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  • IPO Preview: IMS Health Holdings
    Fri, Apr. 4 IMS 7 Comments

    Summary

    • A leading global information and technology services company in the healthcare industry.
    • 20% of the IPO proceeds are going to shareholders.
    • Revenues up 4% to $2.5 billion for 2013 vs 2012.
  • IPO Preview: Opower
    Fri, Apr. 4 OPWR Comment!

    Summary

    • A leading provider of cloud-based software to the $2.2 trillion utility industry.
    • Sales were up 71% in 2013 vs. 2012.
    • Still losing money.
  • IPO Preview: Five9
    Thu, Apr. 3 FIVN Comment!

    Summary

    • A pioneer and leading provider of cloud software for contact centers.
    • Sales were up ‘only’ 32% for 2013 vs. 2012.
    • Still losing money.
  • IPO Preview: Scynexis
    Wed, Apr. 2 SCYX 2 Comments

    Summary

    • Committed to the discovery, development and commercialization of novel anti-infectives.
    • Target market is approximately $3.6 billion.
    • Progression to Phase 2 studies.
  • IPO Preview: Tarena International
    Wed, Apr. 2 TEDU Comment!

    Summary

    • Leading provider of professional IT education services in China.
    • In 2013, was recognized as the Outstanding Training Institute by China’s Ministry of Industry and Information Technology, or MIIT.
    • Market growth from US$8.1 billion in 2010 to US$11.1 billion in 2013, representing a CAGR of 11.4%.
  • IPO Preview: Corium International
    Wed, Apr. 2 CORI 1 Comment

    Summary

    • Specialty pharmaceutical company that leverages its broad experience in transdermal and transmucosal delivery systems.
    • Global value of the market for systemic transdermal products, including patches, was approximately $20 billion in 2010, and is expected to grow to approximately $30 billion by 2015.
    • Marketed products include four Crest Advanced Seal Whitestrips products.
  • IPO Preview: Rubicon Project
    Wed, Apr. 2 FUEL, RUBI Comment!

    Summary

    • A technology company on a mission to automate the buying and selling of advertising.
    • RUBI’s Advertising Automation Cloud features applications for digital advertising sellers.
    • Compare with Rocket Fuel (FUEL).
  • IPO Preview: 2U
    Fri, Mar. 28 TWOU 1 Comment

    Summary

    • Cloud-based SaaS solutions that enable leading nonprofit colleges and universities to deliver their high-quality education to qualified students anywhere.
    • Top line revenue grew 49% in 2013 to $83 million, with a gross margin of 73% and a loss of $28 million.
    • TWOU generates recurring revenue from 10-15 year contracts.
  • IPO Preview: Everyday Health
    Fri, Mar. 28 EVDY Comment!

    Summary

    • A leading digital health and wellness company that competes with medscape.com, owned by WebMD.com.
    • Top line revenue growth was only 12.5% for 2013 and only 10.5% for 2012.
    • Mayo Clinic has indicated an interest in purchasing up to $10 million on the IPO.
  • IPO Preview: CBS Outdoor Americas
    Fri, Mar. 28 CBSO Comment!

    Summary

    • Highly leveraged billboard REIT carve-out expecting to yield 5.5%.
    • Expected dilution per share to IPO investors is -$34.70, compared to a price range mid-point of $27.
    • Revenue for 2012 vs. 2011 was up only .6% and revenue for 2013 vs. 2012 was up only .7%.
  • IPO Preview: Aerohive Networks
    Fri, Mar. 28 HIVE Comment!

    Summary

    • Networking hardware company, with 91% of revenue from hardware sales.
    • Not to be confused with subscription-based, recurring revenue enterprise software networking companies.
    • Revenue up 50% for 2013 vs 2012, still losing money.
  • IPO Preview: Bluerock Residential Growth
    Fri, Mar. 28 BRG 2 Comments

    Summary

    • An apartment REIT.
    • With a continuing negative operating cash flow.
    • Expects to pay an annual dividend (payable quarterly) of 4.7%.
  • IPO Preview: TriNet Group
    Thu, Mar. 27 TNET Comment!

    Summary

    • Top line revenue growth appears to have come from acquisitions.
    • The new IPO investor will suffer an immediate per share dilution of -$23.29 compared to an IPO price range mid-point of $16.
    • TNET is basically a ‘rent a body’ shop specializing in human resources.
  • IPO Preview: Square 1 Financial
    Thu, Mar. 27 SIVB, SQBK Comment!

    Summary

    • Focuses on the “venture banking market’ focusing on firms financed by venture firms and by private equity firms.
    • Compared to the parent of Silicon Valley Bank, SVB Financial Group (SIVB), SQBK is priced at a discount.
    • SQBK is based in Durham, North Carolina.
  • IPO Preview: Applied Genetic Technologies
    Thu, Mar. 27 AGTC 1 Comment

    Summary

    • Pre-clinical-stage biotechnology company.
    • Shareholders indicated an interest in buying $10 million on the IPO.
    • Price-to-book is 2.4, relatively low and the cash burn rate is relatively low.
  • IPO Preview: King Digital Entertainment
    Wed, Mar. 26 KING 1 Comment

    Summary

    • Mobile games across multiple platforms including Candy Crush.
    • Candy Crush accounted for 69% of February’s unique user traffic.
    • In February ’14 KING had 140 million unique users.
  • IPO Preview: Nord Anglia Education
    Wed, Mar. 26 NORD Comment!

    Summary

    • Believes it is the world’s leading international operator of premium schools.
    • Lost money each of the last three fiscal years.
    • Much of the student and capacity expansion came from acquisitions.
  • IPO Preview: 1347 Property Insurance Holdings
    Wed, Mar. 26 PIH Comment!

    Summary

    • Specialized local property and casualty insurer in Louisiana.
    • Major insurers are withdrawing from hurricane coverage in Louisiana.
    • PIH expects to fill the gap.
    • As a new property and casualty insurance company PIH has no legacy liabilities.
  • IPO Preview: TPG Specialty Lending
    Fri, Mar. 21 AINV, TSLX 2 Comments

    Summary

    • Specialty BDC finance company focused on lending to middle-market companies.
    • Funded to date by pension funds.
    • Expected dividend is less than that of competitor Apollo Investment.
  • IPO Preview: A10 Networks
    Fri, Mar. 21 ATEN Comment!

    Summary

    • Customers can accelerate, secure and optimize the performance of their data center applications and networks.
    • Long-standing lawsuit with Brocade Communications is now settled.
    • New product launched in January 2014.
  • IPO Premium: Versartis
    Fri, Mar. 21 VSAR Comment!

    Summary

    • Endocrine-focused biopharmaceutical company.
    • Lead product intended to reduce the burden of daily treatment by requiring significantly fewer injections, potentially improving compliance and, therefore, treatment outcomes.
    • In phase 2b clinical trials.
  • IPO Preview: Borderfree
    Fri, Mar. 21 BRDR Comment!

    Summary

    • Global e-commerce platform for online retailers.
    • Top-line revenue was up 34% for 2013 vs 2012.
    • Gross profit is 32% and BRDR was almost breakeven in 2013.
  • IPO Preview: Globoforce
    Fri, Mar. 21 THNX Comment!

    Summary

    • Offers gift cards and other options through a global e-commerce rewards network.
    • One customer has accounted for over 30% of revenue for each of the past three years.
    • Top line revenue compared to the year earlier period grew only 18% for 2013 and 16% for 2012.
  • IPO Preview: Amber Road
    Fri, Mar. 21 AMBR Comment!

    Summary

    • Enables customers to enjoy significantly lower supply chain costs compared to legacy systems.
    • 2013 top line revenue was up 21% compared to 2012.
    • Recurring revenue retention (as defined by AMBR) is 102%.
  • IPO Preview: MediWound
    Thu, Mar. 20 MDWD 2 Comments

    Summary

    • Manufacturing and commercializing products to address unmet needs in the fields of severe burns, chronic and hard-to-heal wounds and connective tissue disorders.
    • Launched its first product in Europe in December 2013.
    • Plans to initiate a Phase 3 pivotal study in the United States in the first half of 2014.
  • IPO Preview: Q2 Holdings
    Thu, Mar. 20 QTWO Comment!

    Summary

    • Leading provider of secure, cloud-based, Software as a Service (SaaS) virtual banking solutions.
    • Enables regional and community financial institutions (RCFIs) to access a robust suite of customer and backend applications.
    • Looks like costs are escalating while the rate of growth of new customers is declining.
  • IPO Preview: Akebia Therapeutics
    Thu, Mar. 20 AKBA Comment!

    Summary

    • Biopharma focused on proprietary therapeutics based on hypoxia inducible factor biology and commercialization of these products for patients with kidney disease.
    • Lead product candidate, AKB-6548, being developed as a once-daily oral therapy that has successfully completed a Phase 2a proof of concept study.
    • Predictably raised hemoglobin levels in patients with anemia secondary to chronic kidney disease, or CKD, not requiring dialysis.
  • IPO Preview: Paylocity
    Wed, Mar. 19 PCTY 4 Comments

    Summary

    • Cloud-based provider of payroll and HCM software solutions for medium-sized organizations.
    • Top line increased 40% for the six months ended December '13 vs December '12.
    • March is the largest quarter in PCTY's business.
    • PCTY believes its current target addressable market is $8.0 billion.
  • IPO Preview: Castlight Health
    Fri, Mar. 14 CSLT Comment!

    Summary

    • Enterprise Healthcare Cloud offering to self-insured companies in a broad range of industries and governmental entities.
    • 42% and 55% top line revenue growth for Q4 and Q3 compared to preceding quarter.
    • 2013 Q4 revenue was $5.5 million and losses were $20 million.
  • IPO Preview: Dipexium Pharmaceuticals
    Thu, Mar. 13 DPRX 1 Comment

    Summary

    • Late stage pharmaceutical company.
    • Locilex™ is initially being targeted for the treatment of mild infections of diabetic foot ulcers.
    • DPRX believes that Locilex™ may be approved by the FDA within 24 months of commencing Phase 3 enrollment, scheduled for Q2 2014.
  • IPO Preview: Galmed Pharmaceuticals
    Thu, Mar. 13 GLMD Comment!

    Summary

    • Clinical-stage biopharmaceutical.
    • Oral therapy for the treatment of liver diseases and cholesterol gallstones.
    • Expects results from the Phase IIb trial to be available in the second half of 2016.
  • IPO Preview: Diamond S Shipping Group
    Wed, Mar. 12 DSG 3 Comments

    Summary

    • One of the largest owners and operators of medium range, or MR, product tankers in the world.
    • Slightly profitable while the others are losing money.
    • Priced at a price-to-sales premium and doesn’t pay a dividend.