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The number of 2018 US tech IPOs will double over the next 10 days


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A wave of US tech IPOs has taken over the April IPO calendar . Five US tech companies are going public over the next 10 days, more than double the four that have IPO'd year-to-date. Those four average a 42% return from IPO, with stand-out returns from the three unicorns valued at over $1 billion.

Four US Tech Companies Have IPO'd in 2018: 42% Average Return
Issuer
Business
Trade Date LTM Sales 
YoY Growth
Deal Size
IPO Mkt Cap
Price vs.
Midpoint
1st-Day Pop
04/17 Return
Zuora ( ZUO )
San Mateo, CA
04/12/18 $168M
+30% 
$154M
$1,643M
40% +43%
+47%
Provides a cloud-based subscription billing and management platform.
Dropbox ( DBX )
San Francisco, CA
03/23/18 $1,107M
+31% 
$756M
$9,437M
24% +36%
+42%
Leading web-based cloud storage and collaboration platform.
Zscaler ( ZS )
San Jose, CA
03/16/18 $154M
+57% 
$192M
$2,056M
46% +106%
+80%
Provides a cloud-based network security service for enterprises.
Cardlytics ( CDLX )
Atlanta, GA
02/09/18 $128M
+15% 
$70M
$267M
-7% +3%
+9%
Provides a banking-based advertising channel to consumer products marketers.

Note: Table shows organic growth rates. Excludes  non-US companies  that have listed in New York.

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Five more US tech IPOs are scheduled for April, including four enterprise software companies with proposed valuations of more than $1 billion. Investors have demonstrated a strong appetite for high-growth software plays, which should benefit Pivotal , DocuSign and SmartSheet . DocuSign in particular boasts over $500 million in sales, 36% growth and positive free cash flow. While SmartSheet has high losses and comparatively lower annual sales, its blazing-fast growth (+66%) should garner interest.

Five US Tech Companies Scheduled to Go Public
Issuer
Business
LTM Sales 
YoY Growth
Deal Size
Market Cap
Price Range
Shares Filed
Pricing
Date
Pivotal Software ( PVTL )
San Francisco, CA
$509M
+22% 
$555M
$4,274M
$14 - $16
37,000,000
Thu
04/19
DellEMC spin-off providing a platform to streamline cloud software development.
Ceridian HCM (CDAY)
Minneapolis, MN
 $751M 
+7% 
$420M
$2,753M
$19 - $21
21,000,000
Wk of
04/23*
Provides enterprises with human capital management software.
DocuSign (DOCU)
San Francisco, CA
 $519M
+36% 
$543M
$4,676M
$24 - $26
21,700,000
Wk of
04/23*
Provides a cloud-based electronic signature platform.
Smartsheet (SMAR)
Bellevue, WA
 $111M
+66%
$128M
$1,204M
$10 - $12
11,632,950
Wk of
04/23*
Provides a spreadsheet-based work collaboration platform.
nLight (LASR)
Vancouver, WA
 $139M
+37%
$76M
$533M
$13 - $15
5,400,000
Wk of
04/23*
Manufactures high-power semiconductor and fiber lasers.

*Get exact trade dates on IPO Pro .

IPO PRO EXCLUSIVE : The chart below shows the valuation multiples for the year's US enterprise software IPOs, and their growth rates. Each of the year's three unicorns has delivered strong returns, averaging 54% from IPO price, mostly in first-day gains. That's a good sign for the upcoming high-growth names below.

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The article The number of 2018 US tech IPOs will double over the next 10 days originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.





This article appears in: News Headlines , IPOs
Referenced Symbols: ZUO , DBX , ZS , CDLX , PVTL



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