1Q 2018 IPO Scorecard

Five 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 increases of $5.4 billion. Yet market Cap at the IPO price was skewed 62% to low-Scoring deals
IPOs with low Triton Scores saw aggregate market cap declines of $1.8 billion
151% of market cap increase came from the two IPOs with high Triton Scores, Dropbox and Zscaler
iQIYI now replaces Snap as the leading example of large but low-Scoring tech IPOs that didn’t work
The tech IPO calendar is trending 60% higher than last year for number of deals

Clear winners and losers

Investors who allocated equally to IPOs with low Triton Scores had a (3%) return at the end of the quarter
Investors who allocated equally to IPOs with high Triton Scores had a 60% return at the end of the quarter. Yet dollar issuance was skewed 75% to IPOs with low Triton Scores