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Triton in the Press

Jan 13, 2020
2 min

2019 Tech IPO Winners and Losers – Part Six of Six

Clear winners and losers by company type and transaction structure. 2019 was a reckoning for the new category of mega-cap startups. The...

2019 Tech IPO Winners and Losers – Part Five

Triton

Jan 11, 2020
3 min

2019 Tech IPO Winners and Losers – Part Five

Special Cases Worthy of Note Lyft If there was a tangible moment to mark the beginning of the IPO shakeout of 2019 it was April 1st,...

2019 Tech IPO Winners and Losers – Part Four

Triton

Jan 9, 2020
1 min

2019 Tech IPO Winners and Losers – Part Four

Other ways to look at winning and losing It’s all about money. Issuers want capital at reasonable prices, private investors want...

2019 Tech IPO Winners and Losers – Part Three

Triton

Jan 8, 2020
3 min

2019 Tech IPO Winners and Losers – Part Three

Slack was the biggest loser of them all If issuers win by raising the most capital at the best price, and investors win by buying stocks...

Triton

Jan 7, 2020
2 min

2019 Tech IPO Winners and Losers – Part Two

Negative “pops”: overall, despite short-term gains for investors, issuers got the better of the pricing process Venture capitalists love...

2019 Tech IPO Winners and Losers – Part One

Triton

Jan 6, 2020
2 min

2019 Tech IPO Winners and Losers – Part One

The winner (and loser) is… Uber. And… Zoom. Despite its directional uniformity and clear dispersion, the chart below of 2019’s tech IPOs...

Triton

Nov 12, 2019
2 min

The WeWork S-1 that could have been.

Oh man, check out this investor deck WeWork posted the other day (and Matt Levine flagged yesterday). They had the good stuff all along...

Unless you are a misfit toy, this tech IPO market is just fine.

Triton

Sep 29, 2019
2 min

Unless you are a misfit toy, this tech IPO market is just fine.

Much prognosticating this week about the closing of the tech IPO window, but the table below tells a different story. Normal tech...

Triton

Sep 13, 2019
1 min

We's new S-1: These aren't the droids you're looking for

We filed a new S-1 today addressing only the most outrageous aspects of its voting and governance structure. For example, the founder's...

Peloton’s IPO disclosure: THIS is how you do it.

Triton

Sep 9, 2019
2 min

Peloton’s IPO disclosure: THIS is how you do it.

See? They CAN do it if they want to. Turn to pages 63 and 64 of Peloton's S-1 if you want to see something extraordinary. Churn! And...

Triton

Sep 3, 2019
1 min

Financial Times - Rett Wallace

"WeWork prospectus fails to come clean on future profits. Diabolical sleight of hand obfuscates whether costs will outpace revenue."...

Triton

May 15, 2019
2 min

Does WeWork even make sense?

By filing to go public and also raising a fund to take even more risk on the underlying real estate it rents out, both in the same 10-day...

Triton

May 15, 2019
2 min

Who is really in charge of the competent world?

Now that Uber is safely at the bottom of a smoking crater, how do we think about Morgan Stanley’s role in putting it there? On the one...

Triton

May 13, 2019
1 min

Uber IPO post-mortem

For those of you who have time and inclination for a read that runs to more like 10 minutes than the usual three, we have compiled an...

Triton

May 10, 2019
3 min

The biggest loser today is WeWork

Two points make a line. And now we know that whatever the relative quality differential between Lyft and Uber, the jury is in that large,...

Triton

May 8, 2019
2 min

Don’t confuse the investors: just when you think Lyft’s disclosure can’t get worse

For those of you who had better things to do than listen to the Lyft 1Q conference call all the way to the end, you might have missed the...

Triton

Apr 30, 2019
1 min

Financial Times - Rett Wallace

"Uber’s enormous, vague IPO prospectus is an outrage. The 431-page document highlights what is wrong with the US public markets." These...

Triton

Apr 29, 2019
2 min

Here’s one way to think about Uber (and Lyft) and Amazon and… Kozmo.com

Here’s one way to think about Uber (and Lyft) and Amazon and… Kozmo.com The analogies between Uber and Amazon are not terrible but have...

Triton

Apr 23, 2019
1 min

What’s up with Jumia?

With a 5.02 Triton Score, Jumia was one of the lowest Scores ever, the 4th percentile. The Company loses $172m of EBITDA on $150m of...

Triton

Apr 23, 2019
1 min

Triton Scores and IPO performance: Lyft, Pinterest, and Zoom

In a recent sample, tech IPOs that carry a higher Triton Score outperform IPOs with lower Triton Scores by about 3x over about a year...

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