{"id":9738,"date":"2019-08-23T09:43:38","date_gmt":"2019-08-23T13:43:38","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=9738"},"modified":"2019-08-23T09:45:08","modified_gmt":"2019-08-23T13:45:08","slug":"ipo-boutique-brief-post-labor-day-ipo-outlook","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/ipo-boutique-brief-post-labor-day-ipo-outlook\/","title":{"rendered":"IPO Boutique Brief: Post Labor Day IPO Outlook"},"content":{"rendered":"<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">This week\u00a0<\/span><a href=\"http:\/\/www.ipoboutique.com\/blog\/new-filings-updated-terms-ending-8-23-19am\/\"><b>six new IPOs<\/b> <\/a><b><a href=\"http:\/\/www.ipoboutique.com\/blog\/new-filings-updated-terms-ending-8-23-19am\/\">filed<\/a>\u00a0<\/b>including a handful of biotech companies and a technology-security company,\u00a0<strong>Ping Identity Holding Corp.\u00a0<\/strong><\/p>\n<p>But the anticipation for September and beyond lie within a handful of &#8220;high-profile&#8221; companies &#8212; headlined by\u00a0<strong>The We Company.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\"><strong>The We Company <\/strong>describes itself as a company that\u00a0provides their members with flexible access to beautiful spaces, a culture of inclusivity and the energy of an inspired community, all connected by their extensive technology infrastructure.<\/span><\/p>\n<p>What&#8217;s also extensive is their S-1 prospectus explaining their business.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Company that provides members spaces to &#8220;include a culture of inclusivity&#8221; connected by their technological infrastructure, The We Company, filed for <a href=\"https:\/\/twitter.com\/hashtag\/IPO?src=hash&amp;ref_src=twsrc%5Etfw\">#IPO<\/a> seeking up to $1bn. <a href=\"https:\/\/twitter.com\/search?q=%24WE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$WE<\/a><\/p>\n<p>Underwriter(s): JPM, GS, BAML, Citi, CS, HSBC, UBS, WF<a href=\"https:\/\/t.co\/nlJdLt7TMI\">https:\/\/t.co\/nlJdLt7TMI<\/a> <a href=\"https:\/\/t.co\/xoOx8LGuC3\">pic.twitter.com\/xoOx8LGuC3<\/a><\/p>\n<p>\u2014 IPO Boutique (@IPOBoutique) <a href=\"https:\/\/twitter.com\/IPOBoutique\/status\/1161600939096195072?ref_src=twsrc%5Etfw\">August 14, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Some of the best minds we know in the business are having a difficult time connecting the dots to how this company truly operates. And when finally wrapping their head around the business&#8230;the question of the sustainability of the business is even further enhanced.<\/p>\n<p>There used to be a thought that an IPO this big (we anticipate a large cash raise) could never fail \u2014 the banks just wouldnt let it. \u00a0But with private valuations running away from reality, these companies are potentially too large for the underwriting banks to &#8220;support&#8221; it. The prevalent thought is that there is a constant &#8220;tug-of-war&#8221; with the company, banks and the public market on what the true valuation of a company is. The company (and its existing backers) do not want too give too much of a down-round. New investors at the public market want a\u00a0<em>fair price<\/em>.<\/p>\n<p>Furthermore, if 2019 is any indication&#8230;the markets are punishing IPOs that have no clear path to profitability. Look no further than <strong>Uber Technologies<\/strong> and<strong> Lyft<\/strong> as example A and example B.<\/p>\n<p><span style=\"font-weight: 400;\">Outside of <strong>The<\/strong>\u00a0<\/span><b style=\"font-size: 1rem;\">We<\/b> <strong>Company.<\/strong>.. the likes of<b style=\"font-size: 1rem;\"> Cloudflare Inc, SmileDirectClub, GFL Environmental Holdings<\/b>\u00a0and<b style=\"font-size: 1rem;\">\u00a010x Genomics <\/b>are\u00a0<span style=\"font-weight: 400;\">to be among the other companies to come public first in September.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It would not surprise us if high profile offerings like\u00a0<\/span><b>Peloton and Postmates<\/b><span style=\"font-weight: 400;\"> would soon follow &#8212; albeit they have not officially filed with the SEC at this time.\u00a0<\/span><\/p>\n<p><em><strong>One thing we have been told by our underwriter sources&#8230;expect the September, October and November months to be robust.\u00a0<\/strong><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[24,1536],"tags":[],"class_list":["post-9738","post","type-post","status-publish","format-standard","hentry","category-ipo","category-subscriber-content"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/9738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=9738"}],"version-history":[{"count":2,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/9738\/revisions"}],"predecessor-version":[{"id":9740,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/9738\/revisions\/9740"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=9738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=9738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=9738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}