IPOs, Initial Public Offerings: pre & post IPO

Nov 9wk draft

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Nov 9wk:    AAAP     EQBK     INST     LDI     VYGR     WVE

Holdover:  XCOM now 'week of'

IPO Calendar Manager Exp    Price Range Est$ Exp Exptd Smry anaylst report
. . shares . . IPO size Mkt cap date expectation
. . (mm) . . ($mm) ($mm)
Nov 9th week, ranked by IPO size
Consumer lending platform
loanDepot (LDI) Morgan; Goldman; Wells Fargo; Barclays; UBS 30.0 $16.0 $18.0 $510 $2,499 Fri Neutral plus, C+, 6.5 Neutral plus
100% rev growth for June 6 mos yr-to-yr
Comparing Sept 9 mos yr-to-yr:  rev +79%, profit +230%
(using estimate mid-points)
Sept qtr vs June qtr:  -10% rev decline & -87% profit decline
(using estimate mid-points)
High satisfaction rating, 60 vs industry ave of 16
Compare to two other lending platforms:
Price to sales 2.7 vs 2.9 for ONDK
Price to book 5.3 vs 5.4 for LC
Preclinical biopharma
Wave Life Sciences Pte Ltd. (WVE) Jefferies;  Leerink 5.0 $15.0 $17.0 $80 $376 Wed Neutral, C, 6 Neutral
Shareholders may purchase $32mm, 40%
Nucleic acid therapeutics
Max-Planck-Innovation GmbH agreement
P/E of -26, indicating moderate cash burn relative to market cap
Price to book of 2.6
Clinical stage gene therapy
Voyager Therapeutics (VYGR) Cowen; Piper Jaffray; Wedbush PacGrow;  Nomura 4.7 $15.0 $17.0 $75 $411 Wed Neutral, C, 6 Neutral
Shareholders not buying
P/E of -11.1, indicating fairly heavy cah burn rate relative to market cap
Price to book of 2.4
Genzyme Collaboration
Cloud-based learning mgt
Instructure (INST) Morgan; Goldman; Jefferies 4.4 $16.0 $18.0 $75 $449 Fri Neutral slightly plus, C, 6.5 Neutral
P/E of -8.2, indicating high cash burn rate relative to market cap
68% top line rev growth
68% gross profit growth
66% gross profit of rev
Never made money, lost -79% of rev in Sept 9 mos
Price to book of 8.8
Radiopharma
Advanced Accelerator Applications S.A. (AAAP) Citigroup; Jefferies 4.7 $15.0 $17.0 $75 $618 Wed Neutral, C, 7 Neutral
Shareholders not buying
30% rev growth from 6 diagnostic products
Never made money
June six months loss was 20% of rev
P/E of -32.5 indicating relatively low cash burn rate
Price to book of 3.4
Price to sales of 6.4
Lead product has favorable initial Phase 3 results
Also has Fast Track FDA designation
Bank holding
Equity Bancshares (EQBK) Keefe, Bruyette;  ( A Stifel Company)/ Stephens 1.8 $22.0 $24.0 $41 $154 Wed Neutral plus, C, 6 Neutral plus
Price to book of 1.1
Price to tangible book of 1.5
P/E of 15.4
9% top rev growth
5% net income growth
Uplisting
Mesoblast Limited (MESO) J.P. Morgan;  Credit Suisse 5.7 $12.1 $12.1 $69 Wed
ordinary shares currently trade on the Australian Securities Exchange under the symbol “MSB.”

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IPO Calendar Manager Exp    Price Range Est$ Exp Exptd Smry anaylst report
. . shares . . IPO size Mkt cap date expectation
. . (mm) . . ($mm) ($mm)
Nov 16th week
Largest IPO first
Payment processing
Square (SQ) Goldman; Morgan Stanley; J.P. Morgan 27 $11 $13 $324 $3,876 Thur
Cloud security
Mimecast Ltd. (MIME) Goldman; Barclays; Jefferies; RBC 7.8 $10 $12 $86 $594 wk of
Embedded computing
congatec Holding AG (CONG) Stifel;  Needham 5.5 $10 $12 $61 $202 Thur
Clinical stage biopharma
Axsome Therapeutics (ASXM) Ladenburg;   Cantor Fitzgerald 4.3 $11 $13 $52 $212 wk of

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