Liquidity Public Venture

IPO Update: CrowdStrike, Fiverr, And Chewy

Morning Markets: A quick note on what’s ahead.

Let’s talk quickly about the IPO market. There’s a bit coming up, and we need to stay on top of it all.

Subscribe to the Crunchbase Daily

First, CrowdStrike intends to price 18 million shares tonight, between $28 and $30 per share. That’s a haul that should tip the scales at just over a half billion dollars. The firm will begin to trade on Wednesday. You can read our prior coverage of the company’s IPO here.

Notable about CrowdStrike is that it is another example of a dual-track-ish run that, in this case, didn’t seem to close off the IPO run. A good pricing experience probably helped the firm avoid the grips of a larger company.

Moving on, Fiverr. Surprised that this company is going public? It’s still doing that. Expect Fiverr to sell 5.3 million shares at a price of $17 to $19 per share. The company’s risible ad copy won’t stop the firm from gettin’ out the door. Evidence, we thought, of the market showing that the IPO window is quite open.

Fiverr is expected to price on Wednesday, and trade on Thursday. The firm raised $111 million as a private company.

And finally, Chewy! This company has gotten dinged up (fairly!) for its impending dual-class stock structure. It’s a case of capital winning thanks to the raw power of money, and a money-losing company selling second-class equity to the public in hopes of allowing them to fund its growth.

A deal! Putting aside the inane class setup (someone please make a Titanic joke), the company’s performance is kinda ok. It’s growing, its net losses are coming down. But Chewy’s cash burn on a both operating and a free cash flow basis are trending down. But, it’s 2019, and if Fiverr is going public I don’t see why Chewy can’t.

Expect Chewy to sell just under 42 million shares for $17 to $19 this Thursday, and trade on Friday.

Three IPOs in a week? Let’s go!

Image: Istock