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Autohome (ATHM) offers China Auto Ownership Play

Autohome (ATHM) is expected to price tonight and has raised the proposed price range from $12-$14 to $14-$16. At the mid-point of the range this company will have a heady market cap of $1.5B or about 10x 2013 estimated sales. The company is very profitable however. A similar company, Bitauto (BITA) came public in 2010…

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Barracuda Networks CUDA IT Security and Storage for the SMB Market

Today Barracuda (CUDA) got a bevy of “buy” ratings from their investment bankers. Price targets are in the $25-28 range with the shares trading at $22. The IPO was completed at the bottom of the filing range at $18 in early November. Barracuda is a ~$250M revenue company that provides a suite of IT solutions…

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Criteo CRTO Display Ads Turbocharged

Today Criteo (CRTO – $35.50) received a bevy of positive research coverage from the underwriters. All six came out with “buy” ratings with price targets around $45. It’s been a long time since we’ve had a French technology company do this well and list so successfully in the US markets. Basically this company has created…

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Mobile Software IPO Sungy Mobile

TLDR: Sungy Mobile (GOMO) provides a software platform for mobile devices that enhances and extends the capabilities of the Android OS. Users have strong desires to customize their device UI and add functions. The company is growing fast (~80%) and is very profitable with 30% operating margins. Proposed valuation of $350M at the mid-point is…

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Demandware IPO and FO

This week Demandware (DWRE) is offering a little over 3M shares in a follow-on offering after their IPO in early 2012. This deal falls into the “timing is everything” category with the shares up sharply following strong results in 2013. After a year trading around the mid-$20’s the stock has vaulted to $63/share in the…

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Twitter TWTR Roadshow

We’ve posted both the slide deck and a full transcript with comments with links below. But here are our key take aways from the presentation: Twitter (TWTR) makes it clear that they are more mature on mobile and international than Facebook (FB) with 3/4 of their usage and users coming from those sources respectively. Advertising…

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RingCentral IPO Basics

RingCentral (RNG) provides a sophisticated set of telephony capabilities to the small business (SMB) market. It’s naturally delivered as a cloud-based solution based on IP networking. RingCentral provides a set of services that business pay for on a monthly basis. (SaaS model) At the low end the company competes with more personal options like Google…

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Trulia IPO Roadshow Briefing Sheet

Deal Overview Total Shares: 6,000,000, (5,000,000 primary)Deal size is $90M at the $15 mid-point of the filing range. Bankers are JPM & Deutsche (lead) with a syndicate of RBC, Needham and William Blair. Shares to trade as TRLA on the NYSE. Total outstanding post deal will be 27.3M for a market cap of $410M. Revenue…

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Manchester United IPO Roadshow Briefing Sheet

The 134 year old famous football (as in soccer) team is offering public investors a chance to get in on the fun. It’s a medium sized deal to with 16.666667 shares at an $18 mid-point or $300M. The range is a bit wider than usual at $16 to $20. Oddly Jefferies, Credit Suisse and JP…

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Peregrine Semiconductor IPO Roadshow Briefing Sheet

Deal Info: 5.5M shares (97% primary) at a $15 mid-point = $82M IPO. Proposed market capitalization = $380M. NASDAQ: PSMI planned pricing the week of August 6 Books: Deutsche Bank and JP Morgan with co-managers: RBC, Needham, Oppy and PacCrest. Fabless semiconductor firm of 300 people in San Diego CA. Secret sauce is a special…

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