Company: Zuora, Inc
Symbol: ZUO
Description: They provide cloud-based software on a subscription basis that enables any company in any industry to successfully launch, manage, and transform into a subscription business.
Trade Date: 4/12
Shares: 10 million
Price Range: $11.00-$13.00
Underwriter(s): Goldman Sachs & Co., Morgan Stanley, Allen & Company LLC, Jefferies
Co-Manager(s): Canaccord Genuity, Needham & Co.
Terms Added: 4-2-18
Business:They provide cloud-based software on a subscription basis that enables any company in any industry to successfully launch, manage, and transform into a subscription business. Their vision reflects the wide range of business models in the Subscription Economy, where products and services can be priced based on usage, consumption, and outcomes, and the value of a company’s relationships with its customers is critical.
FINANCIALS: For fiscal 2016, fiscal 2017, and fiscal 2018, their total revenue was $92.2 million, $113.0 million, and $167.9 million, respectively. They have made significant investments to grow their business, including in sales and marketing, infrastructure, operations, and headcount. As a result, they incurred net losses for fiscal 2016, fiscal 2017, and fiscal 2018 of $48.2 million, $39.1 million, and $47.2 million, respectively.
Insider Buying: Certain entities affiliated with Azim Premji, an affiliate of an existing stockholder, have indicated an interest in purchasing an aggregate of up to $12.0 million in shares of their Class A common stock in this offering at the initial public offering price per share.
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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