{"id":339543,"date":"2017-04-28T13:18:50","date_gmt":"2017-04-28T05:18:50","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1482776"},"modified":"2017-04-28T13:18:50","modified_gmt":"2017-04-28T05:18:50","slug":"cloudera-and-carvana-techs-next-two-ipos-both-price-at-15-per-share","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/cloudera-and-carvana-techs-next-two-ipos-both-price-at-15-per-share\/","title":{"rendered":"Cloudera and Carvana, tech\u2019s next two IPOs, both price at $15 per share"},"content":{"rendered":"

<\/p>\n

Another day another IPO(s). Due to the recent success of public\u00a0offerings\u00a0from companies like Yext<\/a>, Okta<\/a>\u00a0and Snap<\/a>\u00a0it seems the time\u00a0is now for startups to go public.<\/p>\n

And tomorrow we have two IPOs that are weirdly similar when you look at the numbers. Both will offer the same amount of shares for the same price on the same exchange, and even sound alike \u2013 Carvana and Cloudera.<\/p>\n

I wonder who will get to ring the opening bell? Anyways, read on for some details about each company and their respective offering.<\/p>\n

Carvana<\/h2>\n

Carvana<\/a>, the online-only used car dealership famous for its car vending machines, has priced its\u00a0IPO at $15 per share<\/a>. The company will trade on the New York Stock Exchange under the ticker CVNA.<\/p>\n

Carvana\u00a0initially said<\/a> they would price their offering between $14-$16 per share, so this price hits the midpoint of that range.<\/p>\n

The company will offer 15,000,000 shares in tomorrow\u2019s IPO, with an additional\u00a02,250,000 shares allocated\u00a0for underwriters to exercise. Assuming all shares are purchased, the company will raise just over $250 million, and value itself at around $2.08 billion.<\/p>\n

Before their IPO Carvana raised a total of $300 million in equity<\/a>, with the latest coming from\u00a0a $160 million Series C raise\u00a0six months ago<\/a>. They also took on $400 million total in debt to finance expansion, of which $170 million was outstanding at the end of 2016.<\/p>\n

Cloudera<\/h2>\n

Cloudera<\/a>, the enterprise data company, will also go public tomorrow on the NYSE. The company will similarly price their shares at $15, which\u00a0falls above the expected $12-14 range that was expected.<\/p>\n

Since Cloudera is also offering 15,000,000 shares with an optional\u00a02,250,000 for underwriters, they will follow in Carvana\u2019s footsteps and raise a little over $250 million assuming all shares are purchased.<\/p>\n

However there is one stark difference between the two companies \u2013 Cloudera once raised\u00a0private money in 2014 at $30.92\u00a0<\/a>per share, giving it a valuation\u00a0of just over $4 billion, which is almost double<\/a>\u00a0the expected $2 billion valuation it should get tomorrow from public markets.<\/p>\n

Of course since\u00a0IPO shares are expected to pop during the first few hours of trading,\u00a0it\u2019s possible that this valuation could increase when the stock starts changing hands\u00a0tomorrow. But it\u2019s still almost certain that regardless of the stock\u2019s first-day performance it will take some time for the company to grow large enough to match\u00a0its last private valuation.<\/p>\n

We\u2019ll keep an eye on both IPOs tomorrow and let you know how they perform.<\/p>\n","protected":false},"excerpt":{"rendered":"

\"\" Another day another IPO(s). Due to the recent success of public\u00a0offerings\u00a0from companies like Yext, Okta\u00a0and Snap\u00a0it seems the time\u00a0is now for startups to go public. And tomorrow we have two IPOs that are weirdly similar when you look at the numbers. Both will offer the same amount of shares for the same price on the same exchange, and even sound alike – Carvana and Cloudera. I… Read More<\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

\"\"\/ <\/p>\n","protected":false},"author":5817,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[25],"tags":[59,66,26],"class_list":["post-339543","post","type-post","status-publish","format-standard","hentry","category-technology","tag-media","tag-techcrunch","tag-technology"],"_links":{"self":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/339543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/users\/5817"}],"replies":[{"embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/comments?post=339543"}],"version-history":[{"count":0,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/posts\/339543\/revisions"}],"wp:attachment":[{"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/media?parent=339543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/categories?post=339543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/people.utm.my\/asmawisham\/wp-json\/wp\/v2\/tags?post=339543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}