January Candygram

We just published our January Candygram which takes a look at performance for the year just ended and includes the usual review of filings, pricings and performance for December.

In terms of our class of 2011, the average deal is down 13% from where it priced. (Remember we track only growth names and avoid banking, REIT stocks, and commodities.) Only 20 deals are trading above their IPO price!

Three of the top names are technology driven stories (Imperva, InvenSense & Fusion-io) and two are more traditional opportunities in large markets. We’ve been a fan of InvenSense since the beginning and we are covering them in our RealVR practice.

Moving on to the dogs, the near-total loss of FriendFinder should close the door for all adult-oriented content companies in the public markets. Nobody wants to own this stuff even when it’s disguised as “adult social networking.”

China was a big theme turned flash in the pan due to widespread accounting irregularities and so-so management. Most institutions avoided these names anyway.

Finally, semiconductors remain a challenging business due to the long cycle times, high investment levels and cutthroat pricing.

Please visit the Candygram page to access the full report (subscription required.)

The text of the report will appear on Seeking Alpha and when it does we will update this post with a link to it.

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