VALUATION RATIOS
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8 IPOs scheduled week of 4-19, for $1.2bb in IPO proceeds |
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Click to see IPOreports
Two are reasonably priced: DVOX & SPSC.
MITL appears overpriced: |
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Summary |
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VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
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April 19wk, 2010 |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
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Alimera Sciences (ALIM), biopharma: C, 6 |
$488 |
no sales |
-11 |
6.0 |
5.9 |
20% |
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Codexis (CDXS), biocatalysts: C, 6 |
$476 |
5.7 |
-24 |
4.3 |
4.2 |
18% |
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DynaVox (DVOX), speech software, C+, 7 |
$474 |
6.2 |
34 |
7.1 |
-31.4 |
32% |
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Excel Trust (EXL), REIT, retail prop: C+, 6 |
$270 |
none |
n/a |
1.1 |
1.3 |
94% |
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Global Geo Svcs (GGS), seismic data: C+, 6.5 |
$574 |
1.8 |
718 |
3.5 |
3.0 |
32% |
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Mitel Netwks (MITL) T9mos, IP-based comm: C+, 6.5 |
$865 |
1.3 |
43 |
-30.4 |
3.0 |
23% |
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SPS Commerce (SPSC), on-demand soft: C+, 7 |
$131 |
3.4 |
113 |
4.2 |
4.4 |
30% |
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THL Credit, Inc. (TCRD), messanine loans/equity: C+, 6 |
$267 |
none |
n/a |
1.0 |
1.0 |
77% |
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note: trailing 12 months except MITL is T9mos |
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Total new IPO mrkt cap |
$3,545 |
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