Jan 13 2 min 2019 Tech IPO Winners and Losers – Part Six of Six Clear winners and losers by company type and transaction structure. 2019 was a reckoning for the new category of mega-cap startups. The U...
Jan 11 3 min 2019 Tech IPO Winners and Losers – Part Five 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, Lyft...
Jan 9 1 min 2019 Tech IPO Winners and Losers – Part Four Other ways to look at winning and losing It’s all about money. Issuers want capital at reasonable prices, private investors want liquidit...
Jan 8 3 min 2019 Tech IPO Winners and Losers – Part Three 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 ...
Jan 7 2 min 2019 Tech IPO Winners and Losers – Part Two Negative “pops”: overall, despite short-term gains for investors, issuers got the better of the pricing process Venture capitalists love ...
Jan 6 2 min 2019 Tech IPO Winners and Losers – Part One The winner (and loser) is… Uber. And… Zoom. Despite its directional uniformity and clear dispersion, the chart below of 2019’s tech IPOs...
Nov 12, 2019 2 min The 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 b...
Sep 29, 2019 2 min Unless 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 compani...
Sep 13, 2019 1 min We's new S-1: These aren't the droids you're looking for We filed a new S-1 today addressing only the most outrageous aspects of its voting and governance structure. For example, the founder's s...
Sep 9, 2019 2 min Peloton’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 LTV!...
Sep 3, 2019 1 min Financial Times - Rett Wallace "WeWork prospectus fails to come clean on future profits. Diabolical sleight of hand obfuscates whether costs will outpace revenue." Thes...
May 15, 2019 2 min Does 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...
May 15, 2019 2 min Who 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 ha...
May 13, 2019 1 min Uber IPO post-mortem 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 ana...
May 10, 2019 3 min The biggest loser today is WeWork 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,...
May 8, 2019 2 min Don’t confuse the investors: just when you think Lyft’s disclosure can’t get worse 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...
Apr 30, 2019 1 min Financial 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...
Apr 29, 2019 2 min Here’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 s...
Apr 23, 2019 1 min What’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 rev...
Apr 23, 2019 1 min Triton Scores and IPO performance: Lyft, Pinterest, and Zoom 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 fro...
Apr 23, 2019 3 min Uber IPO: right now it’s all about the price range and the 1Q numbers When 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 C...
Apr 18, 2019 2 min Here's one way to think about PINS vs. SNAP Pinterest and Snap run the same kind of mousetrap. They aggregate large groups of online users, whose attention they sell to big brand ad...
Apr 14, 2019 2 min Here's one way to think about the sorry state of IPO disclosure: Uber vs. Microsoft For 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. Microsoft’...
Apr 4, 2019 2 min Here's one way to think about the Lyft IPO Many 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 ...
