So far there is not one concrete disagreement with the footnoted facts from the S-1 filing. We have lots of unfounded emotion based on overgeneralized, simplified assumptions. However, some comments are neutral and do provide food for thought.
If you disagree with the footnoted facts, why don't you take it up with the company's attorneys and/or the SEC. Probably a waste of time because it seems logical to assume that every sentence in Pandora's filing has been checked & re-checked.
I find the posts so far highly entertaining & in general somewhat off base. Keep up the 'good (?)' work.
Also, I think people who actually read S-1 filings just don't post here.
Facebook's (FB +3%) weaker-than-expected debut is leading to a massive selloff in Facebook-related plays, and (to a lesser extent) Internet stocks in general. ZNGA -13.3%. RENN -9.4%. GSVC -12.4%. SVVC -18.6%. P -6%. GRPN -4.9%. YELP -4.4%. QPSA -5.1%. Facebook is now changing hands at $39.12. [View news story]
Facebook IPO Analysis: Thanks, But No Thanks [View article]
Facebook is now "re-inventing" itself because user growth topped out. Apple is about the only large company that's been able to 're-invent' itself. But Facebook is no Apple.
answer to 'evsuper': Your comment & many others say "this article is so misleading and full of lies!!! pandora isn't even close to being profitable- they are cashstrapped and hurting for money"
Well, that's the precise reason there are footnotes in the article referring you to exact pages in the S-1 filing. You might find the sec filing helpful www.sec.gov/Archives/e...
IPO Preview: Spirit Realty Capital (SRC) [View article]
Yes, thank you. I like your article because it shows why the dividend rate on SRC is higher (riskier) than other triple net lease REITS.
In a comment to your own article you were "amazed that someone wrote a Seeking Alpha article recommending Spirit."
That must be us. However, here is what we actually said (from above).
"For investors interested in dividend paying IPOs, IPOdesktop believes SRC is a good candidate that could edge up over time, if priced lower than the price range mid-point of $17, but won't show much of a pop if any on the IPO.
IPOdesktop is therefore neutral on the SRC IPO at the price range mid-point of $17."
In our IPO world that's hardly a recommendation. I think the key idea is that riskier triple net REITS pay more, which is the case with SRC, as you nicely point out.
There's definitely a risk preference curve for triple net lease REITs, which is why SRC had to pay a higher rate. And that preference curve shifts over time, of course.
Mark Cuban Is Dead Right About Facebook's IPO - It Was A Success [View article]
"Facebook was able to raise about 10 BILLION DOLLARS in this IPO."
Sorry, I get somewhat irritated with people throwing around wrong numbers, numbers which ARE important. ------------------ Class A common stock offered By us: 180,000,000 shares
By the selling stockholders: 241,233,615 shares
From page 7 in the 424B4 http://1.usa.gov/KlIC23 ----------------------- So FB raised a little less than $7bb & shareholders raised a bit more than $9bb before the green shoe, if it was executed.
Also notice on May 21 (the Monday after the Friday FB IPO'd) FB filed an S-8 registering 1.2bb in stock option shares coming up for sale from October 29 on. http://1.usa.gov/NRt4lY
Given how much money was lost I'm kind of shocked how few people read the SEC filings. It was all there in the filings but what the heck, it's only money...
It was the very classic intersection of greed & emotion. I think it will go down in history perhaps comparable to the tulip bulb mania in Holland in the 1600's. http://bit.ly/NRet8J
Finally, concerning the market cap -- if you call FB's IR department they'll tell you there are about 2.7bb shares or so outstanding, including the option shares registered above.
Then why do Google Finance & Yahoo Finance use the 2.14bb number in the final filing that excludes options shares?
This whole situation is really a comedy (or tragedy) of errors.
Yes, and the valuation ratios are based on estimates from Zuckerberg, who at this point is just not believable or credible. He screwed up the 2nd quarter estimates shortly after presenting them the Morgan, et al.
In fact, looks like he may have sandbagged* investment bankers on the way to a very temporary $100 billion valuation -- that he was determined to have no matter what.
* Knocked down or bowled over by a nasty or disparaging comment from someone you thought you could trust, with damage to your reputation or prospects.
I'd be leery of any future estimates from Zuckerberg at this point -- seems like he's confused by the rapid transition to mobile. In any case, he's still on his honeymoon. Welcome back Mark, whenever you return.
Golar LNG Partners LP Is an IPO With Stable, Growing Cash Flow [View article]
yes, thank you, corrected with a link to Golar LNG Energy www.golarenergy.com/
page 1 & 2 www.sec.gov/Archives/e... ----------------------... Our fleet will consist of: • a 100% interest in the Golar Spirit, an FSRU retrofitted in 2007 from an LNG carrier built in 1981 that is currently operating under a time charter that expires in 2018 with Petróleo Brasileiro S.A. (or Petrobras), the majority state-owned oil and gas company of Brazil;
• a 100% interest in the Golar Winter, an FSRU retrofitted in 2008 from an LNG carrier built in 2004 that is currently operating under a time charter that expires in 2019 with Petrobras;
• a 100% interest in the Methane Princess, an LNG carrier built in 2003 that is currently operating under a time charter that expires in 2024 with BG Group PLC (or BG Group); and
• a 60% interest in the Golar Mazo, an LNG carrier built in 2000 that is currently operating under a time charter that expires in 2017 with PT Pertamina (PERSERO) (or Pertamina), the state-owned oil and gas company of Indonesia.
We further intend to leverage our relationship with Golar to make accretive acquisitions of FSRUs and LNG carriers with long-term charters from Golar and third parties. For example, we will have the right to purchase two additional FSRUs from Golar:
• the Golar Freeze, an FSRU recently retrofitted from an LNG carrier built in 1977 that is currently operating under a time charter that expires in 2020 with Dubai Supply Authority (or DUSUP), the exclusive purchaser of natural gas in Dubai; and
• the Khannur, an LNG carrier built in 1977, following the completion of its FSRU retrofitting and acceptance by its charterer, which is expected to occur in the first quarter of 2012. The Khannur is expected to operate under an 11-year time charter with PT Nusantara Regas (or Nusantara Regas) for the West Java LNG project in Indonesia. Nusantara Regas is a joint venture that is 60% owned by Pertamina and 40% owned by the Indonesia distribution firm PT Perusahaan Gas Negara. ----------------------...
The IPO Buzz: Something New Under The IPO Sun [View article]
"All this IPO reminds of Chinese IPO market from 2007 to 2011."
There are quite a few good dividend paying IPOs that have made quite a bit of money for IPO investors, both on the IPO and in the after-market.
But to make money in the IPO market you must process the S-1s (referred to above), you need to have some common sense, and you should know how to read & interpret an income statement & a balance sheet, etc.
And the sections above "Fast Track to the IPO Market" and "Looking to the IPO Future" review important changes in the IPO market. Perhaps you should read those sections.
Playing IPOs For Future Gains: Which Recent IPOs To Buy [View article]
"as investors constantly seek the next LinkedIn (LNKD)."
In the title 'future gains' certainly implies after-market gains, which is not necessarily the case for LNKD after 15 months:
I get soooo... tired of people saying LNKD was an IPO (after-market) success.
What if 1st day trading results for XYZ Corp. were the following: Open: $83.00 -- High: $122.70 -- Low: $80.00 -- Close $94.25 and XYZ closed today at today at $107.12
after XYZ IPO'd May 19, 2011, over 15 months ago? You'd say 'so what, big deal'
Well, XYZ Corp is LNKD. So I hope all future SA writers of IPO articles will STOP referring to LNKD as an IPO (after-market) success example. It's only a big success when viewed against the disastrous social networking backdrop.
Sure LNKD has had a fairly wide trading range, but that doesn't necessarily make it a 'success.' Yes, the IPO was priced at $45 but I think money was purposely left on the table for institutional investors by the underwriters.
In fact, there have been many IPO (after-market) successes, so do a little research & give us reality instead of 'looking for the next LNKD'
If people think LNKD was such as resounding (after-market) success then they might also enjoy the movie 'Looking for Mr. Goodbar'. http://bit.ly/QPleZ8
Mark Cuban Is Dead Right About Facebook's IPO - It Was A Success [View article]
Yes, the biggest pump & dump in history was a success in fleecing buyers who thought there was a free lunch.
It's all about greed on the part of FB
and
emotion on the part of stupid buyers of the stock, including Cuban.
Pandora's IPO: Unique Audio Algorithms Work; A Sirius Difference [View article]
If you disagree with the footnoted facts, why don't you take it up with the company's attorneys and/or the SEC. Probably a waste of time because it seems logical to assume that every sentence in Pandora's filing has been checked & re-checked.
I find the posts so far highly entertaining & in general somewhat off base. Keep up the 'good (?)' work.
Also, I think people who actually read S-1 filings just don't post here.
How Did It All Go So Wrong For Patriot Coal? [View article]
Facebook's (FB +3%) weaker-than-expected debut is leading to a massive selloff in Facebook-related plays, and (to a lesser extent) Internet stocks in general. ZNGA -13.3%. RENN -9.4%. GSVC -12.4%. SVVC -18.6%. P -6%. GRPN -4.9%. YELP -4.4%. QPSA -5.1%. Facebook is now changing hands at $39.12. [View news story]
Facebook IPO Analysis: Thanks, But No Thanks [View article]
Pandora's IPO: Unique Audio Algorithms Work; A Sirius Difference [View article]
Well, that's the precise reason there are footnotes in the article referring you to exact pages in the S-1 filing. You might find the sec filing helpful
www.sec.gov/Archives/e...
IPO Preview: Spirit Realty Capital (SRC) [View article]
In a comment to your own article you were "amazed that someone wrote a Seeking Alpha article recommending Spirit."
That must be us. However, here is what we actually said (from above).
"For investors interested in dividend paying IPOs, IPOdesktop believes SRC is a good candidate that could edge up over time, if priced lower than the price range mid-point of $17, but won't show much of a pop if any on the IPO.
IPOdesktop is therefore neutral on the SRC IPO at the price range mid-point of $17."
In our IPO world that's hardly a recommendation. I think the key idea is that riskier triple net REITS pay more, which is the case with SRC, as you nicely point out.
There's definitely a risk preference curve for triple net lease REITs, which is why SRC had to pay a higher rate. And that preference curve shifts over time, of course.
Mark Cuban Is Dead Right About Facebook's IPO - It Was A Success [View article]
Sorry, I get somewhat irritated with people throwing around wrong numbers, numbers which ARE important.
------------------
Class A common stock offered
By us: 180,000,000 shares
By the selling stockholders: 241,233,615 shares
From page 7 in the 424B4
http://1.usa.gov/KlIC23
-----------------------
So FB raised a little less than $7bb & shareholders raised a bit more than $9bb before the green shoe, if it was executed.
Also notice on May 21 (the Monday after the Friday FB IPO'd) FB filed an S-8 registering 1.2bb in stock option shares coming up for sale from October 29 on.
http://1.usa.gov/NRt4lY
Given how much money was lost I'm kind of shocked how few people read the SEC filings. It was all there in the filings but what the heck, it's only money...
It was the very classic intersection of greed & emotion. I think it will go down in history perhaps comparable to the tulip bulb mania in Holland in the 1600's.
http://bit.ly/NRet8J
Finally, concerning the market cap -- if you call FB's IR department they'll tell you there are about 2.7bb shares or so outstanding, including the option shares registered above.
Then why do Google Finance & Yahoo Finance use the 2.14bb number in the final filing that excludes options shares?
This whole situation is really a comedy (or tragedy) of errors.
Facebook: Buy At $30 [View article]
In fact, looks like he may have sandbagged* investment bankers on the way to a very temporary $100 billion valuation -- that he was determined to have no matter what.
* Knocked down or bowled over by a nasty or disparaging comment from someone you thought you could trust, with damage to your reputation or prospects.
I'd be leery of any future estimates from Zuckerberg at this point -- seems like he's confused by the rapid transition to mobile. In any case, he's still on his honeymoon. Welcome back Mark, whenever you return.
To Facebook Or Not To Facebook [View article]
Golar LNG Partners LP Is an IPO With Stable, Growing Cash Flow [View article]
www.golarenergy.com/
page 1 & 2
www.sec.gov/Archives/e...
----------------------...
Our fleet will consist of:
• a 100% interest in the Golar Spirit, an FSRU retrofitted in 2007 from an LNG carrier built in 1981 that is currently operating under a time charter that expires in 2018 with Petróleo Brasileiro S.A. (or Petrobras), the majority state-owned oil and gas company of Brazil;
• a 100% interest in the Golar Winter, an FSRU retrofitted in 2008 from an LNG carrier built in 2004 that is currently operating under a time charter that expires in 2019 with Petrobras;
• a 100% interest in the Methane Princess, an LNG carrier built in 2003 that is currently operating under a time charter that expires in 2024 with BG Group PLC (or BG Group); and
• a 60% interest in the Golar Mazo, an LNG carrier built in 2000 that is currently operating under a time charter that expires in 2017 with PT Pertamina (PERSERO) (or Pertamina), the state-owned oil and gas company of Indonesia.
We further intend to leverage our relationship with Golar to make accretive acquisitions of FSRUs and LNG carriers with long-term charters from Golar and third parties. For example, we will have the right to purchase two additional FSRUs from Golar:
• the Golar Freeze, an FSRU recently retrofitted from an LNG carrier built in 1977 that is currently operating under a time charter that expires in 2020 with Dubai Supply Authority (or DUSUP), the exclusive purchaser of natural gas in Dubai; and
• the Khannur, an LNG carrier built in 1977, following the completion of its FSRU retrofitting and acceptance by its charterer, which is expected to occur in the first quarter of 2012. The Khannur is expected to operate under an 11-year time charter with PT Nusantara Regas (or Nusantara Regas) for the West Java LNG project in Indonesia. Nusantara Regas is a joint venture that is 60% owned by Pertamina and 40% owned by the Indonesia distribution firm PT Perusahaan Gas Negara.
----------------------...
The IPO Buzz: Something New Under The IPO Sun [View article]
There are quite a few good dividend paying IPOs that have made quite a bit of money for IPO investors, both on the IPO and in the after-market.
But to make money in the IPO market you must process the S-1s (referred to above), you need to have some common sense, and you should know how to read & interpret an income statement & a balance sheet, etc.
And the sections above "Fast Track to the IPO Market" and "Looking to the IPO Future" review important changes in the IPO market. Perhaps you should read those sections.
There simply is no free lunch...
Playing IPOs For Future Gains: Which Recent IPOs To Buy [View article]
In the title 'future gains' certainly implies after-market gains, which is not necessarily the case for LNKD after 15 months:
I get soooo... tired of people saying LNKD was an IPO (after-market) success.
What if 1st day trading results for XYZ Corp. were the following:
Open: $83.00 -- High: $122.70 -- Low: $80.00 -- Close $94.25
and XYZ closed today at today at $107.12
after XYZ IPO'd May 19, 2011, over 15 months ago? You'd say 'so what, big deal'
Well, XYZ Corp is LNKD. So I hope all future SA writers of IPO articles will STOP referring to LNKD as an IPO (after-market) success example. It's only a big success when viewed against the disastrous social networking backdrop.
Sure LNKD has had a fairly wide trading range, but that doesn't necessarily make it a 'success.' Yes, the IPO was priced at $45 but I think money was purposely left on the table for institutional investors by the underwriters.
In fact, there have been many IPO (after-market) successes, so do a little research & give us reality instead of 'looking for the next LNKD'
If people think LNKD was such as resounding (after-market) success then they might also enjoy the movie 'Looking for Mr. Goodbar'.
http://bit.ly/QPleZ8
Recent IPO Yields Over 8% And Is Hitting On All Cylinders [View article]
IPO Preview: Hi-Crush Partners LP [View article]