Seeking Alpha
View as an RSS Feed

IPOdesktop  

View IPOdesktop's Articles BY TICKER:
AAAP, AAC, AAOI, AAVL, ABCW, ABDC, ABHB, ABY, ACRE, ACTV, ADHD, ADMS, ADNC, ADPT, ADSI, AERI, AFMD, AGMX, AGRX, AGTC, AHH, AJX, AKAO, AKBA, AL, ALDR, ALDW, ALDX, ALLY, ALSN, AMBA, AMBR, AMBX, AMC, AMDA, AMH, AMID, AMPH, AMRE, AMTG, ANET, ANFI, ANGI, APAM, APO, AQ, AQXP, AR, ARBR, ARCO, ARCX, ARDX, ARES, ARGS, ARMK, ARPI, ARS, ASC, ASND, ASPN, ATEN, ATHL, ATHM, ATRA, ATTO, AURX, AVG, AVGR, AVIV, AVNU, AVOL, AWAY, AXTA, BABA, BATS, BCC, BCEI, BCOV, BCRH, BERY, BFAM, BIND, BIOA, BLCM, BLMN, BLOX, BLPH, BLUE, BNFT, BNK, BNNY, BOX, BRDR, BRG, BRSE, BRSS, BRX, BSTM, BURL, BV, CAHS, CALA, CAPL, CAPN, CARA, CARB, CARH, CBF, CBIO, CBYL, CCCR, CCFG, CCLP, CCS, CCXI, CDNA, CELP, CEMP, CERE, CERU, CFG, CFRX, CG, CGIX, CHEF, CHGG, CHKR, CHUY, CIO, CIVI, CJES, CK, CLDN, CLVS, CMCM, CMFN, CMLP, CNCE, CNNX, CNOB, CNV, CNXR, COMM, CONE, CORI, COTY, COUP, COVS, CPPL, CQH, CRCM, CRSR, CRTO, CSLT, CSOD, CSTE, CSTM, CTLT, CTRL, CTT, CUDA, CVRR, CVT, CYBR, CYNI, CZR, DATA, DATE, DCIN, DDMGQ, DEA, DERM, DFRG, DKL, DLNG, DLPH, DM, DMD, DNKN, DOC, DOR, DPLO, DPRX, DRII, DRNA, DRTX, DSG, DSKY, DWRE, EAC, EARN, EARS, EBIO, ECOM, ECR, EDG, EGRX, EHIC, EIGI, ELLI, ELOQ, EMES, ENBL, ENPH, ENTA, ENTL, ENVI, ENXP, EOPN, EPAM, EPE, EPZM, EQM, ESNT, ESRT, ET, EVDY, EVER, EVHC, EVOK, EXA, EYEG, EYES, FATE, FB, FCB, FELP, FENG, FET, FEYE, FFNT, FFWM, FGEN, FGL, FI, FIO, FIVE, FIVN, FLKS, FLTX, FLXN, FMI, FMSA, FNBC, FNDR, FOMX, FOXF, FPI, FPRX, FRAC, FRAN, FRSH, FSAM, FSL, FSTM, FUEL, FWP, FX, FXCM, GARS, GBDC, GBIM, GCAP, GCTS, GDCT, GFIS, GIMO, GLMD, GLOB, GLOG, GLOP, GLYC, GMED, GNBC, GOGO, GOMO, GPRO, GRPN, GRUB, GSE, GWAY, GWB, GWGH, GWRE, HABT, HASI, HAWK, HCLP, HDP, HDS, HELI, HIFR, HIIQ, HIVE, HLSS, HLT, HMHC, HMLP, HMST, HPTX, HQY, HRTG, HSGX, HUBS, HZNP, I, IBP, IBTX, ICBK, ICC, ICD, ICPT, IDGX, IMDZ, IMI, IMPR, IMPV, IMS, INGN, INNL, INOV, INSY, INVN, IPDN, IRT, ITEK, JCAP, JD, JGW, JIVE, JMEI, JMI, JPEP, JRVR, JUNO, KANG, KBIO, KIN, KING, KIOR, KITE, KMI, KNMD, KORS, KOS, KPTI, KTWO, KYAK, KYTH, LADR, LAEC, LAND, LC, LDRH, LEAF, LEJU, LENS, LGIH, LITB, LLGX, LMNS, LMRK, LNKD, LNTH, LOCK, LOCO, LOXO, LPDX, LPI, LPRI, LQ, LRE, LUCA, LXFR, MACK, MAPI, MBII, MBLY, MBUU, MC, MCEP, MCLB, MCUR, MDLY, MDVX, MDWD, MEMP, MEP, MFRM, MGNX, MIK, MITT, MKTG, MKTO, MM, MMI, MN, MOBL, MODL, MODN, MOLG, MOMO, MONT, MPG, MPLX, MPO, MRC, MRCC, MRD, MRIN, MRKT, MRNS, MSBI, MTBC, MTDR, MTGE, MTLS, MTSI, MVNR, MXPT, MYCC, NAP, NBHC, NCFT, NCLH, NCOM, NDLS, NDRM, NDRO, NEFF, NEOT, NEP, NERV, NEWR, NGL, NGVC, NLNK, NMBL, NMFC, NMIH, NORD, NOW, NQ, NRE, NRKM, NRX, NSE, NSIG, NSLP, NSM, NTI, NVET, NVGS, NVTA, NWHM, NYLD, OAK, OAKS, OCIR, OCUL, OEC, OFS, OILT, OMAM, OMED, ONCE, ONDK, OPB, OPHT, OPWR, ORC, ORPN, OTIC, OUT, OXFD, P, PAGP, PAHC, PANW, PARN, PAYC, PBF, PBFX, PCTY, PDH, PE, PEAK, PEER, PEGI, PER, PETX, PF, PFMT, PFNX, PFPT, PFSI, PGEM, PGRE, PIH, PINC, PLAY, PMCA, PN, PRAH, PRLB, PRQR, PRSS, PRTO, PSMI, PSRT, PSXP, PTLA, PUMP, Q, QEPM, QGOG, QIHU, QIWI, QLYS, QRE, QTNT, QTS, QTWO, QUNR, RARE, RATE, RBIO, RCAP, RCPT, RDUS, REDX, REGI, RENN, REPH, REXR, RGDO, RGLS, RH, RIBX, RICE, RIGP, RKUS, RLGY, RLJ, RLYP, RM, RMAX, RMP, RNA, RNDY, RNF, RNG, ROYT, RPAI, RPXC, RRMS, RSPP, RTGN, RUBI, RVNC, RWLK, RXN, RYI, SABR, SAGE, SALE, SAMG, SAVE, SBUX, SBY, SC, SCAI, SCM, SCRT, SCTY, SCYX, SDLP, SDR, SEAS, SEDG, SEMI, SERV, SFBS, SFM, SFS, SFXE, SGLX, SGM, SGNL, SGNT, SHAK, SIR, SIRI, SKIS, SKUL, SLCA, SMLP, SMLR, SMSMY, SMTH, SN, SNDX, SNOW, SNS, SPKE, SPLK, SPPP, SPWH, SQBK, SQNS, SRC, SRLP, SRVA, SSNI, SSTK, STAY, STCK, STDY, STIM, STIR, STML, STOR, STST, SUM, SUN, SUNS, SUPN, SXC, SXCP, SXE, SYF, SYNC, SZYM, TAG, TAM, TAOM, TBRA, TCON, TCPI, TCS, TEDU, TEP, TERP, THNX, THR, TKAI, TLMR, TLOG, TLYS, TMG, TMS, TMWE, TNDM, TNET, TNGO, TOUR, TOYS, TPH, TPRE, TPVG, TRIV, TRMR, TRUE, TRUP, TRVN, TSC, TSE, TSLX, TSQ, TSRO, TTOO, TTPH, TUBE, TUDO, TUMI, TVPT, TWAV, TWOU, TWTR, TXTR, UAGR, UAN, UBNT, UCP, USAC, USDP, VA, VBAY, VBLT, VBTX, VCRA, VCYT, VEBM, VEEV, VEI, VHS, VIPS, VJET, VKTX, VLP, VLRS, VLRX, VMEM, VNCE, VNET, VNOM, VNTV, VOC, VOYA, VRAY, VRNS, VSAR, VSLR, VSTM, VTAE, VTL, VTTI, VWR, W, WAGE, WAIR, WB, WBAI, WGH, WGP, WHF, WHSM, WHZ, WIFI, WIX, WK, WLKP, WMC, WMS, WNRL, WOWO, WPT, WSTC, WUBA, WWAV, XENE, XENT, XLRN, XNCR, XNET, XON, XONE, XOOM, YDLE, YELP, YNDX, YUME, YY, Z, ZAYO, ZEN, ZFC, ZFGN, ZLTQ, ZNGA, ZOES, ZPIN, ZSAN, ZSPH, ZTS, ZU, ZX
  • IPO Preview: VTTI Energy Partners LP
    Aug. 1, 2014 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
    Aug. 1, 2014 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
    Aug. 1, 2014 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.
    Aug. 1, 2014 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
    Jul. 31, 2014 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
    Jul. 31, 2014 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
    Jul. 31, 2014 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
    Jul. 31, 2014 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
    Jul. 31, 2014 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
    Jul. 31, 2014 VBLT 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
    Jul. 31, 2014 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.
    Jul. 31, 2014 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
    Jul. 31, 2014 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
    Jul. 31, 2014 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
    Jul. 31, 2014 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
    Jul. 30, 2014 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
    Jul. 30, 2014 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
    Jul. 29, 2014 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.
    Jul. 25, 2014 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
    Jul. 25, 2014 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.
  • IPO Preview: Ocular Therapeutix
    Jul. 25, 2014 OCUL Comment!

    Summary

    • Biopharmaceutical company focused on the development and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary hydrogel platform technology.
    • Bioresorbable hydrogel-based product candidates are designed to provide sustained delivery of therapeutic agents to the eye.
    • At the price range mid-point of $15, the price-to-book value ratio is 3.9.
  • IPO Preview: El Pollo Loco Holdings
    Jul. 25, 2014 LOCO 5 Comments

    Summary

    • Differentiated restaurant concept that specializes in fire-grilling citrus-marinated chicken in front of its customers.
    • System-wide same-store sales increased 7.2% in Q1 '14 vs Q1 '13.
    • Over the long term, LOCO plans to grow the number of El Pollo Loco restaurants by 8% to 10% annually.
  • IPO Preview: Advanced Drainage Systems
    Jul. 25, 2014 WMS Comment!

    Summary

    • The leading manufacturer of high performance thermoplastic corrugated pipe.
    • For the March 2014 year WMS's revenues increased to $1.069 billion, up 5% from the year before. Net income declined 57% to $13 million.
    • The P/E based on fiscal 2014 is 73, very high for a mundane business. The price-to-sales ratio is .9.
  • IPO Preview: Townsquare Media, LLC
    Jul. 24, 2014 TSQ Comment!

    Summary

    • An integrated and diversified media and entertainment company that owns and operates market leading radio stations, digital and social properties and live events in small and mid-sized markets.
    • TSQ is the product of a leverage buyout and is highly leveraged. The price-to-tangible book value is -1.1, very low.
    • Pro forma for the Transactions, net revenue in 2013 grew 2.2% year-over-year and, excluding the effect of political advertising revenue, grew 4.7% year-over-year.
  • IPO Preview: Spark Energy
    Jul. 24, 2014 SPKE 7 Comments

    Summary

    • Created a different stock category, Class A, to receive dividends, to entice IPO buyers, and expects to pay an annual rate of 7.25%.
    • For Q1 '14 vs Q1 '13 revenue grew 7% to $107 million. Net income dropped 55% to $6.5 million. The tax rate was only 8%.
    • For Q1 '14 retail gross margin dropped to 18% of revenue, from 32%, not a healthy sign.
  • IPO Preview: Atara Biotherapeutics
    Jul. 24, 2014 ATRA 2 Comments

    Summary

    • Clinical-stage biopharmaceutical company focused on developing novel therapeutics for serious unmet medical needs, with an initial focus on muscle wasting conditions and oncology.
    • ATRA's intellectual property was acquired from Amgen.
    • Pre-IPO VC firm Kleiner Perkins owns 18.6%. Amgen and Celgene each own about 8.6%.
  • IPO Preview: Intersect ENT
    Jul. 24, 2014 XENT Comment!

    Summary

    • Commercial stage drug-device company committed to improving the quality of life for patients with ear, nose and throat conditions.
    • Has developed a drug-eluting bioabsorbable implant technology that enables targeted and sustained release of therapeutic agents.
    • 2013 revenue was $18 million with an $18 million loss. Q1 '14 revenue compared to Q1 '13 was up 173% to $7.5 million with a $4.4 million loss.
  • IPO Preview: Immune Design
    Jul. 24, 2014 IMDZ 1 Comment

    Summary

    • Clinical stage immuno-therapy company with next-generation in vivo approaches designed to enable the body’s immune system to fight disease.
    • Has engineered its technologies to activate the immune system’s natural ability to create tumor-specific cytotoxic T cells to fight cancer.
    • One product whose trial started in January 2014 had an initial complete response from one patient.
  • IPO Preview: Mapi - Pharma Ltd.
    Jul. 24, 2014 MAPI Comment!

    Summary

    • A development stage pharmaceutical company, engaged in the development of high-barrier to entry and high-added value generic drugs.
    • Signed an agreement with a large pharmaceutical company to jointly develop, manufacture and commercialize Risperdal LAI.
    • The rating on MAPI is neutral. This generic drug development company, however, is worth watching.
  • IPO Preview: TerraForm Power
    Jul. 18, 2014 TERP 4 Comments

    Summary

    • TERP is a 'drop-down' from a strong, established parent.
    • TERP’s initial portfolio will consist of solar projects total nameplate capacity of 807.7 MW.
    • TERP is another clean energy 'carve-out' from a strong parent.
  • IPO Preview: Globant S.A.
    Jul. 18, 2014 GLOB Comment!

    Summary

    • GLOB is an IP consulting company with an uneven profit history, after removing 'bond sales' profits' which are not recurring.
    • Compared to EPAM Systems (EPAM) & Cognizant Technology (CTSH), GLOB is at a P/E premium, a price-to-sales discount and in the same range for price-to-tangible book value.
    • The rating on GLOB is neutral.
  • IPO Preview: Sage Therapeutics
    Jul. 18, 2014 SAGE Comment!

    Summary

    • SAGE is a biopharmaceutical company committed to developing and commercializing novel medicines to treat life-threatening, rare central nervous system disorders.
    • Clinical trials are just beginning and there is to-date limited feedback from the FDA.
    • SAGE’s initial product candidates are aimed at treating different stages of status epilepticus, a life-threatening condition in which the brain is in a state of persistent seizure.