initial public offerings (IPOs) trading on American exchanges

Friday, April 28, 2017

Vince Holding (VNCE) reported earnings on Fri 28 Apr 2017 (b/o)

** charts before earnings **


** charts after earnings **

Vince Holding misses by $0.10, misses on revs; discloses going concern, material weakness; suspends guidance :
  • Reports Q4 (Jan) loss of $0.15 per share, excluding $3.13/share impairment, $0.10 worse than the two analyst estimate of ($0.05); revenues fell 21.9% year/year to $63.9 mln vs the $74.55 mln two analyst estimate. 
    • Wholesale segment net sales decreased 28.4% to $34.4 million primarily due to a reduction in both off-price and replenishment orders, as well as an increase in allowances. Direct-to-consumer segment net sales decreased 12.6% to $29.4 million compared to the fourth quarter of fiscal 2015. Comparable sales decreased 20.5%, including e-commerce sales, as a result of declines in the number of transactions, due to reduced traffic, and a decrease in average order value.
  • In accordance with new accounting guidance that became effective for the Company's fiscal year ended January 28, 2017, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern for the twelve months following the date that the financial statements are issued, specifically relating to its ability to comply with the consolidated net total leverage ratio under its term loan facility. The Company's assessment did not take into account management's plans to mitigate such substantial doubt that could be reasonably possible of occurring but are not final, including discussions with lenders and with its majority shareholder on additional financing options and actions to improve the capital structure of the Company. As of January 28, 2017, the Company was in compliance with applicable financial covenants.
  • As a result of management's assessment of the effectiveness of the Company's internal control over financial reporting as of January 28, 2017, the Company identified deficiencies in internal control over financial reporting that were assessed as material weaknesses. The Company has subsequently performed additional analysis, substantive testing and other post-closing procedures to ensure that its consolidated financial statements were prepared in accordance with U.S. GAAP. Accordingly, management believes that its consolidated financial statements fairly present its financial condition, results of operations and cash flows for the periods stated, in all material respects. The Company is taking specific steps to remediate these material weaknesses by implementing and enhancing its control procedures. These material weaknesses will not be remediated until all necessary internal controls have been implemented, tested and determined to be operating effectively.
  • "As we look to 2017, we have made the prudent decision to suspend our sales and EPS guidance as we work to make our new systems more efficient and complete our business transition. This decision to suspend guidance was further driven by the difficult retail environment in which we continue to operate. That said, we remain focused on expanding our direct-to-consumer business, optimizing our wholesale channel, and growing our international presence over the long-term."

Carvana (CVNA) began trading on the NYSE on 28 April 2017

Carvana Co. operates an e-commerce platform for buying used cars in the United States. 
The company purchases, reconditions, sells, and delivers vehicles. Its platform allows customers to research and identify a vehicle; inspect it using company's proprietary 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up.

  • The company was founded in 2012 
  • Headquartered in Tempe, Arizona.
  • Sector: Consumer Cyclical
  • Industry: Specialty Retail
  • Full Time Employees: 1,864
  • 15,000,000 shares offered at $15 on 4/28/2017

One of Carvana’s multistory vending machines. The all-glass structure holds up to 30 vehicles, providing a fun and unique pickup experience for customers who have purchased their vehicles on

Ernest Garcia II laughs during Carvana's initial public offering (IPO) on the floor of the New York.

Garcia operates DriveTime Automotive, the fourth-biggest used car retailer in the country, and he is separately the biggest shareholder of Carvana, a used car e-commerce company with a hot stock

With Garcia’s son, Garcia III, as CEO, Carvana has been promoted as the “Amazon of cars,” a Phoenix-based technology platform for buying and selling used cars. Consumers can use its web site to buy used cars, obtain financing and arrange for vehicle delivery. Carvana also has eight glass tower vending machines that are as high as eight stories located in cities like Atlanta and Houston, where customers can inspect and pick up purchased used cars.

How it works

Carvana sells used cars online, with a current inventory of 7,300 used and reconditioned vehicles. Customers pick out the cars online and then can schedule a delivery of the car or go pick it up from Carvana’s multistory, coin-operated vending machines, primarily located in Texas. In about two dozen markets, Carvana offers next-day delivery.

The service launched in January 2013, starting in Atlanta, and as of Dec. 31, 2016, had sold about 27,500 vehicles. Carvana began in 2012 as a wholly-owned subsidiary of DriveTime Automotive Group Inc., the used-car dealership chain mostly aimed at subprime borrowers that was formerly known as Ugly Duckling, but it was spun off in November 2014.

Growing losses

Carvana recorded growing revenue of $365 million in 2016, up from $130.4 million in 2015 and $41.7 million the year before. Net losses grew at the same time, however, with the company losing $93.1 million in 2016 after a loss of $36.8 million in 2015, which Carvana attributed to investing “heavily” in growth.

Carvana has raised $460 million from unnamed investors. In January, Ally Financial said it would provide $600 million in financing.

Subject to regulation

Carvana offers financing to its customers for the purchase of the used cars, and uses its own proprietary models to forecast loss rates for the loans it originates. It then looks to sell the loans to third parties “at a premium.” Carvana recorded $13 million in other sales and revenues, which includes the sale of its loans, in 2016.

The sales of receivables make up a “substantial portion” of the company’s revenue, but that could be affected by pending regulations from the Consumer Financial Protection Bureau and the uncertain status of the Dodd-Frank Act under President Donald Trump, the company says in the prospectus.

Other factors that could affect Carvana’s revenue include competition from other used car businesses, particularly if they cultivate more of an online presence, and slowing demand for used cars, which Carvana said could be perpetuated by increased usage of ride-hailing services such as Uber and Lyft.

Thursday, April 27, 2017

Floor & Decor Holdings (FND) began trading on the NYSE on 27 April 2017

  • Share Price‎: ‎$21.00 Shares 
  • Shares Offered‎: ‎8,823,500
  • Shares Outstanding‎: ‎92,358,5775/26/17: Shares spiked 11%, obliterating a 39.59 buy point in an eight-day IPO base. Wells Fargo initiated coverage with an outperform rating and a 40 price target, and Standard & Poor's upgraded the stock's credit rating to a B-. Shares ended the session 102% above the stock's April 27 IPO price.


Floor & Decor Holdings, Inc., formerly FDO Holdings, Inc., is a retailer of hard surface flooring and related accessories. The Company retails its products such as tile, stone, wood, marble, glass and decoratives. The Company has 72 stores across 17 states in the United States. The Company provides its products to customers, including professional installers and commercial businesses (Pro), Do it Yourself customers (DIY) and customers who buy the products for professional installation (Buy it Yourself or BIY). The Company engages their customers both through trained store associates and designers who can assist in narrowing choices and making the process of home renovation easier. The Company also sells the products through its Website

Key stats and ratios

Q1 (Mar '17)2016
Net profit margin3.62%4.10%
Operating margin7.38%6.41%
EBITD margin-10.30%
Return on average assets5.25%5.45%
Return on average equity31.84%19.27%


2233 Lake Park Dr SE
SMYRNA, GA 30080-8813
United States

Monday, April 24, 2017

Violin Memory (VMEM) acquired by Soros Fund Management LLC

  • CEO:  Ebrahim Abbasi
  • Headquarters: Santa Clara, CA
  • Founded: 2005
  • Type of business: Private

Violin Memory's initial public offering in September 2013, raised $162 million at a price of $9 a share.  Its stock price dropped to $2 a share after its largest partner, Hewlett Packard, became a competitor and due to concerns of how quickly it was spending money.  The company experienced losses of $34 million the following year and the board called for the resignation of the CEO.

The New York Stock Exchange de-listed Violin Memory shares in October 2016 because its market capitalization had fallen below $15 million.  A few days later it changed to be traded on the OTC Markets Group exchange OTCQX, using the same VMEM symbol.  In November 2016, it was valued at $3.7 million.

On April 24 2017, Violin announced in a press release that they had emerged from bankruptcy, and had been purchased by Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC.

Key stats and ratios

Q4 (Oct '16)2016
Net profit margin-250.73%-194.76%
Operating margin-227.00%-181.25%
EBITD margin--164.15%
Return on average assets-137.05%-62.49%
Return on average equity--

Tuesday, April 18, 2017

American Homes 4 Rent (AMH)

American Homes 4 Rent is a real estate investment trust based in Calabasas, California that invests in single-family rental homes.  Its largest concentrations are in Atlanta (9.3% of total homes), Dallas-Fort Worth (8.4% of total homes), and Charlotte, North Carolina (7.2% of total homes).

Friday, April 14, 2017

Tocagen (TOCA) began trading on the Nasdaq on Thur 13 Apr 2017

Tocagen is focused on cancer gene therapies that are designed to use a patient's immune system against their own cancer, according to its prospectus.
Tocagen Inc. said Monday it plans to 7.25 million shares in its initial public offering, priced at $10 to $12 a share, to raise $79.8 million at the midpoint of the range.
The company priced its IPO at $10.00 per share, at the low end of an initial estimated $10.00 to $12.00 per share range. The company now has a market cap of approximately $187M.

The San Diego, CA-based firm develops gene therapies based on retroviral replicating vectors (RRVs) that are designed to selectively deliver therapeutic genes to cancer cells and persist therein.

Its lead product candidate is Breakthrough Therapy- and Fast Track-tagged Toca 511 & Toca FC for the treatment of high-grade glioma (brain cancer). Top-line data from a Phase 2 clinical trial are expected in H1 2018. Toca 511 (vocimagene amiretrorepvec) is the RRV and Toca FC is an orally administered extended-release formulation of the prodrug 5-fluorocytosine (5-FC) which readily crosses the blood-brain barrier. It is converted into the chemo agent 5-FU by an enzyme called cytosine deaminase (CD). The company says 5-FU delivered this way has a dual mechanism of action, killing cancer cells and boosting the immune system by killing immunosuppressive cells.

In November 2015, Tocagen initiated the Phase 2 portion of a randomized, controlled Phase 2/3 clinical trial of Toca 511 & Toca FC in patients with recurrent HGG, which is designed to serve as a potential registrational trial. The company completed enrollment of the Phase 2 portion with 187 patients in February 2017 and plan to report top-line results in the first half of 2018. In February 2017, the U.S. Food and Drug Administration (FDA) granted Toca 511 & Toca FC Breakthrough Therapy Designation for the treatment of patients with recurrent HGG.

2016 Financials ($M): Operating Expenses: 31.7 (+37.8%); Net Loss: (33.4) (-44.6%); Cash Burn: (29.5) (-40.5%).

Friday, April 7, 2017

Okta, Inc. (OKTA) began trading on Nasdaq on 7 Apr 2017

Okta offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities
  • Sector: Technology
  • Industry: Software - Infrastructure
  • Full Time Employees: 1,176
  • Headquarters: San Francisco, CA
  • Founded: 2009

Thursday, April 6, 2017

Schneider National (SNDR) began trading on the NYSE on Thur 6 Apr 17

Schneider National priced 28.95 mln share IPO at $19.00 per share, at the mid-pt of the $18-20 expected range

Wednesday, April 5, 2017

Hess Midstream Partners (HESM) began trading on the NYSE on 5 April 2017

Hess Midstream Partners LP is a fee-based, growth-oriented traditional master limited partnership that owns, operates and develops midstream infrastructure assets.
Hess Midstream Partners LP, an MLP formed by Hess and GIP to own gathering/processing assets in the Bakken, raised $340 million by offering 14.8 million shares at $23, above the range of $19 to $21. The company had originally planned to sell 12.5 million shares before upsizing the deal.
  • Headquarters: Houston, TX
  • Founded: January 17, 2014
  • Div/yield 0.31/5.82


Hess Midstream Partners LP is a fee-based, traditional master limited partnership formed to own, operate, develop and acquire a set of midstream assets to provide services to Hess and third-party crude oil and natural gas producers. The Company's assets are primarily located in the Bakken and Three Forks shale plays in the Williston Basin area of North Dakota (collectively referred as the Bakken). It operates its business through three segments: gathering; processing and storage; and terminaling and export. The Company’s gathering business consisted of its 20% controlling economic interest in Gathering Opco, which owns North Dakota natural gas, natural gas liquids and crude oil gathering systems. The Company’s processing and storage business consisted of its 20% controlling economic interest in the Tioga Gas Plant and its 100% interest in the Mentor Storage Terminal. The Company’s terminaling and export business consisted of its 20% controlling economic interest in Logistics Opco.

Key stats and ratios

Q3 (Sep '17)2016
Net profit margin52.15%40.47%
Operating margin52.42%40.47%
EBITD margin-60.02%
Return on average assets11.73%8.37%
Return on average equity11.60%9.52%

Tuesday, April 4, 2017

uniQure (QURE) publishes a study in Gene Therapy

  • QURE announces the online publication in Gene Therapy of data demonstrating widespread transduction in the CNS following direct injection of uniQure's AAV5 vector in a large animal model 

uniQure announces the online publication in Gene Therapy of data demonstrating widespread transduction in the CNS following direct injection of uniQure's AAV5 vector in a large animal model 
The method of injection used was found to result in very controlled and accurate administration with no adverse events observed in the non-human primates. Varying doses of AAV5 achieved predictable transduction of connected areas of the brain. The data demonstrate that AAV5 is a very effective vector for the central nervous system and has potential for the treatment of a wide range of neurological pathologies. These data will help guide the clinical development of uniQure's gene therapy product candidate AMT-130, which consists of an AAV5 vector carrying an artificial micro-RNA that silences the huntingtin gene for the treatment of Huntington's disease.

Benitec Biopharma (BNTC)


Benitec Biopharma announces that the initial pre-clinical efficacy results of the OPMD program have been published in Nature Communications; studies demonstrate that a DNA directed RNA interference (ddRNAi) approach to 'silence and replace' the mutant PABPN1 protein:
  • Co announces that the initial pre-clinical efficacy results of the OPMD program have been published in Nature Communications, an open access scientific journal published by the Nature Publishing Group. OPMD, a rare progressive muscle-wasting disease caused by mutation in the poly-binding protein nuclear 1 gene, is characterised by eyelid drooping, swallowing difficulties, and proximal limb weakness.
  • The key results from these studies demonstrate that a DNA directed RNA interference approach to 'silence and replace' the mutant PABPN protein, results in the correction of the muscular dystrophy and of key clinical features of OPMD including a progressive atrophy and muscle weakness associated with nuclear aggregates of insoluble PABPN1. These data were generated in the A17 mouse model that expresses the mutant PABPN1 gene and mimics most of the features of human OPMD patients.


Benitec Biopharma Limited is a biotechnology company. The Company is engaged in progressing programs through the clinic; the commercialization of its Intellectual Property (IP); development of its therapeutic pipeline and pre-clinical programs, and funding, and protecting and building the IP estate. Its In-house product candidates include TT-034, BB-HB-331, BB-AMD-211 and ddRNAi therapeutic. It is focused on commercialization by licensing and partnering of patents and licenses in biotechnology, in functional genomics, with applications in biomedical research and human therapeutics. It has a pipeline of in-house and partnered therapeutic programs based on its patented gene-silencing technology, deoxyribonucleic acid (DNA)-directed ribonucleic acid interference (ddRNAi). The Company is engaged in developing treatments for chronic human conditions, such as hepatitis B, wet age-related macular degeneration (AMD), and oculopharyngeal muscular dystrophy (OPMD) based on this technology.


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