Markets

Legence (LGN) successfully completed its IPO on September 12, 2025, offering 26 million Class A shares at $28 per share. Underwriters exercised part of their option, purchasing an additional 3.48 million shares. The IPO, led by Goldman Sachs and Jefferies, generated approximately $780.2 million in net proceeds. Legence plans to use these funds to repay term loan debt and for general corporate purposes, aiming for stable growth and long-term value creation.

A Spelman College team won the Moguls in the Making competition, a collaboration between Ally Financial and the Thurgood Marshall College Fund. Their winning fintech platform, “Prospera,” aims to support women-owned small businesses in Detroit and beyond by fostering financial well-being. The competition engaged HBCU students in addressing economic mobility challenges, providing them with mentorship, learning experiences, and exploring AI’s role in business. Hampton University and North Carolina A&T State University secured second and third place, respectively, with innovative solutions addressing food insecurity and access to funding for small businesses.

In Quanzhou, Fujian, an intoxicated man was caught on security footage repeatedly kicking elevator doors, causing significant damage and a shutdown. Trapped inside, he was rescued by emergency responders and handed over to the police. After mediation, he was ordered to pay 10,000 yuan for the damages. The incident highlights the consequences of reckless behavior while intoxicated, raising questions about accountability and underscoring societal intolerance for alcohol-fueled misconduct. It also emphasizes the need for enhanced elevator safety measures and smart technologies.

Kyverna Therapeutics will present interim Phase 2 KYSA-6 trial results for KYV-101 in myasthenia gravis at the AANEM meeting in October 2025. Data from six patients with up to 9 months follow-up will be shared. KYV-101, a CD19 CAR T-cell therapy, aims for durable remission after a single dose. The study has been upgraded to a registrational Phase 2/3 trial, with Phase 3 initiation planned by year-end 2025. The presentation by Dr. Srikanth Muppidi will be on October 29th.

Docusign’s Intelligent Agreement Management (IAM) platform achieved FedRAMP Moderate authorization, enabling secure and compliant agreement solutions for U.S. federal agencies. This empowers agencies to modernize agreement processes, increase efficiency, improve service delivery, and unlock insights with AI. IAM facilitates digital transformation, replacing outdated paper-based workflows with AI-enhanced processes, improving security, and reducing costs. Agencies can now confidently deploy Docusign’s IAM to manage agreements faster and more securely, furthering government initiatives for digital services and cloud-based solutions.

Chinese restaurant chain XiBei’s public apology following criticism, including rebuttals from entrepreneur Luo Yonghao, highlights the importance of effective online public relations. Commentator Hu Xijin notes XiBei’s strong offline operations but disastrous PR, emphasizing the need for authenticity. The article suggests XiBei should focus on customer service and transparency to recover, rather than seeking quick online fixes. The case demonstrates how a disconnect between offline performance and online presence can damage brand reputation in the digital age, requiring companies to prioritize genuine engagement.

Harbor Capital Advisors celebrates the third anniversary of the Harbor International Compounders ETF (OSEA). Partnering with C WorldWide, OSEA offers a concentrated portfolio of approximately 30 high-performing international “compounders” selected based on fundamental research and long-term secular themes. The ETF prioritizes company fundamentals over geography, targeting resilient businesses with strong growth and cash flow. As of June 30, 2025, OSEA at NAV has a 3-year average annual return of 14.11% and 15.07% since inception (9/7/22). Performance data is past performance and not a guarantee of future results.

B2Gold (BTG) updated operations across its mines, reaffirming its 2025 gold production guidance of 970,000-1,075,000 ounces. The Goose Mine achieved first gold pour, but crushing plant issues led to reduced 2025 guidance. Otjikoto and Masbate mines are outperforming, increasing their production outlooks. Fekola underground operations commenced, with positive results. The Antelope underground project at Otjikoto was approved with reduced capital costs. Fekola Regional’s exploitation permit is expected soon, projecting 180,000 ounces annually from 2026-2030.

China’s SAMR has launched an antitrust investigation into NVIDIA, focusing on potential violations of the Anti-Monopoly Law following its Mellanox acquisition. The probe examines whether NVIDIA is abusing its market dominance through unfair pricing and competitive practices. Penalties could include fines up to 10% of previous year’s sales, potentially higher for severe violations. NVIDIA maintains it wins on merit and cooperates with regulators. This highlights increasing regulatory scrutiny on tech companies in China and impacts NVIDIA’s strategy in a key market.

ACG Metals (LSE: ACG) reported strong H1 2025 results, driven by high precious metal prices and operational efficiencies at Gediktepe mine. Key achievements include settling a $200M bond for the Gediktepe sulphide expansion, strengthening the balance sheet with repaid debt, and strategic appointments. H1 EBITDA reached $36M and cash flow from operations $31M. Gediktepe is on track for copper/zinc production by H1 2026. The company also commenced trading on the OTCQX Best Market in the U.S. Future growth relies on increasing copper demand and successful project execution.