TritonJan 13, 20202 min2019 Tech IPO Winners and Losers – Part Six of SixClear winners and losers by company type and transaction structure. 2019 was a reckoning for the new category of mega-cap startups. The...
TritonJan 11, 20203 min2019 Tech IPO Winners and Losers – Part FiveSpecial 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,...
TritonJan 9, 20201 min2019 Tech IPO Winners and Losers – Part FourOther ways to look at winning and losing It’s all about money. Issuers want capital at reasonable prices, private investors want...
TritonJan 8, 20203 min2019 Tech IPO Winners and Losers – Part ThreeSlack 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...
TritonJan 7, 20202 min2019 Tech IPO Winners and Losers – Part TwoNegative “pops”: overall, despite short-term gains for investors, issuers got the better of the pricing process Venture capitalists love...
TritonJan 6, 20202 min2019 Tech IPO Winners and Losers – Part OneThe winner (and loser) is… Uber. And… Zoom. Despite its directional uniformity and clear dispersion, the chart below of 2019’s tech IPOs...
TritonNov 12, 20192 minThe 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...
TritonSep 29, 20192 minUnless 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...
TritonSep 13, 20191 minWe's new S-1: These aren't the droids you're looking forWe filed a new S-1 today addressing only the most outrageous aspects of its voting and governance structure. For example, the founder's...
TritonSep 9, 20192 minPeloton’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...
TritonSep 3, 20191 minFinancial Times - Rett Wallace"WeWork prospectus fails to come clean on future profits. Diabolical sleight of hand obfuscates whether costs will outpace revenue."...
TritonMay 15, 20192 minDoes 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...
TritonMay 15, 20192 minWho 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...
TritonMay 13, 20191 minUber IPO post-mortemFor 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...
TritonMay 10, 20193 minThe biggest loser today is WeWorkTwo points make a line. And now we know that whatever the relative quality differential between Lyft and Uber, the jury is in that large,...
TritonMay 8, 20192 minDon’t confuse the investors: just when you think Lyft’s disclosure can’t get worseFor 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...
TritonApr 30, 20191 minFinancial 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...
TritonApr 29, 20192 minHere’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...
TritonApr 23, 20191 minWhat’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...
TritonApr 23, 20191 minTriton Scores and IPO performance: Lyft, Pinterest, and ZoomIn a recent sample, tech IPOs that carry a higher Triton Score outperform IPOs with lower Triton Scores by about 3x over about a year...