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IPO Profiles: Coupa Software leads way with $153 mln IPO in October

Eight VC-backed companies went public in October, compared with five in September, with the proceeds rising 27 percent to $772 million, compared with $608 million the month before.

Cloud-based spend management software developer Coupa Software led the way in October with a $153 million offering.

The San Mateo, California-based company had raised about $170 million in funding from Battery Ventures, BlueRun Ventures, Icon Ventures, Meritech Capital Partners, T. Rowe Price and others, according to Thomson Reuters data.

Details below on Coupa and the other venture-backed companies to go public in the month, which include Aquaventure Holdings, Azure Power Global Ltd, Everspin Technologies Inc, Irhythm Technologies Inc, Obalon Therapeutics Inc, QuantenNA Communications Inc and Ra Pharmaceuticals Inc.

IPO Profile: Aquaventure Holdings LLC

Company Details

Tampa, Florida
813-855-8636
aquaventure.com

Description: AquaVenture Holdings LLC is a provider of Water-as-a-Service (WAAS) solutions. The company offers its solutions in North America, the Caribbean, Latin America and the Middle East. The company operates in two water sectors: desalination and commercial water filtration. The company has two segments that align with its operating platforms: Seven Seas Water and Quench. The company’s Seven Seas Water is a multinational provider of desalination and wastewater treatment solutions, providing approximately seven billion gallons of potable, industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers. The company’s Quench is a United States-based provider of point-of-use (POU) filtered water systems and related services to approximately 40,000 institutional and commercial customers. The company also offers a selection of coffees, teas and other break room supplies.

Competition: 3M Purification, General Electric

IPO Details

Exchange and Ticker: NYSE: WAAS

Filing Range: $18 to $20 a share

Date of IPO: 10/6/16

Offering Price: $18

Shares offered: 67.5 million

Offering Size: $135 million

Closing price on 10/6/16: $21.95

Share price on 10/31/16: $21.23

Shares Outstanding: 25.4 million

Underwriters: Citigroup Global Markets Inc, Deutsche Bank Securities, RBC Capital Markets

Market Capitalization on 10/31/16: $540 million

Investment Details

Backers

  • Advent Morro Equity Partners Inc
  • Aqua International Partners LP
  • Element Management LP
  • Element Management LP
  • TPG Capital Management LP
  • TPG Growth LLC
  • Virgin Green Fund

Total funding raised: $157

IPO Profile: Azure Power Global Ltd

Company Details

New Delhi, India
9-11-14-940-9800
www.azurepower.com

Description: Azure Power is an India-based independent producer of solar power systems. The company has several projects operating under various policies for grid connected, rooftops and off-grid systems in India, and also has invested capital in its operating facilities in India. The company’s segments include utilities, commercial and retail. Its project portfolio includes Project Punjab, which is located in Awan Village, Punjab and has capacity to produce 2 megawatts (MW) of power; Project Gujarat, which is located in Khadoda Village, Gujarat and has capacity to produce 10 MW of power; Project Rajasthan, which is located in Kathauti Village, Rajasthan and has capacity to produce 40 MW of power, and Project Gujarat (Rooftop), which is located in Gandhinagar, Gujarat and has capacity to produce 2.5 MW of power.

IPO Details

Exchange and Ticker: NYSE: AZRE

Filing Range: $21 to $23 a share

Date of IPO: 10/12/16

Offering Price: $18

Shares offered: 3.4 million

Offering Size: 61.4 million

Closing price on 10/12/16: $14.60

Share price on 10/31/16: $15.95

Shares Outstanding: 25.9 million

Market Capitalization on 10/31/16: $413 million

Investment Details

Backers

  • DEG Deutsche Investitions- und Entwicklungsgesellschaft mbH
  • Foundation Capital LLC
  • Helion Venture Partners LLC
  • International Finance Corp

Total funding raised: $49

IPO Profile: Coupa Software Inc

Company Details

San Mateo, California

650-931-3200

www.coupa.com

Description: Coupa Software Inc is a United States-based cloud-based spend management company. The company enables businesses everywhere to recognize bottom-line financial success through Value as a Service. It provides an organic suite of cloud spend management applications, including invoicing, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that can start within a few months. It offers various software’s, including Contract Lifecycle Management, Budgeting, Analytics, Open Business Network, Supplier Information Management, Storefront and Coupa Advantage. Its services include professional services, education, adoption and success, support and Coupa one vision. It offers spend management solutions for business needs, enterprise resource planning and business sizes. It also offers spend management solutions for various roles and industries, such as finance, information technology, oil and gas, retail, food and beverage and healthcare.

IPO Details

Exchange and Ticker: Nasdaq: COUP

Filing Range: $16 to $18 a share

Date of IPO: 10/6/16

Offering Price: $18

Shares offered: 8.51 million

Offering Size: $153 million

Closing price on 10/6/16: $33.28

Share price on 10/31/16: $25

Shares Outstanding: 48.1 million

Underwriters: Morgan Stanley & Co, JP Morgan, Barclays Bank, RBC Capital Markets

Market Capitalization on 10/31/16: $1.2 billion

Investment Details

Backers

  • Battery Ventures LP
  • BlueRun Ventures LP
  • Crosslink Capital Inc
  • El Dorado Ventures
  • Icon Ventures
  • Meritech Capital Partners
  • Mohr Davidow Ventures
  • Northgate Capital LLC
  • Rowe Price Threshold Partnerships
  • Rally Ventures

Total funding raised: $169 million

IPO Profile: Everspin Technologies Inc

Company Details

Chandler, Arizona

480-347-1111

www.everspin.com

Description: Everspin Technologies Inc is a United States-based company engaged in designing, manufacturing and shipping discrete and embedded magnetoresistive random-access memory (MRAM) and spin-torque MRAM (ST-MRAM) into markets and applications. The company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface, Quad Serial Peripheral Interface and DDR3 Spin-Torque MRAM. Its The MR10Q010 Quad SPI MRAM is a memory solution for applications that store and retrieve data and programs. Its DDR3 Spin-Torque MRAM device is designed to comply with various DDR3 dynamic random access memory (DRAM) features, such as on-device termination (ODT) and internal ZQ calibration. Its family of both parallel asynchronous input/output (I/O) and serial peripheral interface (SPI) products in densities ranging from 256 kilobyte (Kb) to 16 megabyte (Mb) is available in die form. The company provides its products for applications, including aerospace, automotive and industrial computing.

Competition: Micromem Technologies Inc., NVE Corporation, Powerchip Semiconductor Corp.

IPO Details

Exchange and Ticker: Nasdaq: MRAM

Filing Range: $8 to $10 a share

Date of IPO: 10/7/16

Offering Price: $8

Shares offered: 5 million

Offering Size: $40 million

Closing price on 10/7/16: $8.02

Share price on 10/31/16: $6.66

Shares Outstanding: 12.5 million

Underwriters: Stifel Nicolaus & Co Inc, Needham & Co LLC

Market Capitalization on 10/31/16: $83.25 million

Investment Details

Backers

  • DFJ
  • Epic Ventures Inc
  • Freescale Semiconductor Inc
  • Lux Capital
  • New Venture Partners LLC
  • Sigma Partners

Total funding raised: $92

IPO Profile: Irhythm Technologies Inc

Company Details

San Francisco

415-632-5700

www.irhythmtech.com

Description: iRhythm Technologies Inc is a United States-based digital health company. The company develops and commercializes solutions that integrate biosensor technology, patient data, analytics and medical expertise. The company offers flagship solution, the ZIO Service. Its ZIO Service consists of the ZIO XT Patch, algorithms and the ZIO Report. Its myZIO provides a way for patients to enter their symptoms as they occur and on-the-go while wearing the ZIO Patch. Its ZIO Event Card is indicated for use on patients who experience transient symptoms, such as syncope, palpitations, and shortness of breath or dizziness. Its ZIO XT Patch is a non-invasive, water-resistant heart monitor, which prompts high patient compliance and a higher diagnostic yield. Its algorithms analyze the amounts of captured heart beat data and a concise report is provided to the patient’s physician. Its ZIO Report produces a higher diagnostic yield and to change patient management.

IPO Details

Exchange and Ticker: Nasdaq: IRTC

Filing Range: $13 to $15 a share

Date of IPO: 10/19/16

Offering Price: $17

Shares offered: 6.44 million

Offering Size: $110 million

Closing price on 10/20/16: $26.05

Share price on 10/31/16: $24.95

Shares Outstanding: 21.12 million

Underwriters: JP Morgan, Morgan Stanley & Co

Market Capitalization on 10/31/16: $527 million

Investment Details

Backers

  • Kaiser Permanente Ventures LLC
  • Mohr Davidow Ventures
  • New Leaf Venture Partners LLC
  • Norwest Venture Partners
  • Novo A/S
  • Stanford University
  • Synergy Life Science Partners LP
  • UNC Kenan-Flagler Private Equity Fund

Total funding raised: $113 million

IPO Profile: Obalon Therapeutics Inc

Company Details

Carlsbad, California

646-517-1565

www.obalon.com

Description: Obalon Therapeutics Inc is a commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients. The Obalon balloon system is intended to be used as an adjunct to a moderate intensity diet and behavior modification program. All balloons must be removed six months after the first balloon is placed. The Obalon balloon system intends to provide patients and physicians with a reversible and repeatable weight loss solution in an outpatient setting, without altering patient anatomy or requiring surgery. The company has received Premarket approval (PMA) for its Obalon balloon system based on the results of its United States pivotal clinical trial, referred to as the SMART trial.

IPO Details

Exchange and Ticker: Nasdaq: OBLN

Filing Range: $14 to $16 a share

Date of IPO: 10/6/16

Offering Price: $15

Shares offered: $5

Offering Size: $75 million

Closing price on 10/6/16: $15

Share price on 10/31/16: $12.93

Shares Outstanding: 16.77 million

Underwriters: UBS Investment Bank (USA), Canaccord Genuity, Stifel Nicolaus & Co Inc

Market Capitalization on 10/31/16: $217 million

Investment Details

Backers

  • Domain Associates LLC
  • InterWest Partners LLC
  • Mirae Asset Venture Investment Co Ltd
  • Neoplux Co Ltd
  • Okapi Venture Capital LLC
  • Axon Partners Group Investment

Total funding raised: $69 million

IPO Profile: QuantenNA Communications Inc

Company Details

Fremont, California

510-743-2260

www.quantenna.com

Description: Quantenna Communications Inc is a United States-based company, which designs wireless fidelity (Wi-Fi) chips used in set-top boxes (STBs) and wireless routers. The company offers products, including QSR10G, QSR2000, QSR1000, QHS710 and MAUI. The QSR10G Wi-Fi chipset is the 10-giga bytes per second (Gbps) solution for access points and repeaters. The QSR2000 is adapted to high performance media players, consumer devices and STB. The QSR2000 2.4 gigahertz (GHz) interface provides a universal connectivity to any legacy Access Point. QSR1000 enhances users network with Multi-User MIMO. The QHS710 offers a solution to enable gateways, routers, video bridges and other products to transmit live television over Wi-Fi. With QHS710, multiple concurrent multiple high-definition (HD) video streams can be sent from access points to multiple STBs. The MAUI is a cloud-based Wi-Fi analytics platform, which provides real-time Wi-Fi monitoring, optimization and self-healing around the clock.

IPO Details

Exchange and Ticker: Nasdaq: QTNA

Filing Range: $14 to $16 a share

Date of IPO: 10/28/16

Offering Price: $16

Shares offered: 6.7 million

Offering Size: $107.2 million

Closing price on 10/28/16: $15.50

Share price on 10/31/16: $14.98

Shares Outstanding: 32.78 million

Underwriters: Morgan Stanley & Co, Barclays, Deutsche Bank Securities

Market Capitalization on 10/31/16: $491 million

Investment Details

Backers

  • Bright Capital OOO
  • Duff Ackerman & Goodrich LLC
  • Grazia Equity GmbH
  • New Enterprise Associates
  • NTT Finance Corp
  • Rossiiskaia Korporatsiia Nanotekhnologii GK
  • Sequoia Capital
  • Sigma Partners
  • Southern Cross Venture Partners Pty Ltd
  • Swisscom AG
  • Telefonica SA
  • TPG Capital Management LP
  • Venrock

Total funding raised: $168 million

IPO Profile: Ra Pharmaceuticals Inc

Company Details

Cambridge, Massachusetts

617-401-4060

www.rapharma.com

Description: Ra Pharmaceuticals, Inc. is a United States-based clinical-stage biopharmaceutical company. The company focuses on the development of therapeutics for diseases of complement dysregulation and a range of orphan indications. It utilizes small molecules and peptide approaches to address pathological targets in the complement cascade. It has leveraged the Extreme Diversity peptide chemistry platform to develop a portfolio of products that selectively inhibit the complement system and other immune targets. Its main program, RA101495, is a macrocyclic peptide inhibitor of complement component 5 (C5), which is in Phase I stage of development for the treatment of paroxysmal nocturnal hemoglobinuria (PNH). RA101495 binds a site on the C5 protein to inhibit cleavage into C5a and C5b, thereby preventing red blood cell lysis by inhibiting the production and assembly of the membrane attack complex (MAC). RA101495 is being developed as an alternative to eculizumab therapy for patients with PNH.

IPO Details

Exchange and Ticker: Nasdaq: RARX

Filing Range: $12 to $14 a share

Date of IPO: 10/26/16

Offering Price: $13

Shares offered: 7.05 million

Offering Size: $92 million

Closing price on 10/26/16: $13

Share price on 10/31/16: $12.85

Shares Outstanding: 21.49 million

Underwriters: Credit Suisse Securities (USA), Jefferies LLC, BMO Capital Markets, SunTrust Robinson Humphrey

Market Capitalization on 10/31/16: $276 million

Investment Details

Backers

  • Amgen Inc
  • Lightstone Ventures LP
  • Morgenthaler Ventures
  • New Enterprise Associates
  • Novartis Venture Funds
  • Novo A/S
  • RA Capital Management LLC
  • Rock Springs Capital Management LP

Total funding raised: $85 million

Source: Thomson Reuters

Historical number of VC-backed IPOs in OctoberHistorical proceeds of VC-backed IPOs in October

Downloadable Data in Excel: ipo-aftermarket-as-of-oct-31-2016

Photo illustration of man weight-lifting dollar sign courtesy of ©iStock/erhui1979

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