IPOs this week : Dec 9 - 13, 19 (wk 50)

 IPOs expected to price

• XP (XP) is expected to price its $2B IPO on December 10 and 
• Bill Holdings (BILL) is scheduled to price its IPO on December 11. 
• Both OneConnect Financial Technology (OCFT) and Sprout Social (SPT) will price their IPOs on December 12. 

IPO quiet period expirations
The analyst quiet period ends on YayYo (NASDAQ:YAYO) on December 9.

IPO lockup expirations

• PO share lockup periods expire on CrowdStrike (NASDAQ:CRWD) and Mohawk Group (NASDAQ:MWK) on December 9, 

• Fiverr (NYSE:FVRR) on December 10 and 

• Chewy (CHWY) on December 11. 

Keep an eye on CrowdStrike in particular, with shares up more than 50% from the level where the IPO was priced.

CrowdStrike (CRWD) : initiated with a Sell at Citigroup

The stock traded at nearly 24x forward sales with market cap over $13 bln coming into today.

CrowdStrike stock went public in mid-June, after the company priced its initial public offering (IPO) at $34 per share. The equity subsequently rallied as high as $101.88 in late August, before embarking on a steep pullback. Specifically, CRWD is off more than 40% since the aforementioned peak, and touched a record low of $51.61 on Sept. 30.

CrowdStrike (CRWD) reported earnings on Thur 5 Sept 19 (a/h)

** charts before earnings **

** charts after earnings **

CrowdStrike beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY20 EPS and rev above consensus

Reports Q2 (Jul) loss of $0.18 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of ($0.23); revenues rose 94.1% year/year to $108.1 mln vs the $103.79 mln S&P Capital IQ Consensus.  ARR of $423.8 million, grew 104% year-over-year

Co issues upside guidance for Q3, sees EPS of ($0.12-0.11), excluding non-recurring items, vs. ($0.14) S&P Capital IQ Consensus; sees Q3 revs of $117-119.5 mln vs. $110.98 mln S&P Capital IQ Consensus.

Co issues upside guidance for FY20, sees EPS of ($0.65-0.62), excluding non-recurring items, from ($0.72-0.70) vs. ($0.71) S&P Capital IQ Consensus; raises FY20 revs to $445.4-451.8 mln frin $430-436 mln vs. $435.04 mln S&P Capital IQ Consensus.

"We delivered a strong second quarter with rapid subscription revenue growth and record net new ARR generated in the quarter," said George Kurtz, CrowdStrike's co-founder and chief executive officer. "Customer growth accelerated as an increasing number of organizations recognize the power of CrowdStrike's cloud-native Falcon platform to effectively stop breaches and simplify their security stack with our single-agent architecture. We secured a record number of net new subscription customers in the quarter. In addition, as of July 31, 2019, 50% of our subscription customers had adopted four or more cloud modules, underscoring the continued success of our platform strategy."

IPOs this week : July 22 - 26, 19

The week in IPOs kicks off with a pricing of

• Fellazo (FLLCU) on July 23, 

• followed by a busy Wednesday with pricing for Sunnova Energy (NOVA), Health Catalyst (HCAT), Livongo Health (LVGO), Casle Biosciences (CSTL) and Prosight Global (PROS). 

• Thursday pricings are due for the IPOs of Wanda Sports Group (WSG) and Vista Oil & Gas (VIST). 

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Quiet period expirations come for

• Crowdstrike (NASDAQ:CRWD) and Mohawk Group (NASDAQ:MWK) on July 22, 

• Fiverr (NYSE:FVRR) on July 23, and 

• Chewy (NYSE:CHWY) on July 24.

IPOs this week : July 8 - 12, 19

IPO share lockups arrive on

• Mmtec (NASDAQ:MTC) and MDJM (NASDAQ:MDJH) on July 8. 

Analyst quiet period expirations on

• Crowdstrike (NASDAQ:CRWD) and Fiverr (NYSE:FVRR) are also scheduled for July 8, 
• while analysts involved in the IPO can start buzzing on Chewy (NYSE:CHWY) on July 9. 

CRWD, FVRR and CHWY all trade below their highs, but are all at least 30% over where their IPOs were priced.

Also of note next week, Anheuser-Busch InBev's (NYSE:BUD) listing of Budweiser Asia is expected to price in New York on July 11 before debuting in Hong Kong the following week. Anheuser-Busch is selling 1.6B primary shares between HKD$40 and HKD$47 hoping to raise $9.8B from the listing. The beer giant plans to pay down debt and the new entity could be in a better position to partner with local brewers such as ThaiBev (OTCPK:TBVPF) following the split.

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.

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.