Chinese tech news site 36Kr flops in tough week for US IPOs

Times Square is seen through the window of the Nasdaq MarketSite in New York, U.S., on Thursday, Aug. 4, 2016. Photographer: Victor J. Blue/Bloomberg

36Kr Holdings Inc., a Chinese news website that tracks the country’s startups, fell 10% in its Nasdaq debut, capping another disappointing week for US IPOs.

The company’s first-day share drop Friday followed weeks of poor performances by initial public offerings on U.S. exchanges as investor demand slips. Next week, no listings are currently scheduled in U.S. exchanges, according to data compiled by Bloomberg.

GFL Environmental Inc., which aimed to raise as much as $2.1 billion in what might have been the largest listing ever by a Canadian company, canceled a share sale that was set for Wednesday.

It had marketed the shares at $20 to $24 each, but only got support to price them at $18 based on investor demand, people familiar with the matter told Bloomberg News. Rather than pricing them below the target range, the company decided against a listing for less than “fair value,” said Chief Executive Officer Patrick Dovigi.

36Kr, the Beijing-based media and services company, earlier aimed to raise as much as $63 million. Instead, it settled for $20 million after slashing the size of the offering by almost two-thirds and pricing its shares at $14.50, the bottom of marketed range.

That diminished share sale coincides with what existing shareholders, including ride-hailing company Didi Chuxing Technology Co. and phone-maker Xiaomi Corp., had indicated they were interested in buying, according to the company’s filings with the U.S. Securities and Exchange Commission.

Of five other U.S. IPOs this week that raised from $40 million to $60 million each, three — Galera Therapeutics Inc., Tela Bio Inc. and Silvergate Capital Corp. — priced their shares below the marketed ranges. Centogene NV and Q&K International Group Ltd. priced their shares at the bottom of their ranges.

Another company, 89bio Inc., that was expected to price its IPO this week to raise as much as $74 million, hasn’t done so. On Thursday, fitness apparel brand Hylete withdrew its IPO plan to raise up to $16.7 million.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.