Seeking Alpha
  • Today - Tuesday, July 7, 2015

  • 9:08 AM
    • Hostess Brands, the bakery firm that was pursuing a sale after two years under private-equity ownership, has taken itself off that market and will pursue an IPO instead, Reuters reports.
    • The company reportedly turned down offers from other companies and P-E firms that valued it from $2.4B-$2.5B including debt. It'll now seek a new loan to pay a dividend to its owners, Dean Metropoulos and Apollo Global Management (NYSE:APO).
    • Hostess has turned its business around quickly after filing for bankruptcy three years ago, but its market share is still below pre-bankruptcy levels.
    • Brands have been relaunched and profitability has improved since being bought out of bankruptcy.
    • Snack rivals: MDLZ, HSY, FLO, OTCPK:GRBMF.
    | Comment!
  • 8:49 AM
    • Telecom Italia's (NYSE:TI) towers unit Inwit (Infrastrutture Wireless Italiane) says that the greenshoe option connected with its IPO has been fully exercised.
    • With the overallotment purchase price the same as the global offering, €3.65/share, a total of 239.8M shares were placed, meaning a free float of about 40% and gross proceeds from the offering of about €875.3M (about $956M).
    • Shares of Inwit are trading down 0.3% in Milan and are down 3% over the past five days.
    | Comment!
  • Monday, July 6, 2015

  • 5:40 PM
    • Newton, MA-based Chiasma (Pending:CHMA) is set for its IPO of 5.36M shares of common stock at $13 - 15.
    • The late clinical stage biopharmaceutical firm develops oral forms of medications that are currently available only by injection through the leveraging of its proprietary Transient Permeability Enhancer (TPE) technology platform. Its lead product candidate is Orphan Drug-designated oral octreotide for the treatment of acromegaly, a condition where the body produces excess growth hormone. The company submitted its New Drug Application (NDA) to the FDA several weeks ago on June 15.
    • 2014 Financials ($M): License Agreement Revenue: 13.2 (-82.0%); Operating Expenses: 15.0 (-56.6%); Net Loss: (2.9) (+45.6%); Cash Burn: (6.4) (-113.9%).
    | Comment!
  • 4:46 PM
     
    • San Carlos, CA-based BioCardia (BCDA) is set for its IPO of 3,846,154 shares of common stock at $12 - 14.
    • The clinical stage regenerative medicine firm develops novel therapeutics to treat cardiovascular diseases. Its lead product candidate is the CardiAMP Cell Therapy System (CardiAMP), a comprehensive treatment that uses the patient's own cells to treat ischemic systolic heart failure, which is heart failure that develops after a heart attack. CardiAMP consists of a cell potency screening test, a point-of-care cell processing platform and a biotherapeutic delivery system. The entire process can be performed in 60 - 90 minutes and the patient can return home the same day.
    • 2014 Financials ($M): Expenses: 7.2 (+3.1%); Net Loss: (10.2) (-84.8%); Cash Burn: (5.9) (-10.1%).
    | Comment!
  • 2:03 PM
    • Vancouver, British Columbia, Canada-based ProNAi Therapeutics (Pending:DNAI) is set for its IPO of 6.7M shares of common stock at $14 - 16.
    • The clinical stage biotech develops cancer therapeutics based on its proprietary DNA interference (DNAi) technology. Its lead product candidate is PNT2258, which targets an oncogene that plays a key role in programmed cell death (apoptosis) called BCL2. In a recent Phase 2 study, the disease control rate (DCR) in patients with relapsed/refractory non-Hodgkin's lymphoma who received PNT2258 was 85% (n=11/13). DCR includes complete responses, partial responses and stable (not progressing) disease). In addition, all four patients with diffuse large B-cell lymphoma who received PNT2258 experienced a clinical response, including three complete responses.
    • 2014 Financials ($M): Operating Expenses: 22.6 (+463.7%); Net Loss: (73.7) (-487.7%); Cash Burn: (21.8) (-509.9%).
    | Comment!
  • Sunday, July 5, 2015

  • 11:44 AM
    • Sergio Marchionne, chief executive officer of Fiat Chrysler Automobiles (NYSE:FCAU), expects the company's Ferrari unit to be valued "at least" at €10B ($11B) in an initial public offering scheduled for 2015.
    • Last year, the automaker announced plans to sell 10% of Ferrari and distribute its remaining 80% stake to Fiat Chrysler investors. Piero Ferrari (the son of founder Enzo Ferrari) plans to keep his 10% holding.
    • Mirroring the multi-national structure of its parent company, Ferrari will likely list on the NYSE as a Dutch holding with its fiscal residence in the U.K.
    | 21 Comments
  • Thursday, July 2, 2015

  • 1:17 PM
    • Along with Univision's announcement of an IPO filing today, Grupo Televisa (TV +0.9%) -- which has a longstanding working relationship with Univision -- says the two companies have extended their program licensing agreement until at least 2030.
    • The move is subject to Univision completing its IPO with no change of control. It also changes the royalty rate on Univision's Spanish-language revenue to 11.84%, from 11.91%, and increasing to 16.13% on Jan. 1, 2018, with further increases baked in.
    • Univision has exclusive U.S. broadcast and digital rights to Televisa content. Televisa has about a 36% economic interest in Univision, and Univision says that Televisa will hold about 22% of voting rights to Univision common stock.
    • Televisa got $313.7M in royalties from Univision in 2014.
    | Comment!
  • 7:38 AM
     
    • The company is owned by a consortium of investors, including Haim Saban, Madison Dearborn, TPG, and Thomas H. Lee Partners. The group purchased the Spanish-language broadcaster in 2007 for about $13.7B, including debt.
    • The WSJ earlier reported an IPO could raise $1B or more and value the company at as much as $20B. For now, the company filed a placeholder amount of $100M. It will trade on the Big Board under the symbol "UVN."
    • Univision about broke even last year on $2.9B in revenue.
    • Prospectus
    | 8 Comments
  • Wednesday, July 1, 2015

  • 9:28 AM
     
    • Unique Fabricating (UFAB) prices its IPO at $9.50 per share which falls in the upper part of the $8 to $10 range.
    • The auto industry supplier is selling 2.4M shares in the offering.
    | Comment!
  • 7:29 AM
     
    • Interactive Data Corporation, one of the world's largest financial data providers, has hired banks for a potential sale or an initial public offering that could value it at more than $5B, including debt.
    • The company was taken private in 2010 by Silver Lake and Warburg Pincus for $3.4B. Last year, IDC had adjusted EBITDA of $362.4M, up from $351.6M a year earlier.
    | Comment!
  • Monday, June 29, 2015

  • 7:04 PM
     
    • Wireless firm Digicel has filed for a U.S. IPO, though for yet undetermined shares and price range.
    • The company serves 13.6M subscribers in 31 markets in the Caribbean and South Pacific, and has begun to expand into broadband and television in some areas.
    • The company is No. 1 in 21 of those markets, and in the year finishing March 31 lost $157.6M on $2.794B in revenues (up 1.5% Y/Y). Adjusted EBITDA was $1.181B, and capex rose to $632.3M.
    • Form F-1
    | 1 Comment
  • 9:31 AM
     
    • Auto supplier Unique Fabricating (UFAB) is expected to price its IPO this week.
    • The Michigan company is expected to offer 1.9M shares in a range of $8 to $10.
    • Unique Fabricating reported sales of $32.43M for the quarter ending March 29 and net income of $1.542M (pro forma).
    • SEC Form S-1
    | Comment!
  • Friday, June 26, 2015

  • 1:17 PM
    • Purchase, NY-based Teladoc (Pending:TDOC) is set for its IPO of 7M shares of common stock at $15 - 17.
    • The company is the U.S.'s first and largest telehealth platform, delivering on-demand healthcare on a 24/7 basis via the internet, mobile devices, video or phone. Its service connects members (consumers) to over 1,100 board-certified physicians and behavioral health professionals at a cost of $40 per visit. Median response time from the time a member requests a telehealth visit to the time they speak with a Teladoc physician is less than 10 minutes. Over 300K telehealth visits were completed in 2014. In short, its value proposition is remotely accessible affordable on-demand healthcare.
    • According to the CDC, there are ~1.25B ambulatory care visits each year in the U.S. Teladoc believes that a third of these, 417M, could be managed via telehealth.
    • 2014 Financials ($M): Revenues: 43.5 (+118.7%); Cost of Revenues: 33.6 (+113.7%); Operating Expenses: 48.7 (+125.8%); Net Loss: (17.0) (-183.1%); CF Ops: (11.4) (-87.7%).
    | Comment!
  • 12:50 PM
    • San Carlos, CA-based Natera (Pending:NTRA) is set for its IPO of 6.25M shares of common stock at $15 - 17.
    • The molecular diagnostics firm provides prenatal testing services, with plans to expand into oncology. It has launched seven tests since 2009. The company's value proposition is best-in-class accuracy and coverage as delivered by its novel assays and statistical algorithms. Its techniques allow it to measure genomic variations in amounts of DNA as small as a single cell. Future plans include moving into the liquid biopsy space.
    • 2014 Financials ($M): Revenues: 157.3 (+186.0%); Costs & Expenses: 158.6 (+97.2%); Net Loss: (5.2) (+86.1%); CF Ops: 10.5 (+143.5%).
    | Comment!
  • 11:57 AM
    • Bedford, MA-based ConforMIS (Pending:CFMS) is set for its IPO of 9M shares of common stock at $14 - 16.
    • The commercial stage medical technology firm develops joint replacement implants that are individually sized and shaped (customized) to fit each patient's unique anatomy. Off-the-shelf implants rarely fit perfectly, some have overhang (implant is too large and protrudes over the bone) while others have underhang (the implant is too small and part of the bone is exposed).
    • The company uses its iFit Image-to-Implant software to convert a CT scan to a 3D model which is then used to design the implant. Disposable plastic instruments, called iJigs, are constructed with an in-house 3D printer that enable a more accurate, reproducible and simplified surgical procedure. Most of the metal components are made by third party suppliers who deliver them on a "just-in-time" basis.
    • 2014 Financials ($M): Revenues: 48.2 (+39.2%); Gross Profit: 17.5 (+140.0%); Operating Expenses: 63.0 (+15.3%); Net Loss: (45.7) (+4.5%); CF Ops: (43.5) (+7.0%).
    • Related tickers: (NYSE:JNJ) (NYSE:ZMH) (NASDAQ:WMGI)
    | Comment!
  • 11:23 AM
    • After pricing its 6.2M-share IPO at $12 (the low end of a $12-$14 range), AppFolio (Pending:APPF) opened at $12.15 and has quickly risen to $13.44, up 12%.
    • The cloud property/legal case management software firm is now valued at $434M, or 9.1x 2014 sales.
    • Prospectus, IPO analysis
    • Prior AppFolio coverage
    | Comment!
  • 10:49 AM
    • Alarm.com (Pending:ALRM) opened at $16.05 and is currently at $16.85, up 20.4% from its $14 IPO price.
    • The provider of Web-connected home/business security, monitoring, and automation services is valued at $755M, or 4.5x 2014 sales.
    • Prospectus, IPO analysis
    • Prior Alarm.com coverage
    | 1 Comment
  • 10:38 AM
    | Comment!
  • 9:58 AM
    • After pricing its 7.04M-share IPO at $8 (below a $10-$12 range), Xactly (Pending:XTLY) opened at $8.00 and is currently at $8.34, up 4.3%.
    • The provider of cloud incentive compensation management software raised $56M and is valued at $231M, or a moderate 3.8x FY15 (ends Jan. '15) sales.
    • Prospectus, IPO analysis
    • Previously: Xactly's IPO filing/FQ1 numbers
    | Comment!
  • 8:46 AM
    • AppFolio (Pending:APPF) has priced its 6.2M-share IPO at $12, the bottom of a $12-$14 range. Underwriters have a 930K-share overallotment option.
    • The cloud property/legal case management software firm is raising $74M and has been valued at $388M, or 8.1x 2014 sales. Shares begin trading today.
    • Prospectus, IPO analysis
    • Previously: AppFolio's IPO filing/2014 numbers
    | Comment!
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