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  • IPO Preview: Vantage Energy
    Thu, Sep. 25 VEI 2 Comments

    Summary

    • Independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties in the United States, with a focus on the Marcellus.
    • Two drilling rigs operating in the Marcellus Shale and two rigs operating in the Barnett Shale.
    • VEI has a 100% success rate (defined as the percentage of completed wells which produce in commercially viable quantities) based on producing wells.
  • IPO Preview: Vitae Pharmaceuticals
    Wed, Sep. 24 VTAE 1 Comment

    Summary

    • Clinical stage biotechnology company focused on discovering and developing novel, small molecule drugs for diseases that represent large market opportunities.
    • Focusing in particular on type 2 diabetes and Alzeimer's.
    • In Phase 2 trials for type 2 diabetes. In Phase 1 trials for Alzheimer's.
  • IPO Preview: Citizens Financial Group
    Wed, Sep. 24 CFG 3 Comments

    Summary

    • 13th largest retail bank holding company in the United States according to SNL Financial with $130.3 billion of total assets as of June 30, 2014.
    • All IPO proceeds to selling shareholders.
    • Higher P/E than comparables (see below).
  • IPO Preview: CyberArk Software
    Wed, Sep. 24 CYBR 7 Comments

    Summary

    • Solutions that protect organizations from cyber attacks that have made their way inside the network perimeter to strike at the heart of the enterprise.
    • 52% of revenue is license, 48% is maintenance and professional services. 90% renewal rate.
    • Reported a loss for the June '14 six months. On an adjusted basis income was down 10% to $2.5 million.
  • IPO Preview: Smart & Final Stores
    Wed, Sep. 24 SFS Comment!

    Summary

    • Value-oriented food retailer serving a diverse demographic of household and business customers through two complementary and highly-productive store banners.
    • Today operates 87 Extra! stores, of which 65 represent conversions or relocations of legacy Smart & Final stores and 22 represent new store openings.
    • Believes that the U.S. market can support approximately 1,250 additional Extra! stores.
  • IPO Preview: Medley Management
    Wed, Sep. 24 MDLY 1 Comment

    Summary

    • Found a private junk bond niche, and grew assets under management 62% for the year ended June 30, 1014.
    • Pays 3.8% yield at the price range mid-point.
    • Provides institutional and retail investors with yield-oriented investment products that pay periodic dividends or distributions that it believes offer attractive risk-adjusted returns.
  • IPO Preview: Alibaba
    Fri, Sep. 19 BABA 10 Comments

    Summary

    • Largest online and mobile commerce company in the world in terms of gross merchandise volume in 2013.
    • Operates its marketplaces as a platform for third parties, and does not engage in direct sales, compete with merchants or hold inventory.
    • Q2 '14 vs Q2 '13: +46% revenue; +26% operating income; 60% adjusted net income; +74% free cash flow.
  • IPO Preview: ProQR Therapeutics
    Thu, Sep. 18 PRQR 3 Comments

    Summary

    • Innovative biopharmaceutical company engaged in the discovery and development of RNA-based therapeutics for the treatment of severe genetic disorders, including a disease modifying therapy for the treatment of cystic fibrosis.
    • Has had positive preclinical results and plans to file in Q4 2014 an IND (investigational new drug) with the FDA.
    • In August 2014, PRQR entered into an agreement with Cystic Fibrosis Foundation Therapeutics to provide PRQR with up to $3 million to support the clinical development of QR-010.
  • IPO Preview: Foamix Pharmaceuticals
    Thu, Sep. 18 FOMX Comment!

    Summary

    • Clinical-stage specialty pharmaceutical company focused on developing and commercializing its proprietary minocycline foam for the treatment of acne, impetigo and other skin conditions.
    • Based on clinical trials, FOMX believes that FMX101 has the potential to become the new standard of care for the moderate-to-severe acne market.
    • The P/E ratio is -62, which indicates a low cash burn rate relative to the market cap.
  • IPO Preview: Viking Therapeutics
    Thu, Sep. 18 VKTX Comment!

    Summary

    • Clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders.
    • Clinical trials have shown that VK0612 is safe, well-tolerated and leads to significant glucose-lowering effects in patients with type 2 diabetes.
    • The P/E ratio is -3.6, which indicates a very high cash burn rate relative to the market cap.
  • IPO Premium: Civitas Solutions
    Wed, Sep. 17 CIVI Comment!

    Summary

    • The leading national provider of home- and community-based health and human services to must-serve individuals with intellectual, developmental, physical or behavioral disabilities and other special needs.
    • Price-to-tangible book value is a negative -1.9, which indicates the private equity owners have stripped as much cash as possible from the company.
    • Adjusting for IPO proceeds to repay debt, CIVI's P/E ratio is 249.
  • IPO Preview: Tokai Pharmaceuticals
    Wed, Sep. 17 TKAI Comment!

    Summary

    • Clinical-stage biopharmaceutical company focused on developing novel proprietary therapies for the treatment of prostate cancer and other hormonally-driven diseases.
    • In clinical trials patients showed clinically meaningful PSA reductions of at least 50%.
    • Insiders indicate an interest in purchasing up to $22.2mm.
  • IPO Premium: rEVO Biologics
    Wed, Sep. 17 RBIO 2 Comments

    Summary

    • A commercial-stage biopharmaceutical company focused on the development and commercialization of specialty therapeutics to address unmet medical needs in patients with rare, life-threatening conditions.
    • The commercial product ATryn, the first and only approved recombinant human antithrombin, has been marketed in the United States since 2009 for the prevention of childbirth blood clots.
    • Believes the market can be much larger if it can expand ATryn’s FDA-approved label to include additional indications such as the management of preeclampsia.
  • IPO Preview: ReWalk Robotics
    Fri, Sep. 12 RWLK 5 Comments

    Summary

    • Medical device company that is designing, developing and commercializing exoskeletons that allow wheelchair-bound individuals with mobility impairments or other medical conditions the ability to stand and walk once again.
    • As of August 1, 2014, RWLK had placed 62 ReWalk Rehabilitation and 19 ReWalk Personal systems, 88% of which were purchased by RWLK’s customers, and 12% of which were placed.
    • Cash burn rate is relatively high, indicated by a P/E ratio of -8.9 (lower absolute number is worse).
  • IPO Preview: Affimed Therapeutics
    Thu, Sep. 11 AFMD Comment!

    Summary

    • AFMD is a clinical-stage biopharmaceutical company focused on discovering and developing highly targeted cancer immunotherapies.
    • The cash burn rate relative to the market capitalization is relatively low: price-earnings ratio of -44.4 (lower absolute number is worse).
    • The Leukemia and Lymphoma Society, or LLS, has agreed to co-fund a phase 2a study.
  • 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.