On a sunny September morning in Amsterdam, Naspers’s executives huddled together on the trading floor of the Euronext exchange. Seconds later, they broke into a rapturous chant: “Ten, nine, eight, seven…” On the count of one, Bob van Dijk, chief executive of the South African media and internet conglomerate, struck the opening gong. A burst of applause followed.
Prosus, a spin-off of Naspers’s global empire of internet assets, including a prized 31 percent stake in Chinese gaming and WeChat giant Tencent, marked its debut. And stock market investors were charmed.
They traded the stock at €76, well above its reference price of €58. Prosus’s value soared to €125 billion or $138 billion on the day, making it the largest company to trade on the Euronext after Royal Dutch Shell (€209 billion) and Unilever (€200 billion). At the time of going to press, it's stock price was €67.
With classified ad businesses, payment systems and food delivery companies in its portfolio, including Indian unicorns Swiggy and Byju’s, Prosus—forward, in Latin—is Europe’s largest consumer internet company by asset value. “It’s been a busy and exciting time for us,” says van Dijk over a call from Amsterdam, where he is based. The listing, he says, is an attempt to “broaden and deepen” the investor base—Naspers retains three-quarters of Prosus—and further growth.
This story is from the November 8, 2019 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 8, 2019 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
