Lyft last night raised around $2.34 billion in its IPO, selling more shares than expected and pricing at the top of its upwardly-revised range, sparking all sorts of concerns that we're at a market peak.
It's entirely possible that we're at or near the top, and that it's all downhill from here.
But we don't actually know, and certainly shouldn't extrapolate from the rush of unicorn tech companies going public.
Some more thoughts on Lyft's IPO:
Ascena Retail Group (NYSE: ASNA), the parent company of Ann Taylor and Lane Bryant, is considering a sale of women’s clothing chain Dressbarn, per Bloomberg.
• Carta, a Palo Alto-based provider of software for managing private company equity, is in talks to raise around $300 million new funding led by Andreessen Horowitz at a $1.8 billion valuation, per The Information. http://axios.link/YrSl
• 1stdibs, a New York-based online marketplace for luxury items like art, furniture and jewelry, raised $76 million in Series D funding. T. Rowe Price led, and was joined by Groupe Artemis, Foxhaven Asset Management, Sofina Group and Allen & Co. http://axios.link/u4o1
🚑 Inivata, a UK-based liquid biopsy startup, raised $52.6 million in new Series B funding. RT Ventures was joined by return backers Johnson & Johnson Innovation, Cambridge Innovation Capital, IP Group, and Woodford Patient Capital Trust. http://axios.link/m7N3
• ActivTrak, an Austin, Texas-based provider of productivity monitoring software, raised $20 million in Series A funding led by Elsewhere Partners. http://axios.link/L67D
🚑 Hyalex Orthopedics, a Lexington, Mass.-based developer of a medical device with synthetic polymer that mimics cartilage, raised $17 million in new Series A funding (round total now $33m). Strategic Healthcare Investment Partners and DSM Venturing were joined by return backers Canaan Partners, Osage University Partners and Johnson & Johnson Innovation. http://axios.link/DUEv
• Entangled Group, a San Francisco-based education venture studio, raised $15 million in Series B funding from Hereditas Capital Management, TDM Partners and Rethink Education. www.entangled.group
• Dvele, a Loma Linda, Calif.-based digital platform for offsite home production, raised $14 million in Series A funding led by Crescent Real Estate. http://axios.link/jdtI
🚑 Xealth, a Seattle-based digital prescribing platform, raised $11 million in Series A funding from firms like McKesson Ventures, Novartis, ResMed, Threshold Ventures, Providence Ventures, UPMC and the Medical College of Wisconsin Health Network. http://axios.link/QaaN
🚑 Bain Capital agreed to acquire a majority stake in Maesa, a beauty brand incubator with offices in New York and France. http://axios.link/mdbe
• The Carlyle Group invested in Tokiwa, a Japanese cosmetics R&D and manufacturing company.
• Huntington Solutions, a Greer, S.C.-based provider of custom-engineered molded foam solutions, acquired the assets of RADVA, a Radford, Va.-based maker of protective and temperature-sensitive foam packaging solutions. Huntington is a portfolio company of Mill Point Capital.
• Madison Dearborn Partners acquired a majority stake in Lightspeed Systems, an Austin, Texas-based provider of web filtering and mobile device management software for the K-12 education market. www.lightspeedsystems.com
⛽ Omni Environmental Solutions, a portfolio company of One Equity Partners, acquired Force Environmental Solutions, an Indiana, Penn.-based provider of environmental equipment and transportation to energy producers.
• Jumia, a pan-African e-commerce platform, set IPO terms to 13.5 million shares being offered at $13-$16. It would have a fully-diluted market value of $1.15 billion, were it to price in the middle, and plans trade on the NYSE (JMIA) with Morgan Stanley as lead underwriter. Major shareholders include Rocket Internet, with a 20.6% pre-IPO stake, while Mastercard Europe has agreed to invest €50 million via an investment concurrent to the IPO.
🚑 Guardant Health (NYSE: GH) agreed to acquire Bellwether Bio, a Seattle-based developer of cell-free DNA-based cancer diagnostics. Bellweather was seeded by The W Fund, WRF Capital and Bioeconomy Capital. http://axios.link/fd7B
• Mubadala Investment Co. is weighing exit options for Canadian plastics maker Nova Chemicals, which could fetch over $10 billion, according to Bloomberg. http://axios.link/qKCX
🚑 Colgate-Palmolive (NYSE: CL). has entered the auction for Nestle’s consumer skin-care business, per Bloomberg. Other bidders include Unilever, KKR, EQT Partners, The Carlyle Group and a consortium of Advent International with Cinven and GIC. http://axios.link/OCwH
• The Financial Times is buying Deal Street Asia, a news site focused on financial transactions in Asia. http://axios.link/ytSl
• Forge, a San Francisco-based trading platform for private shares, agreed to buy San Carlos, Calif.-based custodial trust company IRA Services for $55 million. Forge last year raised $50 million from Munich Reinsurance America, Panorama Point Partners, Operative Capital and Financial Technology Partners. http://axios.link/knAG
⛽ Kirkbi, the family holding company that owns Lego, agreed to buy a majority stake in the U.S. affiliate of German solar developer Enerparc AG. http://axios.link/jZuM
🍪 Mondelez (Nasdaq: MDLZ) is in advanced talks to buy a portfolio of international cookie brands being sold by Campbell Soup Co. (NYSE: CPB) for around $2.5 billion, per Bloomberg. http://axios.link/EbUt
• Progress (Nasdaq: PRGS) agreed to buy Ipswitch, a Burlington, Mass.-based maker of data file transfer and network management software, for $225 million in cash. http://axios.link/qSER
• Qutoutiao (Nasdaq: QTT), a Chinese news aggregation app, agreed to a $171 million convertible loan from Alibaba. Upon conversion, it would represent around a 4% stake. http://axios.link/zKbw
• ZF Friedrichshafen of Germany agreed to buy Wabco (NYSE: WBC) for over $7 billion. The $136.50 per share deal represents a 13% premium to where Wabco traded in late February before disclosing a possible deal. http://axios.link/IVXS
• Betaworks is raising $75 million for its second VC fund, per an SEC filing. www.betaworks.com
• Bob Carroll is joining GSO Capital, an affiliate of The Blackstone Group, as a managing director and head of distressed trading. He previously was with hedge fund Smith Cove Capital. www.blackstone.com
• Colm Kelleher stepped down as president of Morgan Stanley. http://axios.link/xTQS
• Tim Sloan stepped down, effective immediately, as CEO of Wells Fargo. He’ll be succeeded on an interim basis by company general counsel Allen Parker. http://axios.link/TNeG
• Scale Venture Partners promoted Jeremy Kaufmann to principal. www.scalevp.com