SpaceX IPO: The noisy spectacle that defies logic might be exactly what Singapore needs
To be a hub for growth capital, the city needs to develop a tolerance for companies with hyped-up valuations
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[SINGAPORE] Imagine a businessman walking into a boardroom to pitch an initial public offering. He tells investors his company is bleeding billions of dollars a quarter, and explains this cash burn is mostly to fund an unrelated side project.
He demands absolute voting control while holding less than half the shares. He adds a rule that bans shareholders from suing him, forcing any disputes into a private arbitration room.
Finally, instead of a price range, he sets a fixed price, valuing his firm at nearly US$2 trillion – and tells everyone to take it or leave it.
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