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IPO Profiles: Five venture-backed companies debuted on U.S. exchanges in November

IPO Profile: Instructure Inc

Company Details

Salt Lake City, Utah

800-203-6755

www.instructure.com

Description: Instructure Inc is a United States-based technology company. The company provides instructors and students with tools and resources. Instructure offers Canvas, which is a learning management system, as well as Canvas Network, online courses by educators everywhere – from Ivy League institutions to community colleges. The company’s technology is used by 400+ colleges, universities and school districts.

Competition: Blackboard, Moodle, Desire2Learn

IPO Details

Exchange and Ticker: NYSE: INST

Filing Range: 4.4 million shares @ $16 to $18

Offering Price: $16

Closing Price as of 11/13/15: $18

Offering Size: $70.4 million

Shares Outstanding: 27.2 million

Underwriters: Morgan Stanley & Co, Goldman Sachs & Co, Jefferies LLC

Co-managers: Needham & Co LLC, Oppenheimer & Co Inc, Raymond James & Associates Inc

Company Counsel: Cooley LLP

Manager Counsel: Wilson Sonsini Goodrich & Rosati

Auditor: Ernst & Young LLP

Market Capitalization on 11/30/15: $509.64 million

Closing Price as of 11/30/15: $18.74

Investment Details

Backers

  • Epic Ventures Inc
  • Bessemer Venture Partners
  • Insight Venture Partners LLC
  • TomorrowVentures LLC
  • Openview Venture Partners

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 1/29/10 $1           n/a
  • 4/26/10 $.1          n/a
  • 4/15/11 $8.5        n/a
  • 2/3/12 $.84        $68
  • 8/20/12 $4.2        n/a
  • 6/14/13 $30         $220
  • 2/19/15 $40         n/a

Source: Thomson Reuters.

IPO Profile: Square Inc

Company Details

San Francisco

415-375-3176

squareup.com

Description: Square Inc provides financial services and marketing services. The company also provides payments and point-of-sale (POS), which include hardware and software to accept payments, streamline operations, and analyze business information. The company’s payments and POS services include In-Person Payments, Online Payments, Square Cash, Square Register, Square Analytics, Square Appointments and Square App Marketplace. The company’s financial services include Square Capital and Square Payroll. The company’s marketing services include Square Customer Engagement and Caviar. The company’s mobile payments and POS services transform the checkout process and advance digital and mobile commerce by untethering sales from long lines and antiquated cash registers. The company provides sellers a range of options for accepting payments in-person or online. The company acts as the merchant of record for its sellers.

IPO Details

Exchange and Ticker: NYSE: SQ

Filing Range: 25.65 million shares @ $11 to $13

Offering Price: $9

Closing Price as of 11/19/15: $13.07

Offering Size: $243 million

Shares Outstanding: 331.9 million

Underwriters: Goldman Sachs & Co, Morgan Stanley & Co, Barclays PLC, Jefferies & Co Inc, JP Morgan Securities Inc, Deutsche Bank Securities, RBC Capital Markets, Stifel Nicolaus & Co Inc

Co-managers: LOYAL3 Securities Inc, SMBC Nikko Securities America

Company Counsel: Wilson Sonsini Goodrich & Rosati

Manager Counsel: Simpson Thacher & Bartlett

Auditor: KPMG LLP

Market Capitalization on 11/30/15: $3997.22 million

Closing Price as of 11/30/15: $12.04

Investment Details

Backers

  • Rizvi Traverse Management LLC
  • Citi Ventures Inc
  • Kleiner Perkins Caufield & Byers LLC
  • Tiger Global Management LLC
  • Sapphire Ventures LLC
  • Goldman Sachs & Co
  • Gic Special Investments Pte Ltd
  • Khosla Ventures LLC
  • Sequoia Capital
  • Victory Park Capital Advisors LLC
  • First Round Capital
  • GGV Capital

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 12/2/09 $10         n/a
  • 1/14/10 n/a         n/a
  • 3/1/11 $27.75   n/a
  • 6/29/11 $100       n/a
  • 9/30/11 $4           n/a
  • 12/08/11 $3           n/a
  • 9/17/12 $200       n/a
  • 2/26/14 n/a         n/a
  • 8/19/14 n/a         n/a
  • 10/1/14 $150       $6,000
  • 3/11/15 11 n/a         n/a

Source: Thomson Reuters.

IPO Profile: Voyager Therapeutics Inc

Company Details

Cambridge, Mass.

857-259-5340

www.voyagertherapeutics.com

Description: Voyager Therapeutics Inc is a clinical-stage gene therapy company. The company focuses on developing life-changing treatments for patients suffering from severe diseases of the central nervous system (CNS). Its product engine has generated programs for five CNS indications, including advanced Parkinson’s disease; a monogenic form of amyotrophic lateral sclerosis; Friedreich’s ataxia; Huntington’s disease, and spinal muscular atrophy. The company’s gene therapy approach uses adeno-associated virus (AAV) vectors, which are modified, non-replicating versions of AAV, and which are ideal vectors for CNS gene therapy. It is also focused on gene replacement and gene knockdown approaches. Its products are VY-AADC01 program for advanced Parkinson’s disease, VY-SOD101 for a monogenic form of Amyotrophic lateral sclerosis (ALS), VY-FXN01 for Friedreich’s ataxia, VY-HTT01 for Huntington’s disease and VY-SMN101 for spinal muscular atrophy (SMA).

IPO Details

Exchange and Ticker: Nasdaq: VYGR

Filing Range: 4.69 million shares @ $15 to $17

Offering Price: $14

Closing Price as of 11/11/15: $17.75

Offering Size: $70 million

Shares Outstanding: 26 million

Underwriters: Cowen & Co, Piper Jaffray Cos

Co-managers: Nomura Secs Intl, Wedbush Securities

Company Counsel: Goodwin Procter LLP

Manager Counsel: Cooley LLP

Auditor: Ernst & Young LLP

Market Capitalization on 11/30/15: $655.81 million

Closing Price as of 11/30/15: $25.19

Investment Details

Backers

  • Sanofi-Genzyme BioVentures
  • Third Rock Ventures LLC
  • Wellington Management Company LLP

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 2/12/14 $45         n/a
  • 2/11/15 $100       n/a
  • 4/13/15 $60         n/a

Source: Thomson Reuters.

IPO Profile: WaVe Life Sciences

Company Details

Brighton, Mass.

www.wavelifesciences.com

Description: WaVe Life Sciences produces stereopure nucleic acid therapeutics.

IPO Details

Exchange and Ticker: Nasdaq: WVE

Filing Range: 5 million shares @ $15 to $17

Offering Price: $16

Closing Price as of 11/11/15: $16

Offering Size: $102 million

Shares Outstanding: 20.9 million

Underwriters: Jefferies & Co Inc, Leerink Partners LLC

Co-manager: JMP Securities LLC, SunTrust Robinson Humphrey

Company Counsel: Choate, Hall & Stewart LLP

Manager Counsel: Cooley LLP

Auditor: KPMG LLP

Market Capitalization on 11/30/15: $340.17 million

Closing Price as of 11/30/15: $16.25

Investment Details

Backers

  • RA Capital Management LLC
  • New Leaf Venture Partners LLC
  • Foresite Capital Management LLC
  • Fidelity Investment Funds II

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 2/2/15 $18         n/a
  • 8/18/15 $66         n/a

Source: Thomson Reuters.

IPO Profile: Xtera Communications Inc

Company Details

Allen, Texas

972-649-5000

www.xtera.com

Description: Xtera Communications Inc. is a United States-based telecommunication infrastructure company. The company is focused on supplying terrestrial and submarine optical backbones. It offers optical networking solutions for network and data center operators across the world. The company’s portfolio encompasses optical layer equipment and the associated network management software suite, as well as the services to deploy and manage optical networks. Its products include NXT Configuration, which is deployed on long-haul submarine cable systems, and Nu-Wave Optima Configuration, which is used for multiple optical networking applications. It offers a portfolio of optical solutions for submarine, long-haul, regional and enterprise applications. The company’s solutions include unrepeatered systems, repeatered systems and completely new or partly re-deployed submerged plant, among others. It provides pre-implementation, implementation, post-implementation and post deployment services.

Competition: ARRIS Group, Inc., Cisco Systems, Inc., Siemens AG, Alcatel-Lucent, Nokia Siemens Network B.V.

IPO Details

Exchange and Ticker: Nasdaq: XCOM

Filing Range: 5 million shares @ $5 to $5

Offering Price: $5

Closing Price as of 11/12/15: $5

Offering Size: $25 million

Shares Outstanding: 17.1 million

Underwriters: Needham & Co LLC, Cowen, BMO Capital Markets

Company Counsel: DLA Piper LLP

Manager Counsel: Pillsbury Winthrop Shaw Pitt LLP

Auditor: Grant Thornton LLP

Market Capitalization on 11/30/15: $92.57 million

Closing Price as of 11/30/15: $5.41

InvestmentDetails

Backers

  • New Enterprise Associates
  • Sevin Rosen Funds
  • Fuse Capital
  • Arch Venture Partners
  • Edf Ventures
  • Star Ventures GmbH
  • Rho Capital Partners Inc
  • Berkeley International Capital Corp
  • Carmichael Partners
  • TVM Capital GmbH
  • Centerpoint Venture Partners LP
  • Eagle Four Partners
  • KeyNote Ventures
  • Trellis Partners

Financing Rounds

Date      Amount ($M)    Valuation ($M)

  • 2/6/98 $.1          n/a
  • 4/28/98 $.7          n/a
  • 10/1/98 $.75        n/a
  • 10/1/99 $1.5        n/a
  • 2/29/00 $17.5     $26
  • 7/2/00 $3.8        $39.95
  • 1/29/01 $110       $260
  • 8/15/03 $30         n/a
  • 4/29/05 $2.47 n/a
  • 8/9/07 $52         n/a
  • 11/29/07 $35         n/a
  • 4/7/08 n/a         n/a
  • 5/4/09 n/a         n/a
  • 5/11/09 $23.4     n/a
  • 9/27/11 $29.4     n/a
  • 1/3/13 n/a         n/a
  • 4/9/13 n/a         n/a
  • 9/13/13 n/a         n/a
  • 2/14/14 n/a         n/a
  • 6/3/15 n/a         n/a
  • 9/3/15 $7.2        n/a

Source: Thomson Reuters.

Photo: Jack Dorsey (left), CEO of Square and CEO of Twitter, is congratulated by Jim McKelvey, co-founder of Square, (second from right) and NYSE President Tom Farley (far right) after the IPO of Square in New York, Nov. 19, 2015. Square Inc priced shares at $9 for its initial public offering, about 25 percent less than it had hoped, as it struggled to win over investors skeptical about its business and valuation before trading begins on Thursday. REUTERS/Lucas Jackson