A few quick updates and prospects for this week:
Last week Fusion-io (FIO) priced above above the revised up range and settled in at the $24 level. We like the company but our IV remains $22 so at this point the fundamentals are reflected in the share price.
The only other pricing was Taomee Holdings (TAOM) which is an online community for kids in China. We’ve done a little work on it and like it. It priced and traded fairly weakly (at $9) and then sunk to $8. However on Friday the shares moved up sharply from $8 to $10. It could be a sleeper.
A number of deals in our pipeline have been withdrawn including Skype (acquired by Microsoft (MSFT)), Newegg (IT ecommerce), Nobau (Geothermal in China), Sabre (wireless and power distribution), Tripwire (IT security) and Ambit Biosciences (cancer therapies).
This week Bankrate (RATE) and Pandora (P) are in active marketing. Pandora has raised the proposed pricing range to $10-12 which puts it well above our IV estimate of $8. We fully realize that investor enthusiasm might drive the shares to an unreasonable level and we may be seeing that with Pandora. For more information on Pandora please refer to our note on Seeking Alpha.
As we were posting this we noticed another biofuel company, KiOR, is hitting the road. We’ll be looking into it and comparing it to Solazyme (SZYM) which we’ve done a fair bit of work on and published an online report for the company.
A notable recent filing is Groupn (GRPN), which has attracted a ton of “online ink." We’ll be out with our own analysis soon enough but fortunately we ran into the founder and CEO, Andrew Mason, at the recent e-G8 event. Our online writeup has a section on his comments and the GroupOn positioning and strategy.