Thursday, August 27, 2015
- Ferrari is considering a plan to name Sergio Marchionne as its CEO after Amedeo Felisa retires, sources tell Bloomberg.
- The Ferrari IPO is one of the most highly-anticipated of the year, with some retail analysts seeing significant potential for Ferrari to evolve into a lifestyle brand on top of boosting vehicle sales.
- Only 10% of Ferrari's outstanding shares will be available in the IPO, a narrow slice which could help to propel volatility.
- Marchionne is already testing the patience of some proxy advisory firms with the number of boards he sits on. Glass Lewis & Co. issued a full breakdown in a blog post last month.
Wednesday, August 26, 2015
- Albertsons (Pending:ABS) files for an IPO after digesting Safeway earlier in the year.
- The amount of shares to be offered wasn't disclosed in the filing.
- The company now has 30 local distribution centers to feed the Safeway, Von, Albertsons, Jewel Osco, Pavillons stores it operates in the U.S. Albertsons has a higher concentration of stores in the western half of the U.S.
- SEC Form S-1
- Acelity files for a $100M IPO. The deal is likely to be upsized to as much as $1B, according to Renaissance Capital.
- The company specializes in the development of medicine for advanced wound care and forms of regenerative medicine.
- Revenue of $1.866B and a net loss of $230M was reported for 2014.
- SEC Form S-1
Monday, August 24, 2015
- ADS Waste Holdings (ADSW) filed for an IPO. The waste and recycling services firm aims to raise as much as $100M in the offering.
- ADS reported revenue of $686M and a net loss of $19M last year.
- The company plans to make strategic infrastructure investments aimed at boosting EBITDA margin.
- SEC Form S-1
Tuesday, August 18, 2015
Monday, August 17, 2015
- Following reports that the company is exploring both a sale and an IPO, Petco has filed an S-1, albeit without giving a ticker for the time being. The IPO underwriters are Goldman, BofA/Merrill, JPMorgan, Credit Suisse, Deutsche, Wells Fargo, and Morgan Stanley.
- Petco had revenue of $2.17B (+12% Y/Y) for the 26 weeks ending Aug. 1, and net income of $47M. FY15 (ended Jan. '15) revenue totaled $4.00B (+6% Y/Y), and net income $75.3M.
- Petco estimates it has a 16% share of the U.S. pet specialty chain/independent retail pet store market, slightly above #2 PetSmart's 14%. The company operates 1,409 stores across all 50 states, and notes broader U.S. "pet industry" sales have risen to $74B in 2014 from $47B in 2005.
Friday, August 14, 2015
- "[T]here is the possibility that Uber China, which is a separate entity, could at some point in the future list on the Chinese stock market," UBER spokeswoman Nairi Hourdajian tells Bloomberg.
- She qualifies her remarks by noting CEO Travis Kalanick prefers to stay private as long as possible. Pressure from investors can motivate a company to go public, as can a wish to give current/future employees a chance to monetize their options.
- The remarks come as Uber gets set to invest $1B+ in its Chinese unit to help it expand into smaller cities and better compete with local ride-hailing leader Didi Kuaidi (also aggressively raising funds). Bloomberg has reported Uber is looking to raise $1B for its Chinese unit at a $7B-$8B valuation.
- Meanwhile, in Russia, local search leader Yandex (YNDX +0.2%) maintains a lead over Uber in the Russian ride-hailing space. Moscow's Chamber of Commerce estimates Yandex has over 15K taxis connected to its platform, compared with roughly 3K for Uber. Another rival known as Gett has over 10K cars.
- Yandex plans to provide ride-hailing services in 25 Russian cities by year's end. ZAO Raiffeisenbank estimates taxis using Yandex's platform could see 2015 revenue of more than 10B rubles ($155M). Uber has been offering Russian users free ice cream and movie tickets in an attempt to gain ground.
- Two weeks ago: Uber closes funding round at $51B valuation; Microsoft reportedly invests.
Thursday, August 13, 2015
- Houlihan Lokey, one of the oldest boutique investment banks on Wall Street, has priced its initial public offering at $21 per share.
- The IPO, which was priced a dollar below the expected range, raised $220M and valued the boutique advisory at about $1.4B.
- Houlihan will begin trading on the New York Stock Exchange today under the symbol "HLI".
Wednesday, August 12, 2015
- Four months after Reuters reported Pure Storage has hired banks to help take it public, the fast-growing flash storage array vendor has filed an S-1. For those interested in buying, the IPO underwriters are Morgan Stanley, Goldman, Barclays, Allen & Co., Pac Crest, BofA/Merrill, Stifel, Raymond James, and Evercore. The proposed symbol is PSTG.
- Pure had FQ1 (ended April 30) revenue of $74.1M (+201% Y/Y), and a net loss of $49.1M. FY16 (ended Jan. '16) revenue totaled $174.5M (+309% Y/Y), and net loss $183.2M.
- The company claims 1,100+ customers (generally enterprises and mid-sized businesses), and was valued above $3B in a 2014 funding round. Pure's FlashReduce data-reduction technology is cited as a differentiator for its storage platform, as is its FlashRecover backup/recovery solution. Gartner placed Pure within its 2015 flash array Leaders quadrant, along with EMC, IBM, and HP.
- Rival Violin Memory (VMEM +1.3%) has turned positive following Pure's filing.
Tuesday, August 11, 2015
- Cloud-based comms provider Ooma (NYSE:OOMA) is up 3.5% today as several analysts launch coverage at Buy following its IPO quiet period.
- Wunderlich, JMP Securities, Credit Suisse, Bank of America and William Blair have all set the equivalent of Buy ratings, with varying price targets: $16 from JMP; $17 from Wunderlich and BofA; and $21 from Credit Suisse.
- Shares are trading currently at $11.19, implying upside of 43%-88% from here on the various targets.
- The stock has traded below its IPO price of $13 after limping out of the gate on July 17. All shares were offered by Ooma, however.
- Ooma lost $64M in the 12 months ended in January, on $72.2M in revenues.
- Previously: Ooma debuts on NYSE, about 5% below IPO pricing (Jul. 17 2015)
Monday, August 10, 2015
8:50 AM| 1 Comment
Saturday, August 8, 2015
- CPI Card Group files for a $100M IPO.
- The provider of plastic debit and credit cards intends to list shares on the NYSE and on the Toronto Stock Exchange.
- CPI reported revenue of $261M last year and net income of $13.3M.
- CPI is well-established in the payments card market with blue-chip customer list that includes JPMorgan, Bank of America, American Express, and Wells Fargo,
- The company cites as a risk factor the adoption of EMV technology which could extend the length of time before cards expire.
- SEC Form S-1
Friday, August 7, 2015
- South San Francisco, CA-based Global Blood Therapeutics (Pending:GBT) is set for its IPO of 6M shares of common stock at $16 - 18.
- As the name implies, the biopharmaceutical firm develops therapeutics for blood-based disorders. Its lead product candidate is GBT440, a once-daily oral prophylactic therapy for sickle cell disease (SCD), currently in Phase 1/2 development. GBT440 also being developed for the treatment of acute and chronic hypoxemic (inadequate levels of oxygen in the blood) pulmonary disorders. Additionally, its pipeline includes several small molecule kallikrein inhibitors for the prevention of angioedema attacks.
- SCD affects ~100K Americans and ~60K Europeans each year. The global incidence is ~300K per year.
- 2014 Financials ($M): Operating Expenses: 20.5 (+31.0%); Net Loss: (20.8) (-14.9%); Cash Burn: (20.1) (-36.9%).
Thursday, August 6, 2015
- Shares of Amplify Snack Brands (NYSE:BETR) are down 2.9% on their second day of trading to stand 13% below where the company priced its IPO.
- Formal Wall Street coverage on Amplify doesn't launch for a month, but articles on SA are leaning to the positive side (IPOdesktop, Don Dion, APBK Capital).
- Previously: Amplify Snack Brands prices IPO above range (Aug. 05 2015)
- Previously: Amplify Snacks Brands begins trading (Aug. 05 2015)
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