Internet

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Weibo WB The Chinese Twitter/Facebook?

We took some excerpts from the full Weibo IPO roadshow transcript to tease out more of what this company is all about. They are marketing their IPO now in what is a tough market. Twitter (TWTR) is off nearly 40% in the last eight weeks. As the company management sees it here are some high…

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Rubicon Project fills out mini digital advertising sector

The Rubicon Project (RUBI) is another cloud platform for digital advertising. RUBI is positioning itself as the underlying technology platform that these and nearly every other company out there is using to handle the actual automation and “real-time bidding (RTB)” between buyers and sellers of advertising. The Rubicon Project has been around for a long…

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What to do with the King?

King Digital (KING) is expected to price tonight (Tuesday, March 25th) and is being described as “very hot” with the suggestion that investors should “take crumbs” in the allocation process. The market capitalization at the mid-point of the filing range is ~$7B. (Link the the IPO Slides PDF.) Not everyone is positive on this mobile…

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Castlight CLST On a quest to fix US Healthcare

Castlight (CLST) is likely to be a red-hot IPO. It was filed at $9 to $11 by the “dream duo” of Goldman Sachs and Morgan Stanley with a few lucky co-managers (Allen, Stifel, Canaccord and RayJay) on the cover for some after-market support. Since we expect enduring interest in this name we took the extra…

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Investors will pay up for Coupons.com COUP

The story is pretty simple – paper coupons in Sunday newspapers are dead or dying. Not only is circulation declining but the already-small redemption rates for paper coupons have dropped from 1.5% to 0.6%. [The IPO roadshow slides are archived here.] On the flip side online coupons from Coupons.com (COUP) have soared in reach and…

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Veronis VRNS Aims at the User Data Problem

Veronis (VRNS) just priced their IPO above the range at $22/share for a market cap of $535M or about 5x estimated 2014 sales. We’ve included a few highlights and a valuation section at the end. Best guess is a post-IPO market price of $40/share. In addition to the transcript below we have archived the VRNS…

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A watershed moment for Zillow Z?

Zillow (Z) came public back in July of 2011 in what was a red hot IPO. The deal priced above the range at $20 and popped to $57 before closing the day at $35. Since then the company has completed two secondary offerings – one at $43 in September of 2012 and another at $82…

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Care.com IPO offers High Return with High Risk

Care.com (CRCM) is on the road now with a $90M IPO led by Morgan Stanley. There are about 6M shares being offered with a mid-point of $15. The deal is currently scheduled for Friday, January 24th. [Here is a link to the CRCM IPO Roadshow Slide Deck for reference.] Care.com is positioning themselves as the…

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Cvent Success Spurs a Spot Secondary

Cvent (NYSE: CVT – $37.92) is using the internet to connect company event planners with venues and related services to organize and run events more effectively. It’s a great idea which the company started implementing back in 1999 which has enabled them to be the clear leader in the space. We see the shares higher…

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Nimble Storage (NMBL) aims to reshape the storage industry

Nimble Storage (NMBL) is expected to price this week and has raised the proposed range up from $16-$18 to $18-$20. This Goldman Sachs/Morgan Stanley deal is hot and would debut at $1.4B at the new mid-point or about 10x sales. Based on prior deals this one will probably reach 2x+ the IPO price in the…

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