Venture

This Week’s IPOs: Scooters And IT

Morning Markets: Good morning everyone. Let’s chat about this week’s domestic tech IPOs.

After a few busy dockets, last week’s IPO cohort was pretty mild. It was Anaplan, at least from our perspective. But this week promises to bring a number of other interesting companies to the market.

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None, however, are what you might call household names. Instead, they are companies that aren’t famous but are set to take a bite out of the public market. Here they are:

SolarWinds: Founded in 1999 and later acquired by private equity shop Thoma Bravo after going public, IT-infrastructure shop SolarWinds is looking to go public (again) for as much $19 per share. That could equal an IPO haul of over $900 million, according to its SEC filings. What should you know? That it has huge recurring revenue ($168 to $169 million out of around $212 million total revenue in the September quarter), and that it makes gobs of money.

Valtech: This UK-based company isn’t in Crunchbase yet, but according to Renaissance Capital, Valtech “[p]rovides outsourced enterprise IT development services.” Fair enough, make IT two for two so far. According to Valtech’s F-1,  a $16 per share IPO will net just over $122 million. The company looks to be worth around $650 million at $16 per share, give or take. The firm is profitable and growing.

Niu TechnologiesThis Beijing-based scooter company makes Vespa-like scooters that run on batteries. Small, little-polluting transportation it seems, according to its F-1 filing. Crunchbase has $45.5 million in known funding written down for Niu, which was founded just in 2014. That’s a pretty quick founding-to-filing interval. Niu is growing quickly (revenue doubled from H1’17 to H1’18), and losing lots of money ($47.6 million in the first half of 2018, about 56 percent of revenue). The firm will have to boost its gross margin if it ever wants to break even.

And that’s what’s on our radar. As always, email us what you’ve seen that we haven’t.

Illustration: Li-Anne Dias

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