Daily Musings

Evening all

Apple released iOS 18. Not sure how I feel about a conversational AI phone. The last time I had my electronics talk to me, I ended up lost in the middle of the UK. My TomTom seemingly believed I should be more adventurous with my off-road driving.

Cheers
Philip

Today’s Stories

• Raylo - the startup enabling circularity of subscription products (think electronics in the workplace, phones etc.) - expanded its debt facility to GBP 125m. A first-of-a-kind green debt for a venture, secured through NatWest and Quilam. Raylo has grown 40x, now catering to 100k users who can get their subscription products returned, refurbished and reused through the platform

Charts of the Day

• IPOs market is not as open as one would hope. In addition, returns for new listings have been slumping. Most companies that debuted in the past 36 months are trading below their listing price. Measured by Renaissance's IPO index, IPOs are (37)% since Q3 2021. Thats compared to +28% returns on the S&P 500. Talk about benchmark underperformance. Even if measured from their low at the end of 2022, IPOs have gained no more than c. 25% (vs. 45% for the S&P 500 from its October 2022 low).