Yesterday we took a shot at WE Soda implying that it wasn’t ‘extreme investor caution in London’ that stopped its IPO but rather an unrealistic valuation. Perhaps today we need to eat some humble pie. Or whatever sort of pie restaurant chain Cava sells. The company’s shares doubled on its NYSE debut proving that it is still possible to get a huge valuation – just maybe not in London.

The lowdown

• 🍾 Restaurant chain Cava’s shares open at nearly double its IPO price, which may encourage new listings.

• 📈 ECB raises rates by 25 basis points to 3.5%, a day after the Fed held rates steady.

• ⚽️ Manchester United negotiating exclusivity period with Qatar's Sheikh Jassim bin Hamad al-Thani to sell the club.

Featured stories

Second Revolut investor reduces valuation

VC firm Molten Ventures reduced the valuation of its stake in UK bank wannabe Revolut by 40% ($). This decision follows a similar move by asset manager Schroders in April, which cut its Revolut stake by 46% year on year.

Molten Ventures is still doing okay out of it though. It invested £7.1 million in Revolut in 2018 and, after the reduction, still values the investment at £54.5 million.

Revolut was valued at $33 billion in its last funding round in July 2021. The company is waiting for UK regulators to decide on its banking license, which has taken longer than the typical approval process.

The content we're consuming today

• Who is Nnamdi: The Shadow Price of Venture Capital.

• FT: Filipino fishermen in the UK live lives of peril and loneliness ($).

• The Economist: Which sport is the best business? ($).

Off-balance sheet items

• The Ashes starts today. The series is played between England and Australia and is arguably the purest form of cricket ($). It consists of five test matches each taking up to five days to play.

The bottom line