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Alpine Income Property Trust, Inc. Prices Initial Public Offering


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NCB says online portal available during MailPac IPO

NCB says online portal available during MailPac IPO

Friday, November 22, 2019

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NCB Capital Markets Limited has admitted that some investors recently experienced challenges with its online IPO application portal – GoIPO.

“We deeply regret the inconvenience to our customers who were impacted as we realise that there is tremendous interest in the MailPac IPO. We want to make sure that everyone interested in participating in this tremendous opportunity gets a chance to do so,” said Herbert Hall, vice-president of Investment Banking at NCB Capital Markets Limited.

Hall has since advised that the challenges with the platform have been largely resolved, and applications are now being successfully processed on the GoIPO portal.

Said a release from NCB: “As an alternative, applicants can use the ‘other investors’ option on the GoIPO online portal. Instructions for this alternate application method is detailed on NCB Capital Markets’ social media pages (@NCBCapitalMarkets on Instagram and Facebook) and on the website at ncbcapitalmarkets.com.

Hall, meanwhile, outlined a number of interventions to ensure that all who want to participate in the IPO are supported. He advised that customers who continue to have issues online should call 876-881-9382 or e-mail ncbcapinfo@jncb.com. He noted that NCB Capital Markets representatives are also standing ready in the branches to assist with the application process.

He further advised that there are some customers who have had issues related to entering incorrect information. In this regard, Hall urged customers to ensure that entries with numbers, including their Jamaica Central Securities Depository number, are entered correctly. In some cases, issues arose as a result of inactive or inadequately funded accounts. These particular issues can be addressed with the customer’s broker.

Applications have been received via the platform since last week after the brokerage house and the Jamaica Stock Exchange posted the MailPac Group prospectus on their respective websites. The IPO for the electronic shopping, freight and delivery company opens today and will offer 500,000,000 shares.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive

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SiTime Corporation Announces Pricing of Initial Public Offering


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Miller & Miller’s Watches & Jewelry Auction on Saturday, November 23rd, will feature luxury items by many famous makers


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How Does an Initial Public Offering Actually Work?

The initial public offering market was an interesting one to watch in 2019. Some public offerings, like those carried out by Lyft (NASDAQ:LYFT) and Uber (NYSE:UBER), were widely perceived to have flopped, while others, such as Beyond Meat (NASDAQ:BYND), surprised investors. One widely-publicized IPO, WeWork, didn’t even manage to get off the ground. Have you ever wondered how the IPO process actually works?

Why would a company want to do an IPO?

Let’s start by asking ourselves: why would a company want to do an IPO in the first place? The short answer to this question is because they need money. Traditionally, when a company grows past a certain level and it becomes difficult to raise equity from private investors, the business in question must turn to the public markets and list on a stock exchange in order to sell securities to buyers in the open market rather than having to negotiate directly with private buyers.

Nowadays, there is a lot more private money available to companies, with private equity groups like Blackstone, Carlyle and others being more than willing to provide money to businesses. Indeed, this is one of the reasons why companies like Uber, Lyft and WeWork could get as big as they did without having to turn to the public market. There are many advantages to the PE model, not least of which is that private companies do not have to disclose nearly as much information as public companies.

Additionally – and this is a more controversial point – it has been argued that the IPO is now being used primarily as a way for founders and early backers to sell their equity to the public as inflated valuations rather than as a way for businesses to raise capital (of course, they might be doing it for both of these reasons).

Who else is involved?

Regardless of why the business is doing an IPO, it needs the help of an underwriter to do this. Typically, this role is played by an investment bank which guarantees the proceeds of the IPO to the issuing business, thereby taking on the risk of the process. Additionally, the underwriter is responsible for marketing the IPO to potential investors, setting the price of the offering, and carrying out other regulatory duties.

What’s in it for the underwriter? By guaranteeing a minimum price to the issuing company, and being able to charge whatever price they want in the public market, the underwriter is able to pocket what is known as the underwriter spread (the difference between the two amounts) as a fee.

Should value investors buy shares issued in an IPO?

All of this creates an interesting conundrum for the value investor. Presumably, the issuing company will not agree to a guaranteed amount that is less than the intrinsic value of the business (which they are in the best position to assess). Therefore, whatever price the shares debut at must necessarily be higher than the intrinsic value of the business, as that number needs to include the investment bank’s spread. Therefore, it makes little sense for a value investor to buy into an IPO, which, incidentally, is why Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) hasn’t ever bought a new issue.

Disclosure: The author owns no stocks mentioned.

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About the author:

Stepan Lavrouk

Stepan Lavrouk is a financial writer with a background in equity research and macro trading. Specific investing interests include energy, fundamental geoeconomic analysis and biotechnology. He holds a bachelor of science degree from Trinity College Dublin.

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OneConnect Financial Files For U.S. IPO Amid Steep Losses

Quick Take

OneConnect (OCFT) has filed to raise gross proceeds of $100 million from a U.S. IPO, according to an F-1 registration statement.

The firm provides a Software-as-a-Service platform to financial institutions in China and overseas.

OCFT is seeking public investment but is producing high and increasing operating losses and cash burn, a difficult sell in the current U.S. IPO environment.

Company & Technology

Shenzhen, China-based OneConnect Financial, a Ping An spin-off founded in 2015, has developed and provides a SaaS financial technology platform to banking service, insurance providers.

Management is headed by Wangchun Ye, who has been with the firm since its inception and was previously general manager of multiple departments in, including the head office of Huaxia Bank.

Below is a brief overview video of the company’s product launch in Singapore:

Source: OneConnect

The firm has more than 3,700 institutional users as of September 30, 2019, to whom it offers 12 cloud-native solutions and over 50 products, such as increasing revenue, managing risks, improving efficiency, enhancing service quality and reducing costs.

Investors in OneConnect have included SoftBank Vision Fund and parent firm Ping An. Source: Crunchbase

Customer Acquisition

The firm acquires customers through a “adopt-deepen-integrate” strategy, where the firm first offers its solutions for a low or no cost at all to encourage ‘adoption’, and then seeking to further deepen their relationship with the customer to ‘integrate’ their platform.

OneConnect obtains customers largely through its partnerships with Ping An Group and Lufax Holding, which together accounted for 55.5% of the firm’s revenue in the nine months ended September 30, 2019.

Selling and marketing expenses as a percentage of revenue have been dropping, per the table below:

Selling & Marketing

Expenses vs. Revenue

Period

Percentage

Nine Mos. Ended Sept. 30, 2019

30.4%

2018

31.3%

2017

35.8%

Source: Company registration statement

The selling & marketing efficiency rate, defined as how many dollars of additional new revenue generated by each dollar of selling & marketing spend, dropped to 1.3x in the most recent nine-month period, as shown in the table below:

Selling & Marketing

Efficiency Rate

Period

Multiple

Nine Mos. Ended Sept. 30, 2019

1.3

2018

1.9

Source: Company registration statement

For the nine months ended September 30, 2019, the firm’s average revenue per customer was approximately $59,000, for an average annualized revenue per customer of $78,667.

Notably, management said of its customer retention and expansion rate:

On average, each of our premium customers purchased 3.0 products in 2018, growing from 1.7 in 2016. Our net expansion rate in 2018 for our 2017 customers was 224%, and our net expansion rate in 2018 for our 2017 premium customers was 167%.

Market & Competition

According to a 2019 market research report by ReportLinker, the global financial services application market was valued at $79 billion in 2018 and is projected to reach $ 128 billion by 2024, growing at a CAGR of 8.8% between 2019 and 2024

The main factor driving forecast market growth is the growing need for quantifying large quantities of data.

Major competitors that provide or are developing financial software include:

  • Fidelity National Information Services (FIS)

  • Accenture (ACN)

  • Tata Consultancy Services (TCS)

  • Fiserv (FISV)

  • Infosys (INFY)

  • IBM (IBM)

Source: Sentieo

Financial Performance

OCFT’s recent financial results can be summarized as follows:

  • Increasing topline revenue, but at a decelerating rate

  • Growing gross profit and gross margin, also decelerating

  • Increasing operating losses but reduced negative operating margin

  • Sharply increased use of cash in operations

Below are relevant financial metrics derived from the firm’s registration statement:

Total Revenue

Period

Total Revenue

% Variance vs. Prior

Nine Mos. Ended Sept. 30, 2019

$ 219,003,239

67.4%

2018

$ 204,853,478

139.4%

2017

$ 85,575,294

Gross Profit (Loss)

Period

Gross Profit (Loss)

% Variance vs. Prior

Nine Mos. Ended Sept. 30, 2019

$ 71,410,282

105.0%

2018

$ 56,322,464

285.4%

2017

$ 14,613,676

Gross Margin

Period

Gross Margin

Nine Mos. Ended Sept. 30, 2019

32.61%

2018

27.49%

2017

17.08%

Operating Profit (Loss)

Period

Operating Profit (Loss)

Operating Margin

Nine Mos. Ended Sept. 30, 2019

$ (157,696,479)

-72.0%

2018

$ (161,502,464)

-78.8%

2017

$ (130,926,912)

-153.0%

Net Income (Loss)

Period

Net Income (Loss)

Nine Mos. Ended Sept. 30, 2019

$ (147,742,817)

2018

$ (172,505,072)

2017

$ (89,258,235)

Cash Flow From Operations

Period

Cash Flow From Operations

Nine Mos. Ended Sept. 30, 2019

$ (207,503,239)

2018

$ (70,903,913)

2017

$ (33,630,147)

Source: Company registration statement

As of September 30, 2019, the company had $609.4 million in cash and $715.5 million in total liabilities. (Unaudited, interim)

Free cash flow during the twelve months ended September 30, 2019, was a negative ($277.3 million).

IPO Details

OCFT has filed to raise $100 million in gross proceeds from an IPO of ADSs representing underlying common shares.

Per the firm’s latest filing, the firm plans to use the net proceeds from the IPO as follows:

for enhancement of our platform and technology capabilities;

for international expansion and strategic investments;

for sales and marketing activities to enhance our brand and acquire customers; and

the balance for general corporate purposes.

Management’s presentation of the company roadshow is not available yet.

Listed underwriters of the IPO are Morgan Stanley, Goldman Sachs [Asia], J.P. Morgan, Ping An of China Securities, BofA Securities, HSBC, CLSA, and KeyBanc Capital Markets.

Commentary

OCFT is attempting to access U.S. public market capital for its expansion plans and the deal size may be as high as $500 million.

The firm’s financials show a company that has grown rapidly but is still generating high and increasing operating losses and cash flow burn.

These aspects will make selling the IPO to institutional investors significantly more difficult, as U.S. IPO investing sentiment has changed toward wanting companies to show a path to profitability rather than ever-increasing losses.

The market opportunity for OCFT’s solutions to the vast number of small and medium institutions in China and greater Asia is large as many of these banks operate with legacy systems that are inefficient and costly by comparison.

Pricing and valuation assumptions will be critical for this IPO to succeed, which given the current market, is not a foregone conclusion.

When we learn more details, I’ll provide a final opinion.

Expected IPO Pricing Date: To be announced.

Gain Insight and actionable information on U.S. IPOs with IPO Edge research.

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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Source: Ipo Search Results
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Oriental Culture Aims For Mini IPO

Quick Take

Oriental Culture Holding (DFWH) has filed to raise gross proceeds of $10 million from a U.S. IPO, according to an F-1 registration statement.

The firm operates as an e-commerce marketplace for collectibles and artwork focused on collectors, artists, art dealers in China.

DFWH is growing revenue and producing profits, but the U.S. IPO market for Chinese firms is quite challenging due to generally poor post-IPO performance.

Company & Technology

Nanjing City, China-based Oriental Culture, conducting business as Jiangsu Yanggu Culture Development, was founded in 2018 to develop an e-commerce marketplace for collectors, artists and art dealers in China.

Management is headed by Director and CEO Yi Shao, who has extensive management and software development experience.

The firm consolidates the trading on its platforms that are owned by its subsidiaries in Hong Kong, namely China International Assets and Equity of Artworks Exchange Limited and HKDAEx Limited.

Additionally, Oriental Culture provides online and offline integrated marketing services as well as storage and technical maintenance solutions.

Customer Acquisition

The firm is marketing its products through participation in culture and art exhibitions and internet advertising, including search engine marketing and displaying advertisements on portal websites.

Additionally, the firm uses traditional offline channels to market its products, such as newspapers and magazines advertisements.

Selling and marketing expenses as a percentage of revenue have dropped sharply, per the table below:

Selling & Marketing

Expenses vs. Revenue

Period

Percentage

Six Mos. Ended June 30, 2019

0.6%

2018

30.4%

Source: Company registration statement

The selling & marketing efficiency rate, defined as how many dollars of additional new revenue generated by each dollar of selling & marketing spend, was 163.3x in the most recent six-month period, as shown in the table below:

Selling & Marketing

Efficiency Rate

Period

Multiple

Six Mos. Ended June 30, 2019

163.3

2018

3.3

Source: Company registration statement

Market

According to a 2017 market research report by Art Basel and UBS, the global art market grew by 12% in 2017 after two consecutive declining years, in China growing by 14% to $13.2 billion.

The global market was dominated by the US and China and the UK, accounting for 42%, 21% and 20% of the total market share, respectively, or 83% of the global market.

The main factor driving forecast market growth is the growth in Chinese billionaires, which grew by nearly 25% to 637, compared with 537 billionaires in the US and 342 billionaires in the European Union.

Financial Performance

DFWH’s recent financial results can be summarized as follows:

  • Growing topline revenue

  • Increasing gross profit and gross margin

  • Increased operating profit and operating margin

  • Growth in cash flow from operations

Below are relevant financial metrics derived from the firm’s registration statement:

Total Revenue

Period

Total Revenue

Six Mos. Ended June 30, 2019

$ 7,851,515

2018

$ 5,352,700

Gross Profit (Loss)

Period

Gross Profit (Loss)

Six Mos. Ended June 30, 2019

$ 7,258,005

2018

$ 4,852,325

Gross Margin

Period

Gross Margin

Six Mos. Ended June 30, 2019

92.44%

2018

90.65%

Operating Profit (Loss)

Period

Operating Profit (Loss)

Operating Margin

Six Mos. Ended June 30, 2019

$ 6,296,778

80.2%

2018

$ 2,667,148

49.8%

Comprehensive Income (Loss)

Period

Comprehensive Income (Loss)

Six Mos. Ended June 30, 2019

$ 6,190,994

2018

$ 2,534,876

Cash Flow From Operations

Period

Cash Flow From Operations

Six Mos. Ended June 30, 2019

$ 7,548,253

2018

$ 3,531,709

Source: Company registration statement

As of June 30, 2019, the company had $9.2 million in cash and $1.7 million in total liabilities. (Unaudited, interim)

Free cash flow during the twelve months ended June 30, 2019, was $10.4 million.

IPO Details

DFWH has filed to raise $10 million in gross proceeds from an IPO of 2.5 million shares of its common stock at a midpoint price of $4.00 per share, not including customary underwriter options.

Most foreign firms sell their shares in the form of American Depositary Shares, ADSs, to reduce the administrative overhead for U.S. investors, so the lack of the element is a negative signal usually associated with tiny IPOs.

Assuming a successful IPO, the company’s enterprise value at IPO would approximate $87.6 million.

Per the firm’s latest filing, the firm plans to use the net proceeds from the IPO as follows:

We plan to use the net proceeds from this offering as follows: [i] $4 million to invest in information technology infrastructure and proprietary software; [ii] $3 million to develop new businesses, including our trading service business on our online platform under HKDAEx Limited; [iii] $0.7 million to promote our brand and service and for other general corporate purposes.

Management’s presentation of the company roadshow is not available.

The sole listed underwriter of the IPO is ViewTrade Securities.

Commentary

Oriental Culture is attempting to access U.S. capital markets investment at a challenging time for companies in general and an especially difficult period for Chinese firms.

Small IPOs are coming under increasing scrutiny from U.S. regulators, and investors have been disappointed in most Chinese IPO stock performance.

The company’s financials show revenue growth, profits and positive cash flow, but on a very small base.

The market opportunity for selling artworks online in China is significant, although I wonder at the firm’s ability to expand its marketing efforts with such a small IPO.

Like many Chinese firms seeking to tap U.S. markets, the firm operates within a VIE structure or Variable Interest Entity. U.S. investors would only have an interest in an offshore firm with contractual rights to the firm’s operational results but would not own the underlying assets.

This is a legal gray area that brings the risk of management changing the terms of the contractual agreement or the Chinese government altering the legality of such arrangements. Prospective investors in the IPO would need to factor in this important structural uncertainty.

It is difficult to become too enthusiastic about a small Chinese IPO in an unusual industry, despite the firm’s profitability and potential for growth.

I’ll be watching the IPO from the sidelines.

Expected IPO Pricing Date: To be announced.

Gain Insight and actionable information on U.S. IPOs with IPO Edge research.

Members of IPO Edge get the latest IPO research, news, and industry analysis. Get started with a free trial!

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Source: Ipo Search Results
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World’s Most Profitable Company Lowers Valuation Ahead of IPO

Saudi Arabian Oil Company has reduced its expected market value from $2 trillion to $1.6-1.7 trillion ahead of the initial public offering.

What Happened

The state-owned oil company, better known as Saudi Aramco, said in a statement on Sunday that the base offer size of its IPO will be 1.5% of its total shares, which accounts for about 3 billion shares. Each share will be offered between at a $8-$8.53 price range.

This puts Aramco’s total market value between $1.6–$1.7 trillion, significantly lower than the $2 trillion evaluation stated in October 2018.

Invest in IPO shares before the stock hits the market with ClickIPO. Check it out here

Why It Matters

With the latest figures, Aramco could raise between $24 billion to $25.59 billion in the IPO. While lower than the initial expectations, it could still potentially become the largest IPO in history, beating Chinese e-commerce giant Alibaba Group Holding Ltd.’s (NYSE: BABA) $25 billion IPO in 2014.

What’s Next

The world’s most profitable company said it would announce the final IPO offer price on Dec. 5. It is expected to provide better clarity on its valuation and the amount it could end up raising in the public offering.

Aramco announced earlier this month that it would list on Riyadh’s stock exchange, Tawadul, in December. The company said it had no immediate plans for an international listing.

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Mailpac targets $495m from November IPO

Courier company Mailpac Group Limited, MGL, hopes to settle at least $263 million in debt to its parent company, Norbrook Equity Partners, through a $495 million initial public offering of shares on the junior stock market.

Mailpac, which used the borrowings from its parent to revamp its infrastructure, technology, and strategic positioning since 2017, is giving up 20 per cent of the business to stock market investors at $1 per share.

Norbrook Equity will own the other 80 per cent.

The subscription period for 500 million shares on offer under the IPO runs from November 22 to December 6. Shares in the invitation are split between newly issued shares in Mailpac and existing shares for sale by Norbrook Equity.

“Norbrook conducted two rounds of financing over the past three years, and the proceeds were invested in the portfolio companies of Norbrook, including $263 million into Mailpac Services. In addition to typical repayment terms, the most recent financing requires that all net proceeds from an IPO of any Norbrook subsidiary must be used to pay down the facility,” the company said in its prospectus.

The remainder of the funds will be used by Mailpac for general corporate purposes, including working capital, operating expenses and capital expenditure.

If successful, Mailpac will come to market with $2.5 billion in capitalisation at listing on the exchange. The company in September had total equity of $27 million.

The delivery company’s offer, which was released on Wednesday, comes in $5 million shy of the maximum capital raise of $500-million to list on the junior market of the Jamaica Stock Exchange.

NCB Capital Markets has been selected as lead broker for the IPO.

As a pull to potential investors, Mailpac is pitching e-commerce as a space poised for growth, and accordingly projects that its profit will grow threefold over the next five years.

The company recorded revenue of $851 million for the first three quarters of 2019 and net profit of $203 million.

“… While online shoppers in Jamaica have jumped from an assumed 0.2 per cent of the adult population in 2010 to approximately 6 per cent today, this is a far cry from the penetration rates seen globally. A recent study shows that 76 per cent of the US population shops online today. Accordingly, we believe that the business has only begun to scratch the surface of the opportunity it has in serving the country’s e-commerce needs,” MGL said in its prospectus.

Through partnership with its sister company, ePayment Group, Mailpac is also finalising the launch of its own prepaid Mailpac MasterCard that persons can top up at different locations, and utilise for shopping online, but only for items that are shipped through Mailpac.

“This solution is targeted for the significant base of unbanked and underbanked consumers that have identified products online that they want to purchase, but don’t have a transactional tool to do so. The Mailpac MasterCard will enable this segment of the market to shop online and will ensure their purchases are shipped through Mailpac,” the courier company said.

Mailpac is a decade-old company that has grown organically and through acquisitions. Its client base of online shoppers is estimated at 50,000.

Mailpac Group was newly formed to consolidate the operations of Mailpac Services and Mailpac Local. Its directors are: Khary Robinson, executive chairman; Mark Gonzales, executive director and CEO; Garth Pearce; William Craig; and Tracy-Ann Spence.

Mailpac Services, formerly known as Mailpac Express, facilitates online shopping and shipment to Jamaica using a mailing address hosted by the company, while the local arm offers cross-­country delivery for Jamaican businesses.

karena.bennett@gleanerjm.com

Source: Ipo Search Results
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Prime Focus Says DNEG Has Decided To Postpone Its Initial Public Offering in UK

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