottesville." Cloudflare <a href="https://www.businessinsider.com/bitmitigate-web-protection-service-hosting-8chan-explained-2019-8">terminated</a> 8chan in August 2019 after the mass shooting <a href="https://www.insider.com/el-paso-wal-mart-mall-shooting-cielo-vista-2019-7">at a Walmart in El Paso, Texas</a>, which left 22 people dead. CNN <a href="https://www.cnn.com/2019/08/04/business/el-paso-shooting-8chan-biz/index.html">reported</a> that the suspected shooters behind the El Paso attack, the Christchuch, New Zealand, mosque attack in March 2019, and the Poway, California, synagogue attack in April 2019 are all suspected of posting manifestos on 8chan."In the case of the El Paso shooting, the suspected terrorist gunman appears to have been inspired by the forum website known as 8chan," Prince wrote in <a href="https://new.blog.cloudflare.com/terminating-service-for-8chan/">a public termination notice</a> posted on Cloudflare's website. "8chan has repeatedly proven itself to be a cesspool of hate," Prince continued.Read more: <a href="https://www.businessinsider.com/bitmitigate-web-protection-service-hosting-8chan-explained-2019-8">The controversial company now protecting 8chan from online attacks also services an infamous neo-Nazi site</a>Clouldfare said in the IPO filing that its termination decisions also can negatively affect the company's reputation and brand."We received significant adverse feedback for these decisions from those concerned about our ability to pass judgment on our customers and the users of our platform, or to censor them by limiting their access to our products, and we are aware of potential customers who decided not to subscribe to our products because of this," the filing reads."At Cloudflare we believe in a free and open web" Prince <a href="https://blog.cloudflare.com/cloudflare-and-free-speech/">wrote</a> in a 2013 blog post on Cloudflare. "We do not believe that 'investigating' the speech that flows through our network is appropriate. In fact, we think doing so would be creepy."

Cloudflare's IPO filing warns investors of a disturbing 'risk factor': white supremacists

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI58J8EBA&amp;SMLS=1&amp;RW=1680&amp;RH=960#/SearchResult&amp;VBID=2C0FCI58J8EBA&amp;SMLS=1&amp;RW=1680&amp;RH=960&amp;PN=3&amp;POPUPPN=129&amp;POPUPIID=2C0BF1NE4IG0">REUTERS/Marcelo del Pozo</a>A woman takes pictures of art installation "Alice" by Spanish artist Cristina Lucas in the Andalusian Centre of Contemporary Art in the Andalusian capital of Seville, southern Spain April 10, 2013.</div></div></div>The tech IPO market is primed for a resurgence in September - after a historically <a href="http://www.businessinsider.com/worst-q1-for-banks-since-2009-2016-3">sluggish start to the year</a>.At least three tech startups that have filed for IPOs confidentially could make their intentions public as early as the week of August 22, according to people familiar with the matter.Those include the software-as-a-service company Apptio, the cybersecurity-software company Carbon Black, and the software company Coupa. Apptio, which is based in Bellevue, Washington, and develops business management applications, was reportedly planning for an IPO more than a year ago, but has yet to make a filing public. It hired Goldman Sachs, JPMorgan, and Bank of America Merrill Lynch last July, <a href="http://www.wsj.com/articles/apptio-taps-banks-for-ipo-1437171099">according to The Wall Street Journal</a>.Carbon Black, formerly known as Bit9, is based in Waltham, Massachusetts, and develops endpoint security software. The startup, which is backed by Sequoia Capital and Blackstone, hired Morgan Stanley and JPMorgan to lead an IPO, <a href="http://www.bloomberg.com/news/articles/2016-06-15/blackstone-backed-carbon-black-said-to-hire-banks-for-ipo">Bloomberg reported in June</a>.Coupa is a cloud-based software company based in San Mateo, California, that helps companies manage their finances. <a href="http://www.reuters.com/article/us-coupa-ipo-software-idUSKCN0ZN2CT">Reuters in July reported</a> that it had hired Morgan Stanley, JPMorgan, Barclays, and Royal Bank of Canada for an IPO.All three are likely contenders for the post-Labor Day window - a natural time for dealmaking to pick up after a late summer slump - although that's not a guarantee they'll hit the road then. Even thought the Nasdaq Composite index is at a record, any turbulence in the market could discourage issuers. At the moment, though, IPO investors are indicated they'll be receptive to new listings right now, one of the people said, in part because of the scarcity of such deals this year. Mutual funds that invest in IPOs, for example, are looking for opportunities to bolster their returns before the end of the year. And, although there have only been six tech IPOs this year, those that did approach the market performed well.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCI5893041&amp;SMLS=1&amp;RW=1597&amp;RH=947#/SearchResult&amp;VBID=2C0FCI5893041&amp;SMLS=1&amp;RW=1597&amp;RH=947&amp;POPUPPN=4&amp;POPUPIID=2C0FQET4F1VX">REUTERS/Brendan McDermid</a>NYSE president Tom Farley (R) congratulates Line executives after ringing the opening bell to celebrate the company's IPO at the New York Stock Exchange July 14, 2016.</div></div></div>The <a href="http://www.businessinsider.com/twilio-stock-surging-2016-6">cloud communications company Twilio</a>, for example, priced above range in June and continued to soar for days. The <a href="http://www.businessinsider.com/line-shares-surge-30-in-market-debut-2016-7">Japanese messaging app Line</a> priced above its range in July, jumped 27% on its first day of trading, and continues to hover in the same place.Strong tech IPO performance has also piqued the interest of momentum investors, or hedge funds that might be looking to play IPOs as an asset class by betting on the kinds of short-term gains that Twilio and Line posted.In short, bankers are advising companies that are in a position to launch to consider doing so, the person said.Other deals that could go in the fall include the enterprise storage company Nutanix, which has been on file publicly since late 2015, and the application intelligence software company AppDynamics, which has not yet filed publicly but is a likely contender for the fourth quarter, the people said.Most tech IPOs that are likely to go this year - including Apptio, Carbon Black, and Coupa - have revenues under $1 billion, allowing them to file confidentially with the SEC under the Jump start our Business Startups (or JOBS) Act.Companies that file confidentially must make their documents public 15 business days before holding a roadshow - which is why any tech startups looking to launch right after Labor Day could file publicly by the week of August 22.Of course, not every company that files will necessarily end up launching its deal. Recently, number of startups planning to go public have ended up being bought instead. Those include t<a href="http://www.businessinsider.com/blue-coat-ipo-filing-soon-2016-5">he security-software company Blue Coat Systems</a> and the Canadian auto marketplace Trader.And a failed deal, from a company that tries to price its shares too aggressively, would slam that window shut.Carbon Black declined to comment for this story. Apptio and Coupa could not immediately be reached for comment. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/malcolm-gladwell-revisionist-history-donate-princeton-vassar-bowdoin-tipping-point-outliers-blink-2016-7">MALCOLM GLADWELL: 'Anyone who gives a single dollar to Princeton has completely lost their mind' </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tlNzV5NDE68LblejgkI-6sByYCuoiDZ7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Cloudflare's IPO filing warns investors of a disturbing 'risk factor': white supremacists

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