Notes

Agora provides software infrastructure for real-time voice, video and chat

The benefits of having a cloud-based API for complex voice and video interaction are well established. Twilio (TWLO) is the market leader here. Twilio started on the text and voice side and then moved to support more video and (with the acquisition of SendGrid) email. Agora (NASDAQ: API) is scheduled to go price their IPO…

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ZoomInfo Technologies

ZoomInfo (ZI) is scheduled to price tonight and trade tomorrow with a higher range now of $19 – $20. As we indicated in the Candygram earlier this week this is already a “hot deal” according to equity capital markets. ZoomInfo provides the data organizations need to do B2B marketing. Specifically company titles, emails, and other…

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Online Betting with GAN

This week we finally have an interesting IPO (of sorts) with GAN Limited (GAN on the NASDAQ). Since they are listed in London on the AIM market some capital markets services are treating this more like a secondary offering. However there’s a roadshow, underwriters and a book-building process so we’re treating it like an IPO….

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Broken Candy: Arlo Technologies

Arlo Investment Case Summary Arlo Technology (ARLO) is a maker of connected cameras and related software that was spun out of NETGEAR (NTGR) with an IPO on August 2, 2018 at $16/share. Shares traded higher immediately following the IPO and reached $23 before starting their steady decline to the current $2.15. There are two main…

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Candygram Highlights April 2020

Despite a slow/no-go IPO market we’ve had some companies brave the markets and price very successful deals. Here are some highlights from our weekly IPO Candygram. We also started compiling some things we find helpful like our IPO Candy 2019 yearbook which we will be doing again this year but releasing quarterly so it’s more…

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Model Portfolio Updates

It’s time to update our IPO Candy Model Portfolio. Our first pass is to add some new names and also eliminate a couple that no longer meet our investment criteria. Adding: SDGR, FVRR, ARLO, WORK, LVGO, CHWY, SWAV, FREQ Removing: GSKY, SPOT, PS, FNKO Here is more about the additions: Schrodinger (SDGR) – This is…

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Schrodinger’s platform for accelerated drug development and materials discovery

Snapshot Schrodinger (SDGR) is offering 10m shares at $14-16 for a $1B market cap. We expect the shares to perform well in part given that they are backed by two notable investors, David Shaw and Bill Gates, and they have a strong position in enabling new drug discovery and the development of new materials. It…

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IPO Candygram 2.3.2020

Last week made it feel like we’re really back from the break. Several IPO deals were priced and traded well in the aftermarket. We liked the One Medical (ONEM) deal enough to buy some on opening day at $18/share where it was still a good investment based on our analysis. This week we have seven…

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One Medical and the “membership model” of delivering primary care

One Medical (NASDAQ: ONEM) is pricing their IPO tonight for trading tomorrow (Friday, January 31st.) The short story here is that this company aims to make primary care more like a business and less like a typical healthcare institution. They think about their members as customers and not patients and strive to deliver care as…

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The IPO Candygram – January 2020 – Velocity Financial

Four deals priced last week to start the new year. Three priced at the bottom or below the range and the one that priced in the middle, IMAB, dropped 10% immediately in after market trading. So despite record highs the IPO market was lukewarm last week. These deals were all fairly mediocre as well so…

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