☕️ IPO drift

Good morning.

Stripe's IPO is on ice, with co-founder Patrick Collison showing no rush to hit the public markets despite intense speculation.

Valuation might be a factor. Its 2021 US$95b ($141b) price tag tumbled to US$50b two years later, before rebounding slightly to US$65b in February's secondary sale and then to US$70bn via a Sequoia Capital offer in July.

In January, Stripe told employees they'd either go public or hold a secondary sale within a year, having Goldman Sachs and JPMorgan advising.

Collison says the focus is on customers for now. But employees are clearly also on the radar, with The Information reporting the payments firm is planning another share buyback, this time using its own cash reserves.

🏆 LOI Subscriber #TBD

Market movers

Shares in cloud connectivity Megaport crashed on Thursday, plummeting 21% after its FY25 guidance failed to compute with analysts’ expectations.

Despite boasting a shiny new profit and a respectable EBITDA jump, the cloud connector’s lower-than-expected revenue forecast saw investors rush for the exit.

The quick sync

• Foxtel’s carriage deal with ESPN is expiring - the first of several rights risks as parent News Corp mulls sale. (Capital Brief)

• Super Retail CEO Anthony Heraghty dodges scandal questions, points to sales record as evidence management are not distracted. (The Australian)

• Bank of Queensland's 400 job cuts come amid existential pressures for the regional lender. (Capital Brief)

• Labor turns to Victorian magistrate Urfa Masood as Islamophobia envoy search stalls. (Capital Brief)

• Singapore's housing solution: what Australia can kearn from Its 90% ownership rate. (Capital Brief)

Trading floor

M&A

• Oaktree Capital is close to a $600m deal to buy financial firm AZ NGA, with Jefferies handling the sale. (The Australian)

• Uber is closing its Carshare service due to rising car costs and will concentrate on expanding car rentals with partners like Avis and Hertz. (AFR)

• IPH shifts focus from QANTM to acquire Canada's Bereskin & Parr for $90m, funding it with a $100m placement and $25m share plan. (AFR)

• Bank of Queensland's restructuring is paving the way for a potential merger with Bendigo Bank. (The Australian)

• AUSIEX and OpenMarkets have bid to acquire New Quantum and Morrison Securities after the company entered receivership. (AFR)

• Nippon Steel invested $1bn for a 30% stake in Whitehaven's Blackwater mine. (AFR)

Capital Markets

• Stripe co-founder Patrick Collison said the company has no immediate IPO plans, following a recent secondary sale. (Capital Brief)

• Australian Unity Office Property Fund nears a delisting and windup, with a sale of its Canberra property imminent, leaving just one remaining asset. (AFR)

• Jarden Group's internal share auction saw shares rise to $9, as the firm remains active in deals. (The Australian)

• Newmont has been quiet about its plans to divest six assets, including the Telfer mine, to raise over $3bn. (AFR)

VC

• Maxine Minter’s Co Ventures closed its first pre-seed fund at $5m, a rare success amid a tough fundraising climate. (Startup Daily)

People moves

• Bank of Queensland cuts 400 jobs to streamline operations and focus on digital and business banking growth. (Capital Brief)

• ABC managing director David Anderson will step down after five years, following his term extension and the appointment of new chair Kim Williams. (Capital Brief)

• McKinsey’s Eleanor Bensley will join Bankwest as chief digital officer in September, returning to the Perth-based lender. (AFR)

• Nestle CEO Mark Schneider steps down after eight years, citing recent underperformance. (Capital Brief)

Together with FinTech Australia

Join us at Australia's largest, most influential fintech event on September 18 - 19

FinTech Australia's annual Intersekt conference (September 18-19) will be the place for pivotal discussions that shape the fintech and finance industry for the year ahead.

This year’s comprehensive agenda of topical panel discussions is complemented with valuable satellite events - roundtables, industry dinners, and pitch nights.

Expect to hear from fintech leaders from WeMoney, AirWallex, FrankieOne, Zip, Brighte and Monoova, presenting alongside executives from Mastercard, National Australia Bank, AMP Bank, Bendigo Bank and IAG. That’s in addition to speakers from groups and regulators that support the industry such as SquarePeg, Airtree, PwC, AP+ and AusPaynet.

Join us for an event that’s known for its networking potential and thought provoking discussions.

The watercooler