Hotels operator Hilton Worldwide Holdings aims to raise US$1.25bn from an initial public offering (IPO) of its common stock, although the company has not disclosed in its filing how many shares it plans to offer or the anticipated price range.
Hilton was taken private by investment firm The Blackstone Group in October 2007 for US$26.7bn. It hopes that signs of recovery in the US and other major economies, growing demand for business travel and rising room rates will enable it to secure a healthy valuation for the company.
A Reuters report suggested that Blackstone will value Hilton at around US$30bn, which it will use to pay back debt while using any remaining funds for general corporate purposes. In its latest financial year Hilton reported net income of US$427m and revenue of US$9.4bn from its estate of 4,041 hotels, resorts and timeshare properties.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.