• Triton

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

Click here for the complete analysis.

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