Company: Funko, Inc
Symbol: FNKO
Description: They are a leading pop culture consumer products company.
Shares: 13.3 million
Price Range: $14.00-$16.00
Trade Date: 11/2
Underwriter(s): Goldman Sachs & Co., J.P. Morgan, BofA Merrill Lynch
Co-Manager(s): Piper Jaffray, Jefferies, Stifel, BMO Capital Markets, SunTrust Robinson Humphrey
Business: Their business is built on the principle that almost everyone is a fan of something and the evolution of pop culture is leading to increasing opportunities for fan loyalty. They create whimsical, fun and unique products that enable fans to express their affinity for their favorite “something”—whether it is a movie, TV show, video game, musician or sports team. They infuse their distinct designs and aesthetic sensibility into one of the industry’s largest portfolios of licensed content over a wide variety of product categories, including figures, plush, accessories, apparel and homewares.
FINANCIALS: Their financial performance reflects the strong growth of their business. From 2014 to 2016, they expanded their net sales, net income and Adjusted EBITDA at a 100%, a 17% and an 86% compound annual growth rate, or CAGR, respectively. They achieved this growth without reliance on a singular “hit” property as no single property accounted for more than 15% of annual net sales during that period.
Book-Building Status: The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.
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