World Street | Logitech's CFO exits, Reddit's stellar IPO subscription, Fisker's fund raise and more

World Street offers a sneak peek into the world of business and economy.

Logitech's CFO exits, Reddit IPO sees strong investor interest, Middle East dairy company Almarai's has big investment plans and oil and gas producer Talos' sells assets to TotalEnergies — all this and much more on World Street.

Bidding goodbye

Swiss computer accessories maker Logitech’s Chief Financial Officer  (CFO) Charles Boynton took investors by surprise as he tendered his resignation just a year after taking on the role.

The news caused Logitech shares to slump. The company stated said exit opens the up an opportunity and his successor would be announced at a later date.

Big deal

US oil and gas producer Talos Energy plans to sell its carbon capture and sequestration unit to French firm TotalEnergies for about $148 million.

The sale includes its three projects along the US Gulf Coast. Tarlos plans to use the proceeds from the sale to repay borrowings under its credit facility and other corporate purposes.

Fame game

Social media platform Reddit's initial public offering is currently between four and five times oversubscribed, Reuters reported. The strong subscription hints at a likely valuation of $6.5 billion.

While the oversubscription does not guarantee a strong performance in the stock market, it does mean the company is poised to at least reach its targeted price range of $31-34 a share when it prices the IPO in New York on March 20, the report said.

Fund raise

US electric vehicle make Fisker announced that it would pause production for six weeks. The company plans to raise up to $150 million by selling convertible notes after missing an interest payment in the backdrop of a cash crunch.

Demand stress

US Steel has forecasted a lower-than-expected first-quarter earnings, blaming it on weak demand in its tubular business.

The company's tubular business manufactures steel casing and tubing, line pipes and mechanical tubing, selling it to customers primarily in the oil, gas and petrochemical markets.

Spending billions

The Middle East's biggest dairy firm Almarai intends to invest over 18 billion riyals ($4.8 billion) through 2028 under a new plan focused on boosting growth and improving other areas including supply chain capabilities and food security.

Saudi Arabia's sovereign wealth fund, Public Investment Fund, owns around 16 percent stake in the dairy company through one of its subsidiaries.