Now might not seem like an ideal time to hold an initial public offering. Sure, the Dow’s up a bit today, but only about 10% of what it was down yesterday, which is to say 10% of what it was worth at the beginning of that day. Global stocks followed suit and all in all, there’s $16 trillion less sloshing around global markets than there were about a month ago, and maybe soon there won’t be anyone to trade anything anyway. This may seem especially true of Italy, where you’re essentially not allowed to go outside anymore.
On the other hand,
GVS SpA, which tests its masks with a live virus, has hired Goldman Sachs Group Inc. and Mediobanca SpA to manage an initial public offering as soon as April—if the market for new IPOs remains viable…. GVS is expanding as restaurants, bars and most stores have to remain shut. To make more masks, the company is starting new production lines and hiring 120 more workers.
Italian Biohazard Mask Maker Plans IPO as Sales Soar [WSJ]
Stocks’ Rally Fades as Haywire Week Continues [WSJ]
Stocks Plunge 10% in Dow’s Worst Day Since 1987 [WSJ]
World markets plunge deepens as virus panic worsens [Nasdaq]
Coronavirus has cost global stocks $16 trillion [Yahoo! Finance]
CME Group to close Chicago trading floor as a precaution due to coronavirus [CNBC]
Italy Hardens Nationwide Quarantine [WSJ]
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