Hotel101 in Weak IPO, Extends Travel SPAC Slump
Hospitality company Hotel101 went public on the Nasdaq stock exchange but saw weak demand from public investors as it debuted under the symbol HBNB.
Late last month, the Filipino firm Hotel101 received approval to go public through a merger with a special purpose acquisition company, JVSPAC. Yet individual investors fled, with JVSPAC shares tumbling over 60%, from $9.75 on June 24 to about $3.50 before the merger.
Hotel101 debuted at $3.64 and closed nearly 10% below that, at $3.28.
The IPO prospectus had estimated that the company's "deemed equity value at closing" would be $2.3 billion, assuming a share price of $10. Howev
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
33 minutes ago
- Bloomberg
South Korea's Stock Market Is Having a Moment
Even as the K-pop heartthrobs of BTS wrap up their military service and plot their return to arenas worldwide, the hottest thing in South Korea lately has been its stock market. Global investors poured almost $3 billion into Korean equities in May and June, propelling the country's benchmark index up about 28% in the first half of the year, trailing globally only Slovenia's blue-chip index, a gauge of Zambian equities and a basket of 20 Polish stocks. It's a dramatic turnaround for a place that's undergone huge political and economic turmoil in recent months: a declaration of martial law (rescinded hours later), a presidential impeachment and removal from office, and Donald Trump's 10% tariffs—scheduled to jump to 25% on July 9—which threaten to wreak havoc on export juggernauts such as Hyundai, LG and Samsung. Despite those hurdles and the global malaise stemming from wars in the Middle East and Ukraine, investors are piling into Korean stocks because, they say, the country's business culture is poised for a sharp transformation. 'Such movements are unstoppable once they start,' says Kim Ki Baek, a portfolio manager at Korea Investment Management Co.
Bloomberg
an hour ago
- Bloomberg
Israel Urges China to Put Economic Pressure on Iran
Israel's Consul General in Shanghai, Ravit Baer, says China should use its economic and political influence to rein in Iran's military and nuclear ambitions. Speaking to The China Show, Baer said China is the only one capable of influencing Iran. Bloomberg has reached out to the Iranian consulate in Shanghai for a response. (Source: Bloomberg)
Yahoo
an hour ago
- Yahoo
Trump sees India trade deal, skeptical on progress with Japan
STORY: With one week to go before his deadline for trade deals, Donald Trump is feeling hopeful about talks with at least one major country: ''I think we're going to have a deal with India, possibly, and that's going to be a different kind of a deal. It's going to be a deal where we're able to go in and compete. Right now, India doesn't accept anybody in. I think India's going to do that and if they do that, we're going to have a deal for less much less tariffs.' The U.S. President spoke to reporters on Air Force One on Tuesday (July 1). He said he wasn't thinking about extending the July 9 deadline for agreements. And he again expressed doubt about a deal with Japan: 'They and others are so spoiled from having ripped us off for 30, 40 years; that it's really hard for them to make a deal. You know, it's very hard.' Trump said Japan had refused to take American rice, despite having a shortage of the staple grains. And he said Tokyo had been 'unfair' more broadly, citing its big trade surplus in cars as evidence. The president said he could impose a 35% tariff on the country - or well above the 24% he announced in April and then paused. Earlier Tuesday, Japan's chief cabinet secretary said Tokyo would continue talking to Washington, but would not sacrifice its agriculture sector in order to get a deal. India's foreign minister said this week that talks were at an 'intricate' stage. Sticking points are thought to include duties on car parts, steel and farm goods. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
