iRobot (NASDAQ:IRBT) had about $76 million in cash after its IPO in 2005, which was priced at $24.00 per share for approximately 23.4 million shares.
After WowWee's pseudo reverse merger into Optimal Group, Inc. (NASDAQ:OPMR), and OPMR’s Optimal Payments subsidiary assets sales, OPMR will likely have significantly more cash than what IRBT had after its IPO, about the same number of shares [with OPMR’s share buyback], and about the same revenue [$142 million revenue for IRBT in 2005 vs. WowWee 2008E revenue of $130 to $140 million].
Both companies are in the Personal Robotics market, anticipated to grow to $15 billion by 2015. WowWee’s Rovio telepresence robot competes directly with IRBT’s ConnectR telepresence robot.
- IRBT IPO: $24.00 per share.
- WowWee Pseudo IPO: $2.63 per share (as currently priced by the market).
Do ya think the market might have misplaced a decimal somewhere?
Disclosure: Long OPMR