initial public offerings (IPOs) trading on American exchanges

Sunday, June 30, 2019

IPOs this week : July 1 - 5, 19

The sizzling IPO market slows down with only Richmond Mutual Bancorporation (RMBI) due to price in the U.S. on July 1 and CIMC Vehicles Group set to go public in Hong Kong on July 5.

Analyst quiet periods expire on

  • Revolve Group (NYSE:RVLV) and GSX Techedu (NYSE:GSX) on July 2 
  • and the IPO share lockup on China SXT Pharmaceuticals (NASDAQ:SXTC) arrives on July 3.


The slow week could have investors re-assessing IPO stocks such as Beyond Meat (NASDAQ:BYND), Zoom Video (NASDAQ:ZM) PagerDuty (NYSE:PD), CrowdStrike (NASDAQ:CRWD), Pinterest (NYSE:PINS), Chewy (NYSE:CHWY), Fiverr (NYSE:FVRR) and Slack Technologies (NYSE:WORK) into the second half of the year.

In another IPO development, recent graduates Uber (NYSE:UBER), Lyft (NASDAQ:LYFT), and Beyond Meat (BYND) join the Russell 1000 Index next week.

Friday, June 28, 2019

The RealReal (REAL) began trading on the Nasdaq on Fri 28 June 2019

The RealReal, Inc. operates an online marketplace for consigned luxury goods.
  • Sector(s): Consumer Cyclical
  • Industry: Specialty Retail
  • Full Time Employees: 2,353
  • Founded in 2011 
  • Headquartered in San Francisco, California
  • http://www.therealreal.com

Thursday, June 27, 2019

Adaptive Biotechnologies (ADPT) began trading on the Nasdaq on Thur 27 June 2019

Sector: Healthcare
Industry: Biotechnology
Full Time Employees: 320
Founded in 2009
HQ in Seattle, Washington
http://www.adaptivebiotech.com




Adaptive Biotechnologies, which was founded by brothers Chad and Harlan Robins in 2009, has already picked up partnerships with corporate giants Microsoft  and Roche Holding AG, ROG,   subsidiary Genentech. The company struck a seven-year deal with Microsoft in 2017 to use the tech giant’s machine learning and computational statistics technology to make a map of the interactions between antigens and immune receptors, and in 2018, Adaptive entered a drug-development partnership with Genentech to make T-cell therapies for cancers.

Right now, the company has two main products. The first is ImmunoSEQ, a life-sciences research service the company licenses out to researchers. The second, ClonoSEQ, is a test approved by the Food and Drug Administration to detect the remaining number of cancer cells in the bone marrow of patients with multiple myeloma and acute lymphoblastic leukemia. Adaptive is also working on developing another test for early disease detection called ImmunoSEQ Dx.


The adaptive immune system is made up of immune cells called T cells and B cells that can detect when something foreign enters the body, whether it’s bacteria, a virus or cell mutation. T cells sense and bind to these signals of disease, or antigens, which then leads to an immune response. Essentially, the immune system both detects and treats diseases, and Adaptive thinks that decoding the massive bank of genetic information housed in immune receptors will allow it to do the same for specific illnesses.

Monday, June 24, 2019

IPOs this week : June 24 - 28, 19

Volkswagen's (OTCPK:VWAGY) Traton is holding investor meetings in London, Paris and Munich next week after gauging response in the U.S. The trucking unit IPO is expected to bring in around €1.5B at the midpoint of its range of €27 to €33 per share.

IPOs expected to price during the week include
  • Cambium Networks (CMBM) on June 25 to be followed by 
  • Change Healthcare (CHNG), Linx (LINX), Bridgebio Pharma (BBIO), Adaptive Biotechnologies (ADPT) and Morphic Holding (MORF) on June 26 as well as 
  • Karuna Therapeutics (KRTX) and RealReal (REAL) on June 27. 
In Hong Kong, assisted-reproduction company Jinxin Fertility Group is expected to start trading next week.

IPO lockup expirations:
  • Genfit (NASDAQ:GNFT) and Puhui Wealth Investment Management (NASDAQ:PHCF) on June 25.

Thursday, June 20, 2019

Grocery Outlet (GO) began trading on the Nasdaq on Thur 20 June 2019

  • Priced 17.2 mln share IPO at $22.00 per share, above the revised expected range of $18-19 per share
  • Opened for trading at $31.


 



Slack (WORK) began trading on the NYSE on Thur 20 June 2019

Slack directly listed its shares on the New York Stock Exchange, bypassing the usual fundraising process of an IPO and allowing shareholders to sell right away without a lockup period.
  • No lock-up for insiders next week 
  • A parallel for this unusual type of stock listing is Spotify Technology SA. The music-streaming provider went public using a similar maneuver last year, the last high-profile company to do so. Spotify’s stock is up 14% since then.
  • Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. advised Slack on the listing, the same trio of banks that lined up when Spotify went public.
  • Opened for trading at $38.50.

Slack is an internet-based platform that allows teams and businesses to communicate with each other. It organizes discussions by topic and group, is similar to instant messaging chatrooms, and allows cooperation on documents and files.

Launched in 2013, Slack has replaced e-mail discussions at many companies, although e-mail is still the dominant medium of communication in workplaces.

Slack CEO Stewart Butterfield outside the New York Stock Exchange on Thursday morning. 


  

Slack Chief Executive Officer Stewart Butterfield said Thursday that the company chose not to have a traditional IPO for a pragmatic reason: It didn’t need the cash. “We’re not ideological crusaders on this stuff,” he said. The direct listing process is a more efficient way to price a stock, he said, “but I don’t think anything comes close to not having to dilute existing shareholders by 10%.”

Butterfield said he also wanted to avoid the lockup period. “Especially in a period when you’re locked up, when the supply is so constrained, the psychological impact of that can be a big negative,” he said. “Giving employees the option early is more important.”
Slack going public ends a long journey that started with Tiny Speck, a small video game maker. The company, led by Butterfield, was making a game called Glitch, but it didn’t take off. The team, however, had built an internal tool to chat and share files with each other. They had an inkling that the software could be useful to other teams. In 2014, they launched Slack. Now Butterfield, its co-founder and chief executive officer, is worth more than $1 billion.

One of Slack’s earliest believers was Accel, a venture firm that now owns about 24% of the company. Andrew Braccia, an Accel partner and Slack board member, had worked with Butterfield at Yahoo! Bloomberg Beta, the venture capital arm of Bloomberg LP, is also a Slack investor.

The service has spread from Silicon Valley into offices around the world, and it does much more than chat. Users can share files, build automated workflows, host video calls, poll colleagues and keep a to-do list. Those who use it tend to adapt quickly, but it has struggled to convey exactly what it is to most of the world, Butterfield said in a recent conference call. “We have to work hard to explain Slack to all the people who have never used it before,” he said. Butterfield called it “one of our biggest challenges and greatest opportunities.”

Slack faces competition from some of the world’s most valuable companies, including Microsoft Corp., Alphabet Inc. and Facebook Inc. Slack did prevail, however, over another rival: HipChat, a product from Atlassian Corp. Last year, Slack and Atlassian struck a deal in which Slack bought the assets for HipChat, which was eventually wound down, and Atlassian took a stake in Slack.

Ten million people use Slack every day, according to the company. Many workers rely on a free version of the software, but as of April, 645 companies paid more than $100,000 a year for the service. Those big customers make up about 43% of Slack’s revenue, the company said. Like other big-name public debuts this year, Slack is not profitable. It lost $139 million on $401 million of revenue in the fiscal year that ended in January.

In contrast to the flagrant cash burning of companies like Uber or Lyft, Slack’s losses have been fairly consistent. But its revenue growth rate has slowed from 110% two years ago to a projected 50% for the fiscal year ending next January.

SLACK valuation
2014: $1.2bn
2015: $2.8bn
2016: $3.8bn
2017: $5.1bn
2018: $7.1bn
2019: $17bn (IPO)

Clients
The San Francisco-based company, whose customers include Electronic Arts Inc, Nordstrom Inc and Ford Motor Co, said it ended the first quarter with 95,000 paid customers.

Slack had more than 500,000 organizations on its free subscription plan, as of Jan. 31.

As of April 30, Slack had 645 paid customers with over $100,000 in annual recurring revenue, an 84% increase from a year earlier, and these large customers accounted for 43% of its total revenue.

Slack also said it had over 10 million daily active users.

Competition
Its closest competitor is Microsoft Teams, a free chat add-on for Microsoft Corp’s Office365 users. Other similar platforms include Google Hangouts, Workplace by Facebook and Cisco Systems Inc’s Webex Teams.

The global market for workplace collaboration is expected to hit $3.2 billion by 2021, according to research firm IDC.

While Slack is not yet profitable, it’s got liquidity. The company reported cash and cash equivalents of $841 million in its most recent fiscal year, which is enough to keep the company going for nearly a decade based on its current pace of cash outflow.

STORE Capital (STOR) : 4-year performance




Wednesday, June 19, 2019

Grocery Outlet (GO) prices IPO at $22 a share




  • As of December 29, 2018, it had 316 stores, which included 308 independent operated stores, as well as 8 company operated stores in 5 western states and in Pennsylvania. The company was founded in 1946 and is headquartered in Emeryville, California.
  • http://www.groceryoutlet.com
  • Sector: Consumer Defensive
  • Industry: Grocery Stores
  • Full Time Employees: 679


Grocery Outlet Holding Corp. announced late Wednesday it will price its initial public offering at $22 a share, well above the high end of its range. On Tuesday, the company hiked its expected range to $18 to $19 a share, from $15 to $17 a share. Grocery Outlet is offering 17,187,500 shares for sale, raising about $378 million. Shares of the California-based company, which has 323 stores across the West Coast and Pennsylvania, are expected to list on the Nasdaq under the ticker symbol "GO" starting Thursday.

Sunday, June 16, 2019

IPOs this week : June 17 - 21, 19

IPO watch:
  • Stoke Therapeutics (STOK) is expected to price its IPO on June 18, 
  • Akero Therapeutics (AKRO), Atreca (BCEL), Dermavant Sciences (DRMT), Grocery Outlet Holdings (GO), Personalis (PSNL) and Prevail Therapeutics (PRVL) are all slated to price on June 20.


IPO quiet period/lockup expirations: Quiet periods end on
  • Rattler Midstream (NASDAQ:RTLR), Ideaya Biosciences (NASDAQ:IDYA) and Bicycle Therapeutics (NASDAQ:BCYC) on June 17. 
  • Meanwhile, share lockups expire on Amarant (NASDAQ:AMTB), LiveXLive Media (NASDAQ:LIVX) and Datasea (NASDAQ:DTSS) on June 17 - as well as Cardiol Therapeutics (OTCPK:CRTPF) on June 18. 
  • Over in Tokyo, some shares of SoftBank Corp. (OTCPK:SOBKY) are also due to be freed up on June 17.
Spotlight on Slack:
Slack Technologies (WORK) expects to be valued by investors at $16B to $17B when the workspace chat/collaboration software company lists shares on June 20 in a direct listing. For the fiscal year ending in January, Slack expects to churn up revenue of $590M (+50% Y/Y) but estimates for the bottom line vary widely. Per public filings, Slack's shares have traded at prices ranging from $8.37 to $31.50 per share in the private market.

Chewy (CHWY) began trading on the NYSE on Fri 14 June 2019

  • Chewy, the online pet products retailer controlled by PetSmart, offered 46.5 million shares for $22 per share, 40.9 million of those being sold by PetSmart.
  • Chewy stock (CHWY) opened at $36 and rose above $41 before finishing the day up 59% to $34.99.
  • PetSmart paid $3.35 billion to acquire the company in 2017, in what was then the biggest ecommerce acquisition ever. 
  • Founded in 2010; HQ in Dania Beach, Florida.
  • Sector: Consumer Cyclical
  • Industry: Specialty Retail
  • Full Time Employees: 9,833
  • http://www.chewy.com
In 2017, Chewy was acquired by PetSmart for a reported $3.35 billion. The closely held company continues to be a majority shareholder in Chewy. Chewy reported that PetSmart would own about 70% of total shares outstanding of common stock and about 77% of voting power following the IPO.


The Chewy.com application is displayed on an Apple Inc. iPhone.





The Dania Beach, Florida-based company is betting on what it calls "pet humanization" trends for the future of its business. Around 90% of dog owners and 86% of cat owners consider their pets to be part of their family, according to 2018 data from the market research firm Packaged Facts.


It's also betting on the sustained growth in the number of household pets. The American Pet Products Association, an industry group, estimates almost 85 million US households had at least one pet, up from nearly 73 million in 2010.

The company faces stiff competition from Amazon, which also sells pet products. Chewy's chief executive officer and former chief operating officer, Sumit Singh, was a former Amazon executive.

Thursday, June 13, 2019

Fiverr (FVRR) began trading on the NYSE on Thur 13 June 2019


  • Sector: Communication Services
  • Industry: Internet Content & Information
  • Full Time Employees: 421
  • Founded in 2010 
  • Headquartered in Tel Aviv, Israel.
  • http://www.fiverr.com

Fiverr priced 5.26 mln share IPO at $21.00, above the expected $18.00-20.00 range
Opened for trading at $26




Quanterix (QTRX) started trading on the Nasdaq on 7 December 2017

  • HQ:  Billerica, Massachusetts
  • Sector: Healthcare
  • Industry: Biotechnology
  • Full Time Employees: 177
  • Incorporated in 2007
  • http://www.quanterix.com
Quanterix (QTRX) raised $50 million in an initial public offering on Thursday, December 7th. The company issued 3,300,000 shares at a price of $14.00-$16.00 per share. In 2016, Quanterix generated $23 million in revenue and had a net loss of $31.4 million.






Quanterix Corporation, a life sciences company, develops and markets ultra-sensitive digital immunoassay platform that advances precision health for life sciences research and diagnostics in North America, Europe, the Middle East, Africa, and the Asia Pacific. The company offers Simoa HD-1 instrument, a sensitive automated multiplex protein detection platform; and SR-X instrument that enables researchers to apply Simoa detection technology in various applications, including direct detection of nucleic acids.

Wednesday, June 12, 2019

CrowdStrike (CRWD) began trading on the Nasdaq on Wed 12 June 2019

CrowdStrike pops more than 70% in debut, now worth over $11 billion

  • CrowdStrike opened its first day of trading on the Nasdaq with a share price of $63.50, surging from its IPO price of $34.
  • The company provides cloud-based security software to companies like Amazon Web Services and Credit Suisse.
  • CrowdStrike recorded a net loss of $140 million for the year ended Jan. 31, while revenue more than doubled to $249.8 million.
  • The company is worth about as much as 37-year-old security software provider Symantec despite having about 5% as much revenue.
  • In the business software market, CrowdStrike follows the debuts of Zoom and PagerDuty and comes just a head of Slack’s direct listing.




CrowdStrike, whose cloud-based technology is used to detect and prevent breaches, recorded a net loss of $140 million for the year ended Jan. 31, while revenue more than doubled to $249.8 million, according to the company’s prospectus.

Tuesday, June 11, 2019

Dave & Busters (PLAY) reported earnings on Tue 11 June 19 (a/h)

** charts before earnings **



 




** charts after earnings **






Dave & Busters misses by $0.01, misses on revs, comps -0.3% which was below expectations; guides FY20 revs below consensus, lowers full year comp guidance 
  • Reports Q1 (Apr) earnings of $1.13 per share, $0.01 worse than the S&P Capital IQ Consensus of $1.14; revenues rose 9.5% year/year to $363.58 mln vs the $371.72 mln S&P Capital IQ Consensus.
    • Comparable store sales decreased -0.3%. Co says comps were below expectations largely due to the Easter shift, which proved unfavorable this year.
  • Co issues downside guidance for FY20, sees FY20 revs of $1.365-1.390 bln vs. $1.40 bln S&P Capital IQ Consensus and vs prior guidance of $1.37-1.40 bln. Co lowers net income guidance to $103-113 mln from $105-117 mln.
    • Comp guidance for full year was lowered to "-1.5% to +0.5%" from prior guidance of "flat to +1.5%." Co reiterates guidance for 15-16 new stores this year.

Monday, June 10, 2019

IPOs this week : June 10 - 14, 19

IPO watch: 
Crowdstrike (CRWD), Fiverr International (FVRR) and Chewy (CHWY) are all expected to price this week amid what's been a hit or miss IPO market.

  • Cybersecurity specialist Crowdstrike already boosted the top end of its pricing range by 30% amid strong demand. 
  • Meanwhile, Gig-economy player Fiverr is hoping to follow in the path of competitor Upwork (NASDAQ:UPWK) with a huge first-day pop. 
  • Online pet food seller Chewy is looking to raise over $100M with its offering at a proposed valuation of over $7B. Chewy's revenue grew 75% in FY18 to $3.5B and the company recorded a net loss of $267M. Owner PetSmart will still own 70% of the total Chewy shares outstanding and 77% of the voting power following the IPO. 
In Hong Kong, Anheuser-Busch InBev (NYSE:BUD) is looking for listing approval for Budweiser Brewing Company APAC.

IPO quiet period/lockup expirations: 

  • There are share price lockup expirations arriving on Tencent Music (NYSE:TME) on June 10 and both Legacy Housing (NASDAQ:LEGH) and 360 Finance (NASDAQ:QFIN) on June 11. 
  • Quiet period expirations on tap include Applied Therapeutics (NASDAQ:APLT) and Postal Realty Trust (NYSE:PSTL) on June 10, as well as Avantor (NYSE:AVTR), Luckin Coffee (NASDAQ:LK) and Fastly (NYSE:FSLY) on June 11.

Sunday, June 9, 2019

Online insurer Lemonade seeking New York IPO

Firm founded by Israeli entrepreneurs Shai Wininger and Daniel Schreiber will seek to raise more than $500 million to expand operations
  • By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything. And as a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil.
  • Founded date 2015
  • www.lemonade.com
Lemonade co-founder Shai Wininger at his office in Tel Aviv on December 20, 2017 

Daniel Schreiber


management


New York-based Lemonade Insurance Company, founded by Israeli entrepreneurs Shai Wininger and Daniel Schreiber, who seek to revolutionize the way homes are insured, are planning to hold an initial public offering of shares on a New York exchange, Calcalist reported without saying where it got the information.

The firm is seeking to raise more than half a billion dollars, at a market valuation of $2 billion, the financial website reported Tuesday.

The share issue, if successful, would make the share sale one of the most highly valued IPOs by an Israeli-linked firm, Calcalist said. Mobileye, founded by Israeli entrepreneurs Amnon Shashua and Ziv Aviram, holds the record today, having sold shares in 2014 on the New York Stock Exchange at a valuation of $5.3 billion, Calcalist said. Mobileye was later acquired in 2017 by Intel Corp. for a whopping $15.3 billion.

Thursday, June 6, 2019

Domo (DOMO) reported earnings on Thur 6 June 19 (a/h)

** charts before earnings **



 




** charts after earnings **









Domo beats by $0.20, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY20 EPS above consensus, revs in-line
  • Reports Q1 (Apr) loss of $1.08 per share, $0.20 better than the S&P Capital IQ Consensus of ($1.28); revenues rose 27.9% year/year to $40.8 mln vs the $40.69 mln S&P Capital IQ Consensus.
  • Billings were $41.1 mln or 22% yr/yr growth.
  • Non-GAAP operating margin improved by 73 percentage points yr/yr.
  • Co issues in-line guidance for Q2, sees EPS of ($1.02)-($0.98) vs. ($1.00) S&P Capital IQ Consensus; sees Q2 revs of $41-$42 mln vs. $42.27 mln S&P Capital IQ Consensus.
  • Co issues guidance for FY20, sees EPS of ($3.87)-($3.79) vs. ($4.02) S&P Capital IQ Consensus; sees FY20 revs of $173-$174 mln vs. $173.75 mln S&P Capital IQ Consensus.