Japanese NAND flash memory chip maker KIOXIA is gearing up for an IPO in October, driven by the booming demand for semiconductors to support the rapid growth of artificial intelligence (AI). The company aims to raise around $10.3 billion to fund expansion and development of cutting-edge memory technologies.
Today’s news is packed with developments across various sectors, from business and sports to politics. Hero Motors is going public with a ₹900 crore IPO, cricketer Shikhar Dhawan has retired from international cricket, and the PDP in Jammu & Kashmir has offered support to the Congress-NC alliance with certain conditions.
Huachen AI Parking, a Chinese automated parking garage builder, is aiming for a $25 million IPO on Nasdaq despite facing challenges from China’s struggling property market and pandemic-related setbacks. The company, which specializes in ‘smart’ parking solutions, is betting on the growing demand for parking spaces in China’s increasingly congested cities, driven by rising car ownership and the popularity of electric vehicles. While Huachen’s profits have been impacted by the property slowdown, the company is confident that its business will rebound as the market stabilizes and the demand for its innovative parking solutions continues to grow.
Chinese autonomous driving startup WeRide has reportedly put its US IPO on hold. This decision comes days before the deadline for regulatory approval and amid heightened US scrutiny of Chinese autonomous and internet-connected vehicles. The company was seeking to raise up to $119.4 million through the offering, but the current environment may have prompted the delay.
Concentra Group Holdings Inc. (CON) priced its initial public offering (IPO) at $23.50 per share, attracting positive analyst attention from RBC Capital Markets. The firm highlights Concentra’s unique business model with strong growth potential and minimal regulatory risks, leading to an Outperform rating and a price target of $33.
This news update covers a variety of current events including the Saraswati Saree Depot IPO, upcoming assembly elections in Haryana and Jammu and Kashmir, updates on the Kolkata doctor rape case, the Mpox situation in India, and SpiceJet’s legal battle due to financial difficulties.
The UK Treasury is engaging in discussions with Revolut, a leading fintech firm, to entice the company to list in London. This comes amidst Revolut’s consideration of a New York listing, highlighting the competitive landscape for attracting major companies.
Chinese cloud communications provider Xunzhong is seeking a Hong Kong IPO despite declining revenue and customers in China’s fiercely competitive market. The company plans to utilize IPO proceeds for acquisitions in Southeast Asia, mirroring the expansion strategies of its larger rivals like Alibaba Cloud and Huawei Cloud.
WeRide, a Chinese autonomous driving startup, has been granted permission by the California Public Utilities Commission to test its driverless vehicles with passengers in San Jose and surrounding areas. This significant development places WeRide in the global race for autonomous vehicle technology, amidst challenges and competition from companies like Waymo, Baidu, and Mobileye.
Ola Electric’s successful IPO has propelled founder Bhavish Aggarwal into the billionaire club. His net worth surged by $1.4 billion after shares jumped 16% on their debut, bringing his total wealth to $2.6 billion. Aggarwal now joins the ranks of the world’s youngest billionaires.
