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Turkey’s president wants to boycott American electronics. Good luck with that.

on August 15, 2018

The Turkish lira found some footing Tuesday morning, with its downward slide stopping for the time being. Still, the currency is down nearly 40 percent this month, and Turkish President Recep Tayyip Erdoğan, who sees Turkey as under economic attack, has declared that the country will boycott American electronic goods, singling out iPhones as an example.

Erdogan also said his people should buy Turkish smartphones, naming the Turkish electronics and consumer appliance company Vestel and its line of Venus smartphones. Vestel stock jumped over five percent on the news.

Santosh Rao, head of research at Manhattan Venture Partners, said Erdogan’s move to boycott American electronics and push Turkish consumers to Vestel phones might not work the way he thinks it will.

“Every part of [Vestel phones] are American,” Rao said. “The chips are Qualcomm. It runs on the Android operating system. The screen is made by Corning.”

And while Vestel is a large company, smartphones are a small piece of their business. Even in Turkey, iPhones are more popular. Rao added that these days, supply chains are just too connected to one another to effectively boycott one country’s products.

“In the end, it doesn’t make economic sense for him, it doesn’t make political sense for him, to deny his people the best products that they’re used to,” Rao said.

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Electronic giant Xiaomi heads for Hong Kong IPO

on July 10, 2018

Xiaomi isn’t a household name in the U.S., but with a $54 billion valuation, its initial public offering is one of the biggest the world’s seen in years.

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Star Tech NG: Dynamic Portfolio Growth Spawns New $100m Pre-IPO Tech Fund

on April 30, 2018

Our Guernsey-licensed investment adviser, a joint venture with Manhattan Venture Partners, a US merchant bank focussed exclusively on institutional quality direct secondary transactions in venture-backed private tech companies, will shortly be launching Europe’s first non-private fund investing in globally renowned privately-held tech disrupters such as Airbnb at the scale up and pre-IPO stage. First close is expected to be in June.

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Podcast: Why Spotify’s direct listing is not going to become a trend

on April 11, 2018

Spotify is the latest unicorn to go public. The music streaming service opted for a direct listing, shunning the route of the traditional IPO. Is this going to be a trend? In this episode of Yahoo Finance Presents, Alexis Christoforous speaks with Santosh Rao of Manhattan Venture Partners.

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Spotify IPO: is the stock listing music to investors’ ears?

on April 6, 2018

In 2017, Spotify earned about $5bn in revenue through its 71 million paying subscribers, but high costs, which last year included a staggering $1.5bn in music royalties, have kept the company in the red. However, share sales in the private market ahead of the 3 April Nasdaq launch were telling. New York financial services group Manhattan Venture Partners reported that Spotify shares had been changing hands for up to $150 each in the two weeks prior to launch.

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SPOTIFY HAS GONE PUBLIC WITH A BANG, DESPITE UNCONVENTIONAL PATH

on April 4, 2018

Prior to listing, Santosh Rao, the head of research at Manhattan Venture Partners — which has invested in the company in the secondary market — expected Spotify’s strategy to pay off and be an example for others to follow. “If this is a successful listing, I can see Airbnb doing it, Uber doing it,” he told Bloomberg. “But Uber and Airbnb are much bigger scale.”

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Spotify Wall Street debut is a success

on April 4, 2018

Afterward, the day went without a glitch, with Spotify achieving a trading volume of 30 million. “It was a safe landing,” said Santosh Rao, the head of research at Manhattan Venture Partners. “People thought this was going to be chaotic, but it was smooth.”

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Spotify’s Wall Street Debut Is a Success

on April 4, 2018

Afterward, the day went without a glitch, with Spotify achieving a trading volume of 30 million. “It was a safe landing,” said Santosh Rao, the head of research at Manhattan Venture Partners. “People thought this was going to be chaotic, but it was smooth.”

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Spotify’s secret weapon

on April 3, 2018

On Tuesday, Spotify is going public in a highly unusual debut that sees it ditch the usual fundraising and fanfare. But the company is looking to lure investors in part by comparing itself to a company with which Wall Street is very familiar. “The comparison is good. It shows that even Netflix was underestimated and then they became this giant,” says Santosh Rao, who tracks Spotify as head of research at Manhattan Venture Partners. “It shows that there is power in numbers.”

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Spotify’s Direct Listing IPO Could Be ‘Historic’ for Tech Unicorns

on April 3, 2018

Santosh Rao, head of research at Manhattan Venture Research, said the direct listing prevents any forced buying or selling and does not include a lock-up period. Going public also won’t change much about the company’s reporting, which has been quite transparent, according to Rao. “This is the way the company has been positioned all along,” Rao said. “Being a European company, they are required to disclose financials every year anyway.”

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