Seeking Alpha
  • Tuesday, November 24, 2015

  • 2:04 PM
    • Vodafone (VOD -0.8%) has been hit by a 20B-rupee charge (about $300M) by India's Supreme Court related to the carrier's plans to consolidate four regional units to bring them public.
    • That move will let the merger (and eventually, the IPO) go forward -- but it's an interim step, with an ongoing battle over a larger 69B-rupee charge ($1.04B) from India's telecoms regulator still ahead.
    • The telecoms ministry is demanding that payment to allow for the IPO, which Vodafone confirmed it was preparing.
    • It's not the first or only monetary dispute, though, as Finance Minister Arun Jaitley suggests the government may take another look at an ongoing $2.6B tax dispute that dates to the 2007 takeover of Hutchison Essar.
    • Next step: Vodafone will contest the $1B payment at a meeting of India's Telecom Disputes Settlement and Appellate Tribunal.
    | 2:04 PM | 5 Comments
  • Monday, November 23, 2015

  • 3:33 PM
    • Station Casinos filed its IPO paperwork as it prepares for the long-awaited public offering of shares.
    • The company reported net revenue of $1.291B was earned in 2014 and operating income of $237M.
    • The S-1 includes a favorable appraisal of the prospects for the Las Vegas gaming market.
    • No specific information on shares and pricing was offered up.
    • SEC Form S-1
    • Previously: Station Casinos files for IPO (Oct. 14 2015)
    • Previously: Stations Casinos preps for another pubic run (Oct. 14 2015)
    | 3:33 PM | Comment!
  • Friday, November 20, 2015

  • 12:00 PM
    | 12:00 PM | 3 Comments
  • 11:12 AM
    • Square (SQ +3.3%) is now up 50% from its conservative $9 IPO price, and worth close to $5.5B after factoring employee options. Match Group (MTCH +8.2%) is up 33% from its $12 IPO price, and worth $3.8B.
    • Square/Twitter CEO Jack Dorsey made the rounds yesterday. On CNBC, he talked up Square's efforts to expand internationally (the company still depends heavily on the U.S.), as well as a new mobile card reader that supports Apple Pay and EMV (chip-based) card transactions. "We's selling it at $49. We have seen 350,000 pre-orders already ... We want to associate that Square shape with 'you can pay with your phone.'"
    • He also argued Square has the potential to reach a chunk of the small businesses (20M in the U.S., 85M globally) that currently don't accept credit cards, and noted his company has advanced over $300M to 40K sellers via its Square Capital service. In a talk with Re/code, Dorsey suggested he wants to resurrect (perhaps through the Square Cash app) Square Wallet, which allowed users to order from stores in advance through a mobile app, and pay by simply saying their name at the register.
    • Meanwhile, Match chairman Greg Blatt has further distanced his company from a less-than-flattering interview of Tinder CEO Sean Rad. "It's a silly and unfortunate article. I think there are a lot of inaccuracies there and a lot of things taken out of context, and I actually think there's some corrections being made,"
    • Prior Square coverage. Prior Match coverage
    • Square IPO analysis. Match IPO analysis.
    | 11:12 AM | Comment!
  • 9:17 AM
    | 9:17 AM | Comment!
  • 7:11 AM
    • Truck Hero (NYSE:TRUK) postpones its $100 IPO scheduled to launch on the NYSE.
    • The company said it will reconsider a share offering when market conditions improve.
    • Previously: Truck Hero files for $100M IPO (Oct. 19 2015)
    | 7:11 AM | 1 Comment
  • 2:52 AM
    • So how did Square (NYSE:SQ) and Match Group (NASDAQ:MTCH) fare on their first day of trade? After slashing its offering price to $9 a share, Square soared 45% to $13.07, showing that investors still crave new tech investments - at the right price.
    • Match Group, the owner of dating services such as Tinder, OkCupid and, climbed 23% to $14.74, after being valued at the bottom of its expected range.
    • Previously: Square trades soundly above IPO price (Nov. 19 2015)
    • Previously: Match Group higher following IPO (Nov. 19 2015)
    | 2:52 AM | 15 Comments
  • Thursday, November 19, 2015

  • 1:25 PM
    • After pricing its 7.75M-share IPO at $10 (the low end of a $10-$12 range), Mimecast (NASDAQ:MIME) opened at $11.00 and is now at $10.89, up 8.9%.
    • The cloud e-mail security and file-archiving software provider is worth $588M, or 5.1x FY15 (ended in March) sales. Investor enthusiasm for both cybersecurity plays and tech IPOs has cooled a bit since Rapid7 soared in its July debut.
    • ETF: HACK
    • Prospectus, Mimecast IPO analysis
    • Earlier: Mimecast's IPO pricing and recent sales/profits
    | 1:25 PM | Comment!
  • 10:58 AM
    • After pricing its 33.3M-share IPO at $12 (the low end of a $12-$14 range), Match Group (NASDAQ:MTCH) opened at $13.50 and is now at $13.10, up 9.2%.
    • The dating site owner and Tinder parent is worth $3.14B, or ~3x trailing sales. InterActiveCorp (IACI -0.5%), which has an 86.1% post-IPO stake, is down slightly.
    • Prior Match Group coverage
    • Prospectus, IPO analysis
    | 10:58 AM | 1 Comment
  • 10:16 AM
    • After pricing its 27M-share IPO at $9 (below an $11-$13 range), Square (NYSE:SQ) opened at $11.20 and is now at $12.11, up 34.6%.
    • The provider of mobile card readers and payment-processing/merchant services is worth $3.91B, or close to 10x forward adjusted revenue (backs out transaction cost revenue and sales related to the soon-to-be-finished Starbucks deal).
    • Prior Square coverage
    • Prospectus, IPO analysis
    • Update: VentureBeat observes Square's valuation is closer to $5B after factoring unexercised employee stock options.
    | 10:16 AM | 10 Comments
  • 10:02 AM
    • Square (NYSE:SQ) is indicated to open above its $9 IPO price (below a prior $11-$13 range).
    • The indicated pricing spells a valuation range of $3.39B-$3.71B ... not counting the estimated $93M in stock Square will have give out to private investors to give them a 20% return (relative to the IPO price) on their 2014 investments.
    • Prior Square coverage
    • Prospectus, IPO analysis
    | 10:02 AM | Comment!
  • 8:15 AM
    • Cloud e-mail security/file-archiving software vendor Mimecast (NASDAQ:MIME) has priced its 7.75M-share IPO at $10, the low end of a $10-$12 range. That spells a valuation of $540M, or a moderate 4.7x FY15 (ended in March) sales. Shares begin trading today.
    • Mimecast had FY15 revenue of $116.1M (+31% Y/Y), and net income of $285K. For the 6 months ending Sep. 30, the company had revenue of $67.8M (+22% Y/Y), and a net loss of $81K. The company has 600+ employees, and claims to "serve approximately 15,200 customers and protect millions of their employees across the world."
    • Reuters reported in March Mimecast was eying an IPO at a $1B+ valuation. However, the tech IPO market has cooled considerably since then..
    • Prospectus, IPO analysis
    | 8:15 AM | Comment!
  • Wednesday, November 18, 2015

  • 10:51 PM
    • Amid a cooling tech IPO market, Match Group (Pending:MTCH) has priced its 33.3M-share offering at $12, the low end of a $12-$14 range. That spells a valuation of $2.9B, with parent InterActiveCorp's (NASDAQ:IACI) 206.7M-share (86.1%) stake worth $2.5B. Shares begin trading on Thursday.
    • Match, the parent of, OkCupid, PlentyofFish, Tinder, and The Princeton Review, is raising $400M. Underwriters hold a 5M-share overallotment option.
    • Ahead of the IPO, Tinder CEO Sean Rad provided a cringe-inducing interview to the London Evening Standard. Match went out of its way to publish an SEC filing stating the interview "was not approved or condoned by, and the content of the article was not reviewed by, the Company or any of its affiliates."
    • Prior Match Group coverage
    • Prospectus, IPO analysis
    | 10:51 PM | 7 Comments
  • 7:54 PM
    • In keeping with reports swirling today, Square (NYSE:SQ) has priced its IPO at $9 per share, below its $11-$13 range.
    • The company had raised money from private investors in its Series E round last year at even more, $15.46/share.
    • The pricing implies a value of $2.91B; the $11/share at the low end of its range implied a value of $3.66B.
    • Previously: CNBC: Square could price IPO below range (Nov. 18 2015)
    | 7:54 PM | 18 Comments
  • 3:14 PM
    • CNBC reports Square (NYSE:SQ) could price its 25.65M-share IPO below an $11-$13 range this evening.
    • As it is, the low end of Square's range spells a valuation of $3.66B, well below the $6B valuation Square received in a 2014 funding round. Concerns about Square's heavy losses have weighed, and public investors have increasingly been less generous in the valuations they grant high-growth/loss-producing tech companies than late-stage private investors.
    • Prior Square coverage
    | 3:14 PM | 1 Comment
  • 4:19 AM
    • Square (NYSE:SQ) is due to price its NYSE IPO later today in an offering that's being closely watched for what it means for the potential listings of other "unicorn" tech companies - those worth over $1B - such as Airbnb (Pending:AIRB) and Dropbox.
    • Amid a difficult market for tech IPOs this year, Square set its price range at $11-13 a share, valuing the company at up to $4.2B, or 30% below its worth in a private fundraising round a year ago. Trading in the firm's shares is scheduled to start on Thursday.
    • With some nice timing, the WSJ reports that the SEC is looking into whether mutual funds accurately value their holdings in privately held tech startups.
    | 4:19 AM | 7 Comments
  • Friday, November 13, 2015

  • 10:44 AM
    • After pricing its 4.4M-share IPO at $16 (the low end of a $16-$18 range), Instructure (NYSE:INST) opened at $16 and has since risen to $17.08, good for a 6.8% gain.
    • The cloud education software provider is valued at $450M. Revenue for the first 9 months of 2015 totaled $51.4M (+68% Y/Y), net loss $40.9M, and free cash flow (typically lower than net loss for growing cloud software firms) -$11.4M. Operating expenses totaled $74.2M, with $38.3M spent on sales/marketing.
    • Prospectus, IPO analysis
    | 10:44 AM | Comment!
  • Thursday, November 12, 2015

  • 5:54 PM
    | 5:54 PM | Comment!
  • Wednesday, November 11, 2015

  • 1:22 PM
    • At an investment conference in Barcelona, Telefonica (TEF +1.1%) finance chief Angel Vila reaffirmed the company's commitment to staying in the Mexican market and even floating public shares for its unit there.
    • "We have been in Mexico for so many years, investing so much money, and now that it's starting to fly and make money, it would be strange for us to leave now," he said. "It's a growing business that could be attractive for an initial public offering."
    • Telefonica this week received a record fine of 410.9M pesos (about $25M) over call quality at its Pegaso wireless unit. Telefonica's market share in Mexico is about 20% -- well behind the 70% of America Movil, the initial target of newly tough Mexican regulations.
    • Vila expressed confidence that the company's sale of its UK unit, O2, to Hutchison (OTCPK:HUWHY) would go forward despite a tougher regulatory regime in the EU as well: "We're optimistic because Hutchison has experience in negotiating other deals with (the European) Commission ... Also we think that Hutchison is quite keen in achieving the transaction that will allow them to be in a much better competitive position in the UK market."
    • Previously: Mexico imposes record fine on Telefonica unit over quality controls (Nov. 09 2015)
    | 1:22 PM | Comment!
  • 1:22 PM
    • Voyager Therapeutics (NASDAQ:VYGR) is up 15% in its first day of trading. The IPO price was lowered to $14 from the original range of $15 - 17, however.
    • Previously: Voyager Therapeutics on deck for IPO (Nov. 2)
    | 1:22 PM | 1 Comment
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