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  • IPO Preview: C1 Financial
    Wed, Aug. 13 BNK Comment!

    Summary

    • Based in St. Petersburg, Florida, BNK operates from 28 banking centers and one loan production office on the West Coast of Florida and in Miami-Dade and Orange Counties.
    • Near the top 1% of the fastest growing banks in the country as measured by asset growth.
    • P/E is relatively high at 56, while the price-to-book is moderately attractive at 1.6.
  • IPO Preview: Otonomy
    Wed, Aug. 13 OTIC Comment!

    Summary

    • Clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutics for the treatment of diseases and disorders of the ear.
    • Insiders may purchase up to $20 million on the IPO, or 25%.
    • The price-to-book is 2.1.
    • OTO-104 has a FDA Fast Track designation.
  • IPO Preview: Capnia
    Wed, Aug. 13 CAPN Comment!

    Summary

    • Develops medical diagnostics and therapeutics based on its proprietary technology for precision metering of gas flow.
    • Intends to begin selling the first product, CoSense, in the second half of 2014.
    • Introducing a new medical diagnostics product can be a long and expensive process.
  • IPO Preview: GWG Holdings
    Wed, Aug. 13 GWGH Comment!

    Summary

    • Provides financial solutions to consumers in the emerging secondary market for life insurance assets.
    • The price-to-book is 3.6. No clear competitive advantage.
    • P/E ratio is -5.1, which means the cash burn rate relative to the market cap is high.
  • IPO Preview: Independence Contract Drilling
    Fri, Aug. 8 ICD Comment!

    Summary

    • Provides land-based contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States.
    • 2013 revenue +183%, Q1 '14 revenue +64%.
    • Q1 barely profitable on an adjusted basis.
  • IPO Preview: Green Bancorp
    Fri, Aug. 8 GNBC Comment!

    Summary

    • Texas focused bank holding company headquartered in Houston, Texas.
    • Yet another bank holding company growing by acquisitions.
    • The Houston, Dallas and Austin MSAs are GNBC’s target markets.
  • IPO Preview: Hoegh LNG Partners LP
    Thu, Aug. 7 HMLP Comment!

    Summary

    • Carve-out from Höegh LNG Holdings Ltd. (Oslo Børs symbol: HLNG), a leading floating LNG service provider.
    • 6.75% yield may not be enough compared to GLMP & TGP.
    • At the closing of this offering, interests in HMLP’s initial fleet of FSRUs will be contributed to HMLP by Höegh LNG.
  • IPO Report: T2 Biosystems
    Thu, Aug. 7 TTOO Comment!

    Summary

    • In vitro diagnostics company that has developed an innovative and proprietary technology platform that offers a rapid, sensitive and simple alternative to existing diagnostic methodologies.
    • Worth watching, especially if product launch happens in the first half of '15.
    • Insiders plan to purchase 26.7%.
  • IPO Preview: Ryerson Holding
    Thu, Aug. 7 RYI 2 Comments

    Summary

    • Believes it is one of the largest processors and distributors of metals in North America measured in terms of sales, with global operations in North America, China and Brazil.
    • Steady decline in rev & gross profit.
    • Low gross profit of 17%, very highly leveraged, interest payments are 92% of operating earnings.
  • IPO Preview: iDreamSky Technology
    Thu, Aug. 7 DSKY Comment!

    Summary

    • Largest independent mobile game publishing platform in China based on the number of active users in 2013, according to the Analysys Report.
    • Big top line rev growth, can it continue?
    • Q2 revenue up only 8% vs Q1 '14. P/E of 27 annualizing Q2 estimate.
  • IPO Preview: SIRVA
    Fri, Aug. 1 SRVA 2 Comments

    Summary

    • High P/E multiple of 63, very leveraged.
    • 1% revenue growth for Q1 '14 vs. Q1 '13.
    • No proceeds to company.
    • Accumulated deficit of -$316 million.
  • IPO Preview: FCB Financial Holdings
    Fri, Aug. 1 FCB Comment!

    Summary

    • Bank holding company with one wholly-owned national bank subsidiary, Florida Community Bank, National Association, headquartered in Weston, Florida.
    • Good organic growth, 58 P/E on 2013 yr.
    • The rating is neutral.
  • IPO Preview: VTTI Energy Partners LP
    Fri, Aug. 1 VTTI Comment!

    Summary

    • Fee-based limited partnership formed in April 2014 by VTTI, one of the world’s largest independent energy terminaling businesses.
    • 5.25% yield.
    • 100% to selling shareholder.
  • IPO Preview: Loxo Oncology
    Fri, Aug. 1 LOXO Comment!

    Summary

    • Develops targeted small molecule therapeutics for the treatment of cancer in genetically defined patient populations.
    • Stockholders and funds have indicated an interest in purchasing up to $23.5 million of the IPO, or 41%.
    • Price-to-book is 1.8.
  • IPO Preview: Auris Medical Holding AG
    Fri, Aug. 1 EARS Comment!

    Summary

    • Clinical-stage biopharmaceutical company focused on the development of novel products for the treatment of inner ear disorders.
    • 2 candidates in Phase 3 trials.
    • Price-to-book is 3.6. 25% spoken for on the IPO.
  • IPO Preview: Mobileye N.V.
    Fri, Aug. 1 MBLY 4 Comments

    Summary

    • The global leader in the design and development of software and related technologies for camera-based Advanced Driver Assistance Systems (“ADAS”).
    • 200%+ Q1 increase in rev & gross profits.
    • Excluding share-based comp, annualizing Q1 '14, and applying Israel's tax rate, the P/E is 103.
    • Seems to have a near-monopoly position in a market MBLY created.
  • IPO Preview: Macrocure
    Thu, Jul. 31 MCUR 1 Comment

    Summary

    • MCUR is a regenerative medicine company focused on developing, manufacturing and commercializing novel cell therapy products to address unmet needs in the treatment of chronic and other hard-to-heal wounds.
    • 2.7 times book value. In Phase 3 clinical trials.
    • Shareholders indicate interest in buying 16.5% on the IPO.
  • IPO Preview: Transocean Partners
    Thu, Jul. 31 RIGP 2 Comments

    Summary

    • RIGP is a growth-oriented limited liability company recently formed by Transocean, one of the world’s largest offshore drilling contractors, to own, operate and acquire modern, technologically advanced offshore drilling rigs.
    • 7.25% yield, carve-out (formed from a larger parent).
    • 100% of proceeds to selling shareholder.
  • IPO Preview: Catalent
    Thu, Jul. 31 CTLT Comment!

    Summary

    • The leading global provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products.
    • CTLT is a Blackstone deal with tier 1 underwriters.
    • Has a -$1.5 billion deficit and has never made money.
    • Low top line revenue growth coupled with high interest payments.
  • IPO Preview: HealthEquity
    Thu, Jul. 31 HQY Comment!

    Summary

    • A leader and an innovator in the high-growth category of technology-enabled services platforms that empower consumers to make healthcare saving and spending decisions.
    • Recurring income for Q1 '14 vs Q1 '13 was up 38%.
    • Q1 '14 11% adj. post-tax profit margin.
    • 6.8 times sales, P/E of 61.
  • IPO Preview: Marinus Pharmaceuticals
    Thu, Jul. 31 MRNS Comment!

    Summary

    • Clinical stage biopharmaceutical company focused on developing and commercializing innovative neuropsychiatric therapeutics.
    • Priced at 2.9 times book. In Phase 2 clinical trials.
    • 19% of the IPO is spoken for.
  • IPO Preview: Vascular Biogenics
    Thu, Jul. 31 VBLX Comment!

    Summary

    • Clinical-stage biopharmaceutical company committed to the discovery, development and commercialization of first-in-class treatments for cancer and immune-inflammatory diseases.
    • Existing shareholders have indicated an interest in buying $35 million on the IPO.
    • Price-to-book value is 3.2.
  • IPO Preview: Zosano Pharma
    Thu, Jul. 31 ZSAN Comment!

    Summary

    • Clinical stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver its proprietary formulations of existing drugs through the skin.
    • 2 times book, early stage.
    • 14% of the IPO is spoken for.
  • IPO Preview: Bio Blast Pharma Ltd.
    Thu, Jul. 31 ORPN Comment!

    Summary

    • A development-stage biopharmaceutical company focused on the identification, licensing, acquisition, development and commercialization of drugs for rare and ultra-rare genetic and metabolic diseases.
    • Price-to-book is 4.1. Low cash burn rate (P/e ratio of -144).
    • 25% of the IPO is spoken for.
  • IPO Preview: Avalanche Biotechnologies
    Thu, Jul. 31 AAVL Comment!

    Summary

    • AAVL is a clinical-stage biotechnology company focused on discovering and developing novel gene therapies to transform the lives of patients with sight-threatening ophthalmic diseases.
    • Relatively low cash burn rate relative to market cap (P/E ratio of -46).
    • 53% of the IPO is spoken for.
  • IPO Preview: Tobira Therapeutics
    Thu, Jul. 31 TBRA Comment!

    Summary

    • Clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutics to treat liver disease, human immunodeficiency virus.
    • Existing shareholders and affiliates have indicated an interest in purchasing $15-20 million of the IPO. $17.5 million would be 29% of the IPO.
    • The price to book value is 2.5.
  • IPO Preview: Synchrony Financial
    Thu, Jul. 31 SYF 1 Comment

    Summary

    • One of the premier consumer financial services companies in the United States. It's the old GE Capital.
    • Q1 '14 earnings were $526 million, and dropped to an estimated $472 million in Q2 '14.
    • Low P/E of 9.7, based on annualizing Q1 '14 earnings.
  • IPO Preview: Westlake Chemical Partners LP
    Wed, Jul. 30 WLKP 1 Comment

    Summary

    • Delaware limited partnership recently formed by Westlake to operate, acquire and develop ethylene production facilities and related assets.
    • Westlake is a vertically integrated, international manufacturer and marketer of basic chemicals, polymers, and fabricated building products.
    • 5.5% yield, carve-out (created from the parent).
  • IPO Preview: Lantheus Holdings
    Wed, Jul. 30 LNTH 2 Comments

    Summary

    • Global leader in developing, manufacturing, selling and distributing innovative diagnostic medical imaging agents and products.
    • Never profitable, accumulated deficit of -$353 million.
    • Revenue down in 2012 and 2013, up only 3% in Q1 '14 vs. Q1 '13. In Q1 '14 interest payments exceeded operating earnings.
  • IPO Preview: ContraFect
    Tue, Jul. 29 CFRX Comment!

    Summary

    • Biotechnology company focused on discovering and developing therapeutic protein and antibody products for life-threatening, drug-resistant infectious diseases, particularly those treated in hospital settings.
    • High price to book, 5.6. High cash burn rate (P/E of -4.6). Product candidates not yet in clinical trials.
    • Applied to list its common stock, the Class A Warrants, the Class B Warrants and the units on the NASDAQ Capital Market under the symbols “CFRX”, “CFRXW”, “CFRXZ”.
  • IPO Preview: Orion Engineered Carbons S.a R.l.
    Fri, Jul. 25 OEC Comment!

    Summary

    • OEC is a leading global producer of carbon black.Carbon black is a form of carbon used to improve certain properties of materials into which it is added.
    • 100% to selling shareholders.
    • 25 times annualized Q1 '14 pro forma earnings.
  • IPO Preview: Innocoll GmbH
    Fri, Jul. 25 INNL Comment!

    Summary

    • Global, commercial stage, specialty pharmaceutical company, with late stage development programs targeting areas of significant unmet medical need.
    • Insiders indicated an interest in buying $27 million on the IPO, represents 36% of the IPO size, a positive.
    • Expects to sell 51% of itself on its IPO, a negative. The price-to-earnings ratio is -5.6, which indicates a high cash burn rate relative to the market cap.