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e.l.f. Beauty (ELF) priced above their proposed range last night at $17. Capital markets have been whispering that the deal is "hot" for a while.…

There have been a slew of "advertising technology" companies in the IPO market over the last few years - Critio (CRTO), Rocket Fuel (FUEL), and…

The Story, the Reality & The Valuation The Story - Everbridge (EVBG) provides software to enable organizations to rapidly respond more effectively to emergency…

Talend Software (TLND) priced their IPO above the range at $18. The company provides data integration software to enterprises who continue to struggle to…

4 days ago by Candyman

e.l.f. Beauty (ELF) priced above their proposed range last night at $17. Capital markets have been whispering that the deal is "hot" for a while.

In short - the story is very good, the financials are not quite as stunning as…

5 days ago by Candyman

There have been a slew of "advertising technology" companies in the IPO market over the last few years - Critio (CRTO), Rocket Fuel (FUEL), and the Rubicon Project (RUBI.) Criteo has held up the best while the others have faded away…

2 weeks ago by Candyman
The Story, the Reality & The Valuation

The Story - Everbridge (EVBG) provides software to enable organizations to rapidly respond more effectively to emergency situations, like natural disasters, terrorist attacks and school shootings to name some examples. (See the

2 months ago by Candyman

Talend Software (TLND) priced their IPO above the range at $18. The company provides data integration software to enterprises who continue to struggle to manage and leverage their growing pile of data - big data, small data, cloud data, etc.

2 months ago by Candyman

This Wednesday Impinj (NASDAQ: PI) is expected to price 4.6m shares at $12-14. RBC is leading the charge with four other banks. (Everyone should read the Impinj prospectus and IPO Candy subscribers can peruse the

2 months ago by Candyman

We wanted to take a moment to examine the performance of the IPO market so far this year and highlight some interesting trends with graphs and pictures. So far July looks like it will be a pretty good month so…

3 months ago by Candyman

There are lots of eyes on the Twilio TWLO IPO this week. It’s scheduled to price tonight. So far the IPO market in 2016 has been dominated by healthcare deals. Normally we tend to have a more balanced mix with…

4 months ago by Candyman

Healthcare claims processing is soul-crushingly complex. Recently the number of "codes" used went up 5x to over 68,000. At the same time there is tremendous cost pressure so every insurer wants to ensure claims are accurate and enforce payment policies.

5 months ago by Candyman

Investors have found a lot to like with SiteOne Landscape Supply (NYSE: SITE). The company priced their IPO last night at $21, inside their proposed pricing range of $20-22.  To the delight of investors the SITE story is simple and…

5 months ago by Candyman

In February we had the Editas (EDIT) IPO which doubled promptly in the market. The entire biotechnology world is enamored with the potential of these core gene-editing technologies.

One of the companies mentioned in our note: A CRISPR view of…

5 months ago by Candyman
Update:

The deal priced below the range at $14. Since then the shares have been sitting around $13/share. Coverage should begin on or about May 17th and we expect the stock price to recover somewhat. Investors are mostly worried that…

5 months ago by Candyman

Last night BATS priced a greater than expected number of shares at the high end of their IPO price range - $19/share. After a very slow market so far in 2016 the ice has been broken by a fairly large…

6 months ago by Candyman

In the early days of Etsy a site sprang up called Regretsy that made me (and many others) laugh to the point of tears. Their tagline was “where DIY meets WTF” and it was simple but brilliant. They would find…

6 months ago by Candyman

HCM priced their IPO on the US market (NASDAQ:HCM) at $13.50. The shares already trade in London (AIM:HCM).

Investors can find plenty of details in the HCM IPO roadshow slide deck but there are some major takeaways here:

China will…
7 months ago by Candyman

We are very happy to be launching our new "Broken Candy" service to the market. It's been a long-running request from many of our members and associates. With close to 1000 companies now in our database there is more than enough to…

7 months ago by Candyman

Syndax (SNDX) tried to go public back in June of 2014 with a different management team and less compelling story. Instead they took in capital from crossover investors, did a minor pivot and brought in a new management team to…

8 months ago by Candyman

Editas (NASDAQ:EDIT) completed their IPO this week in a difficult market and is now the first "pure play" on CRISPR. In the biotechnology field CRISPR is viewed as the Next Big Thing. Journals like the MIT Technology Review have called…

8 months ago by Candyman

As we start 2016 it's a good time to review and update all our positions in the folio. We're eliminating quite a few and adding some new names. Generally we are hanging on to many of our best performers.

First…
10 months ago by Candyman

“Hi! I’m dating stock called MTCH looking for a committed relationship with investors. I’ve got a ton of baggage from prior acquisitions and my latest passion is taking me in a new direction which I don’t have a handle on yet.…

11 months ago by Candyman

Mimecast (Nasdaq: MIME) is a SaaS/Cloud company focused on enterprise email security and archiving. The story is a little mixed up though. The company focuses on email but is positioned (at least by Gartner Group) as an information archiving company.…

11 months ago by Candyman

Square (NYSE: SQ) is coming public as a $1B revenue company with quite a few moving parts.
There's the negative margin Starbucks business which is going away, plus the "ratchet" provision whereby prior investors will have their number of…

11 months ago by Candyman

Xtera (NASDAQ: XCOM) provides long-range high-capacity optical networking systems. Company claims that they are unique because they simultaneously offer very high speed *and* long distance solutions. In the past most customers wanted one or the other - now everyone wants…

11 months ago by Candyman

GenSight (NASDAQ: GNST)  is smaller size biotech deal with Leerick, Evercore and Canaccord on the cover. The 4.6M shares are all primary with a $14 mid-point. It's scheduled for tonight, November 5th. Post-IPO there will be close to 19M shares with a market capitalization…

11 months ago by Candyman

Adesto (NASDAQ: IOTS) doesn't look like much on the surface - flat revenues, consistent losses in a heavily commoditized business - computer memory. So it's not surprising that they just reduced their proposed price to $7/share with their tier-2 underwriting…

11 months ago by Candyman

UPDATE: February 21, 2016 - since the shares were priced at $52 and peaked close to $60 the shares have trended down consistently to $38 today. The low was $32. Of course it's been a tough market and concerns over global…

12 months ago by Candyman

The recent news for Verastem (Nasdaq:VSTM) has been terrible. Yesterday they announced a layoff of 50% of their workforce which will get the company down to 20 people and save $4.9M a year in operating costs. They still have $132M in…

12 months ago by Candyman

Pure Storage [NYSE:PSTG] priced at $17,  above their proposed price range $14-16 price range. It's clear they have a great story and management team with revenue growth numbers that speak volumes, at scale. After doing $6M in 2013 we see them…

12 months ago by Candyman

At first Aclaris [Nasdaq: ACRS] didn't catch my eye. The phrase "concentrated hydrogen peroxide" sounded too simple to offer any sustainable competitive advantage.

However a favorable mention from the famous "Dr. KSS" who…

12 months ago by Candyman

There's a big gap between the PayPal (PYPL) story/investor slide deck and market reality. As an investor we like it - hits all the right notes and management has all the right answers. But as a user we scratch our…

12 months ago by Candyman

Despite a dicey market we are staring down a full calendar this week and next. There are 13 deals in active marketing now which is pretty good (the system peaks out at around 20 or so because things are still manual,…

1 year ago by Candyman

We were impressed by the Penumbra (NYSE:PEN) neuro and vascular technologies demonstrated in their roadshow. Combined with their meaningful revenue ($125M in 2014 which was up 41%) and profitability this is an IPO to watch and probably own. Being able…

1 year ago by Candyman
Wayfair Under Attack

The shorts have come out in force on Wayfair (NYSE:W) and their attacks are blistering (PDF). The shares have held up well so far, in part due to sell-side analysts at large firms…

1 year ago by Candyman

It's been a volatile August and the world continues to change, sometimes it feels like it's doing so at a faster pace!

That means it's a good time to update the IPO Candy Folio which to remind you is…

1 year ago by Candyman

Ambarella (AMBA) has been a white-hot IPO since coming out in 2012 it's up over 1400%! The company is the current king of video-processing chips. More elaborately stated in their company description: "The company’s system-on-a-chip designs integrated HD video processing,…

1 year ago by Candyman
The Amplify Snack Brands Story

Amplify Snack Brands (NYSE:BETR) came public in early August at $18/share but traded down from the start to reach the current $13-14 level. The company is generating very attractive margins from their flagship…

1 year ago by Candyman

Planet Fitness [NYSE:PLNT] is a lightning rod for controversy and opinions. Serious fitness types tend to hate PLNT and even take the time to produce videos highlighting how inferior Planet Fitness gyms are, how wrong their policies against excessive lifting…

1 year ago by Candyman

We published a note on Malibu Boats (NASDAQ:MBUU) back in January and didn't love the IPO. In short it seemed fully valued at the proposed IPO price. The IPO was a success and the shares have traded up to…

1 year ago by Candyman

Ooma (NASDAQ: OOMA) is another alternative communications company that provides cloud-based phone services to consumers and small businesses. The company is like some other small public companies like Vonage (NYSE:VG), MagicJack (NASDAQ: CALL), and RingCentral (NYSE: RNG).

Ooma has an…

1 year ago by Candyman

It's no surprise that the "uber for doctors" had a hit IPO - pricing above-the-range at $19 and opening at $29.

Our IV estimate of $11 is far less exciting though. Why so low? The model itself is below…

1 year ago by Candyman

As we exit June and head into the summer we made a number of adjustments to our IPO Candy Folio. We're also providing a link to a sheet where you can see the holdings if you're interested. This isn't…

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