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...
Triton Notes
- Jan 11, 2020
- 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,...
- Jan 9, 2020
- 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...
- Jan 8, 2020
- 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, 2020
- 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, 2020
- 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...
- 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...
- 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...
- 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...
- 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."...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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....
- 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...
- Sep 13, 2018
- 1 min
NIO and 111: Low IPO Prices in Line with Low Triton Scores
NIO - 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...
- Jul 9, 2018
- 1 min
Tech IPO 1H Scorecard
Triton’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...
- Jun 18, 2018
- 1 min
Here'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...
- May 3, 2018
- 1 min
Here's one way to think about Carbon Black
Carbon 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)...
- Apr 21, 2018
- 4 min
Here's one way to think about DocuSign
You 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...
- Apr 17, 2018
- 2 min
Here's one way to think about Smartsheet
What if the Zuora playbook worked just a little less well across the board? What if the basic venture-backed saas proposition was the...