Seeking Alpha
  • Thursday, May 28, 2015

  • 12:11 PM
    • BuzzFeed, whose viral/social media-friendly content has fueled huge traffic growth and made it the bane of many traditional publishers, is planning to go public as its expansion efforts bear fruit, CEO Jonah Peretti stated at the Code Conference.
    • Peretti: "We’re very focused on building out internationally, we’re very focused on building out across multiple different platforms, we’re very focused on building out our video business ... That will give us a diversification … to allow us to build a big independent company with much more predictability and things that would allow us to be a public company."
    • BuzzFeed was valued at $850M in a 2014 funding round, and reported last fall it has surpassed $100M/year in revenue and 175M monthly unique readers. Over half of the company's traffic comes from mobile, and 75% is driven by social media (much of it via Facebook). The company has begun investing more heavily lately in traditional Web media content.
    | 1 Comment
  • 7:28 AM
    • IMAX (NYSE:IMAX) announces that Chinese subsidiary IMAX China has filed for an IPO on the Hong Kong Stock Exchange.
    • IMAX China has continued a strong pace of theater signings in the region this year.
    | Comment!
  • Wednesday, May 27, 2015

  • 4:58 PM
    • Arlington, VA-based Evolent Health (Pending:EVH) is set for its IPO of 10M shares of common stock at $14 - 16.
    • The company provides an end-to-end technology-enabled services platform to healthcare providers that enables them to transition from traditional fee-for-service to value-based payment models that reward high quality and cost effective care.
    • The core elements of its offering are: the technology platform called Identifi, an integrated process and clinical services model, embedded and aligned partnerships with health systems, integration into provider clinical processes and a payer-agnostic profile that allows a single point of integration between payers and providers.
    • According to the company, its current market opportunity is greater than $10B and will grow to over $46B by 2020.
    • 2014 Financials ($M): Revenues: 100.9 (+150.4%); Operating Expenses: 153.3 (+112.0%); Net Loss: (52.3) (-59.5%); CF Ops: (12.1) (+37.3%).
    | Comment!
  • 2:07 AM
    • Snapchat CEO Evan Spiegel has revealed plans for an IPO, saying he had no desire to field any acquisitions offers - like Facebook's (NASDAQ:FB) $3B bid for the company nearly two years ago.
    • Spiegel’s comments, coming at the Code Conference in California, were the first time he publicly acknowledged the possibility of an IPO. He stopped short of saying when the company, most recently valued at $15B, might try to go public.
  • Tuesday, May 26, 2015

  • 6:35 PM
    • Sandwich chain Jimmy John's is looking to replicate the stock success of companies including Shake Shack and Bojangles, prepping an IPO that could value it at more than $2B including debt, Reuters reports.
    • The firm is interviewing banks to underwrite an offering that would come later this year. It's owned by founder Jimmy John Liautaud and P-E firm Weston Presidio and has annual EBITDA of about $150M.
    • While Shake Shack locations are concentrated mostly in the East and Atlantic seaboard region, Jimmy John's has a Midwest U.S. focus, like competitors Steak 'n Shake (NYSE:BH), Culvers, and Bob Evans (NASDAQ:BOBE).
    • Previously: P-E firms itching to get their hands on Jimmy John's (Sep. 16 2014)
    | 1 Comment
  • 12:45 PM
    • Planet Fitness confirms it has filed IPO paperwork with the SEC.
    • The draft registration statement from the company was a confidential filing.
    • The amount of shares and pricing on the IPO haven't been set yet.
    | Comment!
  • 10:10 AM
    • Alpharetta, GA-based EndoChoice Holdings (Pending:GI) is set for its IPO of 6.3M shares of common stock at $15 - 17.
    • The medical device company, founded in 2008 and serving over 2,500 customers, offers a comprehensive range of products and services to gastrointestinal (GI) specialists. Its lead imaging system is the Fuse full spectrum endoscope which enables the viewing of twice the anatomy at any one time compared to standard colonoscopes. In the clinic, it has demonstrated the ability to detect as many as 69% more pre-cancerous polyps.
    • 2014 Financials ($M): Revenues: 61.4 (+20.6%); Gross Profit: 22.5 (-10.0%); Operating Expenses: 69.7 (+37.5%); Operating Loss: (47.2) (-83.7%); Net Loss: (53.6) (-124.3%); CF Ops: (43.6) (-71.7%).
    | Comment!
  • 9:21 AM
    • DAVIDsTEA (Pending:DTEA) announces terms for its IPO.
    • A price range of $14 to $16 is set for the 5.1M shares set to be offered to the public.
    • The company reported $142M in revenue last year off a store count of 154.
    • In its filing, DAVIDsTEA says the North American tea market offers significant upside potential with consumer awareness expected to increase.
    • Previously: David's Tea files for U.S. IPO (Apr. 07 2015)
    • SEC Form F-1
    | Comment!
  • Monday, May 25, 2015

  • 4:29 PM
    • "We’re building what looks like a public company, we are putting together all of the processes and best practices," says Hootsuite CEO Ryan Holmes. The remarks come shortly after Canadian tech peer Shopify turned in a blockbuster IPO.
    • Hootsuite's cloud-based tools are used by 10M+ professionals and numerous businesses to manage their social media presences (35 social networks are supported), analyze engagement, and help plot sales/marketing strategies. The company monetizes its services through Pro and Enterprise subscription plans (offered along with a basic Free service), and was reportedly valued at ~$1B in a 2014 funding round.
    • Oracle and Salesforce are among the larger tech firms to have shown an interest in the social media management software space.
    | Comment!
  • Friday, May 22, 2015

  • 5:25 PM
    •, a provider of home/business security, video monitoring, energy management, and automation services, has filed for an IPO under the symbol ALRM. The underwriters: Goldman, Credit Suisse, BofA/Merrill, Stifel, Raymond James, William Blair, and Imperial Capital. (prospectus)
    • claims 2.3M subscribers and 25M connected sensors/devices for its services, which are backed by online/mobile monitoring and alerting. Sales and hardware installations are handled by a network of 5K+ service providers. Rivals include Google's Nest/Dropcam smart thermostat and home camera unit, as well as connected home security services from the likes of AT&T and Comcast.
    • The company had 2014 revenue of $167.3M (+28% Y/Y), and net income of $13.5M. $111.5M of the revenue came from software/subscriptions, and $55.8M from hardware. Q1 revenue totaled $46M (+25% Y/Y), and net income $3M.
    • VC firms TCV and ABS Capital respectively own 42.9% and 41.6% stakes. The FT reported last year ABS was thinking of taking public, and that the company was believed to be worth $1.5B-$2B.
    | 1 Comment
  • 2:45 PM
    • Fenix Parts (Pending:FENX) says the underwriters of its IPO exercised their over-allotment option on shares available for the offering.
    • The total number of shares in the auto parts IPO will number 13.8M.
    • Previously: Auto parts IPO expected this week (May 11)
    • Previously: Fenix Parts prices IPO (May 14)
    | Comment!
  • 11:11 AM
    • Shopify (Pending:SHOP) is now up 76% from its $17 IPO price, and 7% above a post-IPO opening trade of $28.00. The Canadian e-commerce software/payment service provider's valuation is up to $2.2B, or a steep 21x 2014 sales.
    • SA author West Coast Growth Picks was bullish going into the IPO, noting Shopify has nearly doubled its merchant base each of the last 3 years and still gets 84% of its revenue from the U.S., U.K., and Canada (leaving plenty of room for international growth)
    • Lior Ronen has been more cautious on account of Shopify's valuation, arguing SMB Web services provider Wix (WIX +0.2%) is a better deal given its far lower P/S multiple. Though not a direct Shopify rival, Ronen sees Wix benefiting from the launch of e-commerce services aimed at getting smaller merchants to upgrade to premium subscriptions.
    • Prior Shopify coverage
    • Update: Don Dion, who recommended buying into the IPO, is now closing out his position.
  • 10:42 AM
    • ConforMIS (CFMS) files for an IPO in a bid to raise up to $173M.
    • The medical technology company reported revenue of $48.19M in 2014 and total operating expenses of $62.97M.
    • ConforMIS uses 3D printing to manufacture some components of its knee replacement implants.
    • SEC S-1
    | 1 Comment
  • 9:14 AM
    • The stake that Telecom Italia (NYSE:TI) is listing for its towers unit in an IPO is valued at up to €970M, bank advisers say -- higher than a previously expected €730M.
    • That would value the entire operation -- Infrastrutture Wireless Italiane, known as Inwit -- at more than €2.4B. Valuing the for-sale portion of Inwit between €810M-€970M means a valuation for the unit corresponding to 15-18x 2014 EBITDA of €135M.
    • Inwit operates some 11,500 sites hosting equipment for TI and peers.
    • Previously: Telecom Italia proceeding with IPO for 40% of towers unit (May. 21 2015)
    | Comment!
  • Thursday, May 21, 2015

  • 11:10 AM
    • After pricing its 7.7M-share IPO at $17 (above an elevated range of $14-$16), Shopify (Pending:SHOP) opened at $28.00 and is currently at $25.90, up 52.4%.
    • Shopify, whose cloud-based software and related services help 160K+ businesses (largely SMBs) run their online and (more recently) offline storefronts, is valued at $1.9B, or a steep 18x 2014 sales. The company had 2014 revenue of $105M (+109% Y/Y), and a net loss of $22.1M. Q1 revenue totaled $37.3M (+98% Y/Y), and net loss $4.5M.
    • Prospectus, IPO analysis
  • Wednesday, May 20, 2015

  • 5:37 PM
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  • 10:00 AM
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  • Tuesday, May 19, 2015

  • 12:32 PM
  • Monday, May 18, 2015

  • 6:07 PM
    • AppFolio, a provider of cloud-based property and legal case management software, has filed to raise up to $100M under the symbol APPF. Morgan Stanley, Credit Suisse, Pac Crest, and William Blair are underwriting. (prospectus)
    • AppFolio's products handle site development, vacancy advertising, tenant applications, and rent collection (among other things) for property owners and managers. The company expanded into the legal case management software space in 2012 by acquiring startup MyCase.
    • AppFolio had 2014 revenue of $47.7M (+80% Y/Y), and a net loss of $8.6M. Q1 revenue totaled $15.8M (+61% Y/Y), and net loss $3.6M.
    | Comment!
  • 9:18 AM
    • CREE has confidentially filed for a potential IPO for its Power and RF unit. The offering's pricing and size haven't yet been determined; Cree intends to maintain a majority stake post-IPO.
      The unit makes silicon carbide (SiC) power management ICs - they can often deliver higher switching speeds and power densities than silicon alternatives - along with gallium nitride (GaN) power amplifiers for demanding telecom infrastructure and satellite/radar applications.
    • Power/RF had calendar Q1 (FQ3) revenue of $31M (+13% Y/Y), and a gross margin of 53.1% (well above a company-wide GM of 31.4%).
    • CREE +1.2% premarket to $30.10.
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