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...
TritonApr 23, 20193 minUber IPO: right now it’s all about the price range and the 1Q numbersWhen Uber files an amended S-1 with its price range later this week or early next we’ll know two things that we don’t know now: Are the...
TritonApr 18, 20192 minHere's one way to think about PINS vs. SNAPPinterest and Snap run the same kind of mousetrap. They aggregate large groups of online users, whose attention they sell to big brand...
TritonApr 14, 20192 minHere's one way to think about the sorry state of IPO disclosure: Uber vs. MicrosoftFor those sitting at their desks this past week paralyzed by dread of reading Uber's 395-page S-1, it wasn't always like this....
TritonApr 4, 20192 minHere's one way to think about the Lyft IPOMany are busy reading the chicken guts of the Lyft IPO and making dire predictions that it's an ill omen for coming tech IPOs. The gods...
TritonSep 13, 20181 minNIO and 111: Low IPO Prices in Line with Low Triton ScoresNIO - Triton Score of 5.93 NIO priced at $6.25, the bottom of the price range of $6.25 - $8.25. NIO opened trading at $5.80 and closed...
TritonJul 9, 20181 minTech IPO 1H ScorecardTriton’s look-back for the last quarter and the year-to-date is available here. Link to deck here It’s been busy and promises to stay...
TritonJun 18, 20181 minHere's one way to think about 2018 YTD tech IPOs It’s crazy. The chart below says it all: Small indications of sanity: The 2018 cohort finished day one right in line with the historical...
TritonMay 3, 20181 minHere's one way to think about Carbon BlackCarbon Black’s Triton Score of 6.02 places it in the 35th percentile of tech IPOs Scored by Triton, which is a tie with Smartsheet (6.02)...
TritonApr 21, 20184 minHere's one way to think about DocuSignYou know the end times are coming for the American legal system when a company can be paid more than half a billion U.S. Dollars a year...
TritonApr 17, 20182 minHere's one way to think about SmartsheetWhat if the Zuora playbook worked just a little less well across the board? What if the basic venture-backed saas proposition was the...
TritonApr 13, 20181 minHere’s one way to think about Ceridian and PivotalTechnology companies are supposed to be growth companies. And in theory technology companies go public to raise money so they can grow....
TritonApr 3, 20181 min1Q 2018 IPO ScorecardFive deals done and five on file $3.75 billion of issuance in 1Q from five deals IPOs with high Triton Scores saw aggregate market cap...
TritonApr 1, 20182 minHere’s one way to think about ZuoraYawn. It’s so predictable. Another running of the playbook for venture-backed enterprise saas platforms in which we take a manager from...
TritonMar 25, 20182 minHere's one way to think about BilibiliIf you liked Zynga and King Digital, you will love Bilibili. Singular hit game titles: Zynga had FarmVille. King Digital had Candy...
TritonMar 25, 20183 minHere's one way to think about iQIYIWhat would Netflix look like if it was started today, and didn't evolve from a mail-order DVD rental business? When it launched the only...
TritonMar 23, 20182 minHere’s one way to think about DropboxDropbox is a closed-loop ad network. Or said differently Dropbox is a single-advertiser social publisher built on user-gen content. The...
TritonMar 21, 20181 minTriton IPO Scores 101Zscaler was the 101st tech IPO Triton has Scored so we performed a detailed correlation analysis to address one question: do Triton...
TritonSep 12, 20171 minTriton Adds the D. E. Shaw Group as an Investor to Expand its Financial Data and Analysis PlatformTriton, the developer of a financial data and analysis platform that uses technology to power data-driven investment and acquisition...