IPOs, Initial Public Offerings: pre & post IPO

Oct 12-draft

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Oct 12wk:   ABTX    ACRS    CERC    CTMX    DCEL    PMTS    PSTG

IPO Calendar Manager Exp    Price Range Est$ Exp Exptd Smry 10 day
. . shares . . IPO size Mkt cap date analyst report
. . (mm) . . ($mm) ($mm) expectation
Week of Oct 5
Ranked by IPO size
Communication services
Digicel Group Ltd (DCEL) NYSE J.P. Morgan/ UBS Investment Bank/ Citigroup/ Barclays/ Credit Suisse/ Deutsche Bank Securities 124 $13 $16 $1,799 $4,611 Thur Neutral, C, 6 Neutral
1% growth in top line revenue
2% growth in subscribers
-5% decline in EBITDA
-11% decline in operating profit % of revenue
-4.7% loss on revenue
-3.5 price to bk, -1.6 price to tangible book (weak balance sheet)
Price to sales of 1.7, P/E of -37
Accumulated deficit of $3bb
Per share dilution of -$23.71, vs. IPO mid-range of $17
Data storage
Pure Storage (PSTG) NYSE Morgan; Goldman; Barclays; Allen; BofA Merrill 25 $16 $18 $425 $3,145 Wed Neutral plus, C, 7.5 Positive
85% product sales, only 15% recurring support rev
167% top line rev growth rate
195% gross profit growth rate
Price to sales of 9.9, relatively high
P/E of -14 indicating moderately high cash burn relative to market cap
59% gross profit, many tech firms have a higher gross profit %
Net loss is 84% of revenue, breakeven a long way away
Price to book of 5.7
Financial payment cards
CPI Card Group (PMTS) Nasdaq BMO Capital Markets/ Goldman Sachs/ CIBC 17.7 $16 $18 $301 $859 Thur Neutral plus, C+. 7.5 Positive
Rev +80%, gross profit +138%, 35% gross profit
65% products, 35% services
Net income +408%, Net income % of rev 10.5%
Adj EBITDA 24%
P/E 23.8, Price to sales 2.5
Price to book -8.2 (PMTS doesn't need a lot of assets)
Note:  once the replacement card market is saturated growth will slow, obviously
50% from selling shareholders
Biopharma
CytomX Therapeutics (CTMX) Nasdaq BofA Merrill; Jefferies;  Cowen 6.7 $14 $16 $101 $524 Thur Neutral, C, 6 Neutral
Pfizer may purchase $5mm
Bristo Lyers Squibb (BMS) may purchase $10mm
Price to book 3.4
P/E -22 indicating moderate cash burn relative to market cap
Specialty pharma
Aclaris Therapeutics (ACRS) Nasdaq Jefferies;  Citigroup 5.0 $14 $16 $75 $291 Wed Neutral, C, 5.5 Neutral
Shareholders may buy $15mm, 20%
P/E of -28 indicating moderate cash burn rate relative to market cap
Price to book of 2.6
Phase 2 clinical trials completed
Regional bank holding
Allegiance Bancshares (ABTX) Nasdaq Baird;  Stephens 2.6 $22 $24 $60 $285 Thur Neutral plus, C+, 6.5 Positive
Price to book of 1.2
P/E of 18 based on 2014, no financial updates
Price to sales of 4
No dividends
Biopharma
Cerecor (CERC) Nasdaq Maxim Group LLC 4.2 $6 $7 $27 $58 Neutral, C, 5 Neutral
Shareholders not buying on IPO
P/E of -4.7 indicating major cash burn relative to market cap
Currently in Phase 2 trials
Medical tech
SynCardia Systems (THAT) Roth Capital 2.5 $10 $12 $28 $86 wk of in process
Not an IPO
Strongbridge Biopharma plc (SBBP) BofA Merrill; Stifel 4.3 $18 $18 $77 wk of
quoted on the Norwegian Over-The-Counter System
Uplisting, already trades
Oasmia Pharmaceutical AB (OASM) Ladenburg Thalmann 3.5 5.25 8.25 $24 Wk of
The Ordinary Shares are listed on Nasdaq Stockholm under the symbol “OASM”
and on the Frankfurt Stock Exchange under the symbol “OMAX.”

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Oct 19wk

IPO Calendar Manager Exp    Price Range Est$ Exp Exptd Smry 10 day
. . shares . . IPO size Mkt cap date analyst report
. . (mm) . . ($mm) ($mm) expectation
Week of Oct 19
Ranked by IPO size
Global electronic commerce
First Data (FDC) Citigroup; Morgan; BofA Merrill; KKR; Barclays; Credit; Deutsche; Goldman; HSBC; Mizuho; PNC Capital; SunTrust; Wells Fargo 160 $18 $20 $3,040 $16,701 Thur in process
Food & drug retailer
Albertsons Companies (ABS) Goldman; BofA Merrill; Citigroup;  Morgan; Deutsche; Credit; Barclays 65 $23 $26 $1,600 $11,638 Thur in process

 

 

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