Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

7 Sept 2021

Goldman Sachs Plans to List $5 billion Petershill IPO

The Index Today

Goldman Sachs unveils its plans to list assets belonging to its Petershill Partners unit on the London Stock Exchange. This move could help value the investments for more than $5 billion.
According to the group, Petershill Partners will become a standalone company operated by the firm’s asset management team. It will have an independent boards and will hold stakes in 19 other alternative asset managers.
The company manages assets worth $187 billion and could possibly raise an additional $750 million with the help of new shares sales. The IPO is scheduled for some time next month according to a close source. The IPO will aim to receive a valuation for over $5 billion by offering a combination of new and existing shares.
Naguib Kheraj, non-executive chair at Petershill stated, “Through Petershill Partners, investors would benefit from the expertise of Goldman Sachs as its operator both in terms of managing the existing portfolio and developing opportunities to make additional future investment in this rapidly growing industry.”
Petershill had to reposition to various sectors such as healthcare and ESG after the pandemic. The company has maintained high growth throughout the years with distributable profits to partners increasing from $108 million to $243 million in 2020.
Petershill’s new IPO listing will help Goldman Sachs boost its potential of private equity funds which have been offering investors higher returns at incredibly low interest rates.

Clay pottery with table linens