☕️ Juicy Debut

Good morning.

Shares in Reddit surged as much as 67% over their IPO offering price, after the social media company raised US$748 million ($1.14 billion) for their Thursday debut. By mid-session in NY, Reddit’s shares were trading at US$51.86 each, a 53% gain on their US$34 per share IPO price.

TLDR: At the current trading price, Reddit’s market value has reached US$8.2 billion, a performance which is hugely welcomed by markets desperate for the 2024 roster of IPOs to pick up pace.

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Market movers

Shares in Sigma Healthcare gained 4.5% on Thursday, settling at a 1.24% increase by close of trading after reporting that its full-year profit more than doubled ahead of an impending merger with retail chain Chemist Warehouse. Sigma said net profit for the year to 31 January 2024 climbed 149% to $4.51 million. In its results, Sigma also noted that Chemist Warehouse’s profit surged 28.6% during the six months to 31 December 2023. The two companies announced an $8.8 billion merger in December, which remains subject to approval from the ACCC.

The quick sync

• NAB doubles down on credit cards with acquisition of Citi’s Australia consumer banking portfolio despite economic headwinds and competitive threats. (Capital Brief)

• The Bank of England has held rates at a 16-year high of 5.25%. (Capital Brief)

• Unilever is working with Morgan Stanley and JP Morgan to find potential PE buyers for the business’ ice cream division. (Financial Times)

• The US Justice Department is suing Apple for anticompetitive behaviour over its iPhone practices. (Capital Brief)

• Activist investor Nelson Peltz has won the support of Institutional Shareholder Services, a proxy advisory firm, in his battle for a seat on Disney’s board. (Wall Street Journal)

M&A

• Healthscope faces an influx of advisers as its lender syndicate prepares for restructuring talks. (AFR)

• DigitalBridge has emerged as a potential contender for the Macquarie-backed AirTrunk. (The Australian)

• Activist investor Nick Bolton increases stake in Australia Unity Office Fund amid wind-down process. (AFR)

• Singapore's Olam Agri Holdings has made a $122m bid for Namoi Cotton amid an agribusiness takeover battle. (BNA)

• Culture Amp has announced the acquisition of Orgnostic, enhancing its employee experience platform. (Capital Brief)

• Perseus targets Predictive Discovery following the OreCorp deal. (The Australian)

Capital Markets

• Life360 shares surged amid strong demand for Reddit IPO in the US. (The Australian)

• Tasmea Limited accelerated its $59m IPO bookbuild, with shares priced at $1.56 each. (AFR)

• Zen Energy secures $160m in debt funding for renewable energy projects. (AFR)

• Ausgrid returns to the bond market with a new deal amid growing demand for electricity. (The Australian)

VC

• Cauldron has closed a $9.5m Series A funding round for Precision Fermentation Technology. (AFR)

• Buddy raises $1.4m from New Zealand VC fund GD1 for its metal recycling marketplace. (AFR)

People moves

• Platinum Asia's co-founder Andrew Clifford steps back as Cameron Robertson takes over the strategy. (AFR)

• Cann Group CEO Peter Koetsier resigns amid the company's growth and debt challenges. (BNA)

• Investment bank announces partner promotions, elevating Maria Milis, Will Nolasco, and Miles Paikopoulos to top ranks. (AFR)

• Bruce McWilliam, a key executive and adviser to billionaire Kerry Stokes, departs Seven West Media. (SMH)

The watercooler