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

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,...

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

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...

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

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

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

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

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

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...

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

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...

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...

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...

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,...

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...

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

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...

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...

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...