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Public shareholders got high today on Tilray, the first marijuana company to IPO on Nasdaq

Tilray , a five-year-old, British Columbia-based medical cannabis company that sells its products to patients, researchers, pharmacies and even governments, saw its shares get high (sorry) on the Nasdaq today, after the company priced 9 million shares at $17 apiece and watched them soar, closing at $22.39, a jump of slightly more than 32 percent. The company raised $153 million in the offering, capital it will reportedly use in part to fuel its marijuana growing and processing facilities in Ontario. It was a huge win for the cannabis industry, which has been growing like a weed (sorry again). Related startups attracted $593 million in funding last year, twice what they raised in 2016 and a meaningful jump from the $121 million invested in related startups in 2014, according to CB Insights. Among the different types of companies to garner investor dollars, shows  CB Insights’ research , are: startups focused on research or distribution of medical marijuana products (as with Tilray); tools for ensuring compliance with state and federal marijuana laws; startups focused on payments for marijuana companies; startups collecting data and producing marketing insights about the industry; and companies creating novel strains and types of marijuana using new farming techniques. Tilray’s performance today is also a very positive signal for Seattle-based Privateer Holdings , a private equity firm that owned 100 percent of the startup as it headed into its offering. In fact, Privateer’s CEO, Brendan Kennedy, is also the CEO of Tilray. (Cannabis companies are weird.) Privateer has itself raised more than $200 million since its founding in 2010, including from Founders Fund and Subversive Capital, and it has used that money to finance, acquire and incubate companies. While it incubated Tilray, for example, it also owns  Leafly , a large cannabis information resource that it acquired in 2011 . Another of its portfolio companies is  Marley Natural , a Bob Marley-branded cannabis line that it launched in partnership with the Marley’s estate and that sells a line of cannabis strains, smoking accessories and even body care products. It isn’t exactly clear how much Privateer had sunk into Tilray (we have a press request into the company). Tilray announced  C$60 million in Series A funding back in February, money it said had come from a “group of leading global institutional investors.” But according to its S-1, it was solely owned until today by Privateer.

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Airbnb could plan to IPO by late 2020

According to a report from The Information , Airbnb co-founder and CEO Brian Chesky told its employees that the company is aiming to go public by late 2020. Airbnb’s IPO has been a source of frustration for employees as many of them need to stay at the company to vest and sell their stock grants. An IPO would mean much more liquidity when it comes to buying and selling Airbnb shares. In addition to the new timeframe, Airbnb is also offering more bonus options. Employees can now choose to get bonuses in cash instead of stock. This could improve employee retention as many employees probably don’t need more Airbnb stock if they’ve been around since the early days of the company. Last year, Airbnb closed a $1 billion round at a $31 billion valuation. The stakes are now quite high for the IPO given the last valuation.

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Xiaomi posts $1.1B quarterly loss ahead of much-anticipated IPO

A month after it filed for a much-anticipated Hong Kong IPO , Xiaomi has revealed a little more financial information after a monster 621-page document disclosed a $1.1 billion (seven billion RMB) loss for the first quarter of the year. The IPO, which could raise up to $10 billion value Xiaomi at high as $100 billion, is set to be the largest IPO raise since Alibaba went public in the U.S. in 2014 . That prospect got a boost with a dose of positive financial growth despite a loss incurred by one-off payments. The document, which was filed was an application to issue a CDRs as part of a dual-listing that would include Mainland China, showed that Xiaomi’s revenue for the quarter jumped to 34 billion RMB, or $5.3 billion. That’s compared to 114.6 billion RMB ($17.9 billion) in total sales for all of last year, according to digging from TechCrunch partner site Technode . While Xiaomi posted a loss for the quarter, the firm actually posted a 1.038 billion RMB ($162 million) profit for the period when one-time items are excluded. Xiaomi previously registered a 43.9 billion RMB ($6.9 billion) loss in 2017 on account of issuing preferred shares to investors (54 billion RMB) but it did post a slim profit in 2016. Xiaomi officially files for Hong Kong IPO to raise a reported $10 billion The company is ranked fourth based on global smartphone shipments, according to analyst firm IDC, and it is one of the few OEMs to buck slowing sales in China . China is, as you’d expect, the primary revenue market but Xiaomi is increasingly less dependent on its homeland. For 2017 sales, China represented 72 percent, but it had been 94 percent and 87 percent, respectively, in 2015 and 2016. India is Xiaomi’s most successful overseas venture, having built the business to the number one smartphone firm based on market share, and Xiaomi is pledging to double down on other global areas. Interestingly there’s no mention of expanding phone sales to the U.S., but Xiaomi has pledged to put 30 percent of its IPO towards growing its presence in Southeast Asia, Europe, Russia “other regions.” Currently, it said it sells products in 74 countries, that does include the U.S. where Xiaomi sells accessories and non-phone items

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Pluralsight prices its IPO at $15 per share, raising over $300M

Pluralsight priced the shares in its IPO at $15 this afternoon, above its previously set target range of between $12 and $14, and will raise as much as $357 million ahead of its public debut tomorrow morning. Pluralsight offers software development courses, specifically ones targeting employees that are looking to advance in their careers by acquiring new skills in order to transition to higher-level roles. As knowledge workers become increasingly valuable, especially in larger enterprises with sprawling workforces, companies like Pluralsight have found a sweet spot in building tools that enable companies to help identify talent in their own workforce and train them, rather than have to aggressively search outside the company to satisfy their needs. The company has raised $310.5 million in its IPO, with underwriters having the option to purchase an additional 3.1 million shares and bring that up to $357 million. The company is one of a continuing wave of enterprise IPOs this year, including multiple successful ones like zScalar and Dropbox — the latter of which was more of a flagship as both a hotly-anticipated one and as a company that possesses a unique business model. But nonetheless, it’s shown that there’s an appetite for enterprise startups looking to go public, which offers those companies a way to raise capital in addition to offering their employees liquidity. Pluralsight will be another of an increasing pack of unicorns in the Utah tech scene that are on their way to going public. Founded in 2004, Pluralsight was largely bootstrapped until its first financing round in 2013 where it raised $27.5 million from Insight Venture Partners . That firm is the company’s largest shareholder, and since then Pluralsight has raised nearly $200 million in financing. Its The company’s IPO tomorrow will once again test the appetite for fresh IPOs among public investors. Enterprise companies generally offer a more stable batch for venture portfolios, with predictable and reliable growth that eventually carries it to an IPO with varying levels of success

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DocuSign pops 30% and Smartsheet 23% in their debuts on Nasdaq and NYSE

Enterprise tech IPOs continue to roar in 2018. Today, not one but two enterprise tech companies, DocuSign and Smartsheet, saw their share prices pop as they made their debuts on to the public markets. As of 1:33 New York time, DocuSign is trading higher at $39.77, up 37 percent from its IPO price and giving the company a market cap of $6 billion. Smartsheet is at $18.57, giving it a market cap of $1.8 billion. We’ll continue to update these numbers during the day. Smartsheet was first out of the gates. Trading on NYSE under the ticker SMAR, the company clocked an opening price of $18.40 . This represented a pop of 22.7 percent on its IPO pricing of $15 yesterday evening — itself a higher figure than the expected range of $12-$14. The company, whose primary product is a workplace collaboration and project management platform (it competes with the likes of Basecamp, Wrike and Asana), raised $150 million in its IPO and is currently trading around $18.30/share. Later in the day, DocuSign — a company that facilitates e-signatures and other features to speed up contractural negotiations online, competing against the likes of AdobeSign and HelloSign — also started to trade, and it saw an even bigger pop.

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DocuSign closes up 38% and Smartsheet 30% in their debuts on Nasdaq and NYSE

It was a big day for enterprise tech IPOs, which have been on a roll in 2018. Today, not one but two enterprise tech companies, DocuSign and Smartsheet, saw their share prices pop as they made their debuts on to the public markets, trends that continued throughout the day. At the close of the markets New York time, DocuSign closed at $39.96, up nearly 38 percent from its IPO price of $29 and giving the company a market cap of $6 billion. Smartsheet closed at $19.50, up 30 percent from its initial price of $15 and giving it a market cap of $1.9 billion. Smartsheet was first out of the gates. Trading on NYSE under the ticker SMAR, the company clocked an opening price of $18.40 . This represented a pop of 22.7 percent on its IPO pricing of $15 yesterday evening — itself a higher figure than the expected range of $12-$14. Smartsheet, whose primary product is a workplace collaboration and project management platform (it competes with the likes of Basecamp, Wrike and Asana), raised $150 million in its IPO and is currently trading around $18.30/share. Its price went as high as $19.70 in trading today and never dipped below $18.06. Later in the day, DocuSign — which facilitates e-signatures and other features to speed up contractural negotiations online, competing against the likes of AdobeSign and HelloSign — started to trade, and it saw an even bigger pop. Trading on Nasdaq under DOCU, the stock opened at $37.75 , which worked out to a jump of 30 percent on its IPO price last night of $29

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Despite IPO surge, Hong Kong investors aren’t tech savvy, warns Razer CEO

Xiaomi and Ant Financial are two of a cluster of major tech names being linked with IPOs in Hong Kong. But, despite a burst of upcoming tech listings and new measures that are tipped to encourage more , the country still has some way to go to match the U.S. as a destination for startup exits, according to one of its star graduates. Gaming hardware firm Razer raised over $500 million when it went public on the HKSE last November, but its CEO Min-Liang Tan has warned that the country’s investor base needs education on how tech companies perform and develop. “Going public was an exciting time for us, but now our focus is getting the Hong Kong investment public to be more educated on tech companies,” Tan told TechCrunch in an interview this week. “The U.S. public markets are probably more cognizant of tech companies.” Razer, which is backed by Hong Kong’s richest man Li Ka-Ching among other investors, saw an 18 percent pop on IPO day , but its share price has steadily decreased since then. It is trading up six percent today — after the company bought $100 million-valued payment provider MOL yesterday — but its price of HK$2.59 is down on its initial list price of HK$3.88. The company isn’t alone. China Literature, the e-publishing unit of Tencent, is another lauded IPO darling that has struggled to find its feet since going public. Its listing was the most profitable Hong Kong debut in a decade with shares leaping 86 percent in value on the first day of trading as China Literature raised $1 billion. But today the price of HK$68.10 is down substantially on a debut figure of HK$102.5. Going back further, shares of selfie app and smartphone-maker Meitu — which led the tech rally with an HKSE listing in late 2016  — have stayed flat.

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Pivotal Software closed up 5% following IPO, raised $555 million

Stock market investors showed lukewarm enthusiasm for Pivotal Software’s debut on Friday. After pricing the IPO at $15, the company closed the day at $15.73. Although it didn’t “pop” for new investors, pricing at the midpoint of its proposed range allowed Pivotal to raise $555 million. Its public company market cap exceeded $3 billion. The enterprise cloud computing company has been majority-owned by Dell, which came about after its  merger with EMC in 2016.  It was spun off from Dell, EMC and VMware in April 2013. After that, it  raised $1.7 billion in funding  from Microsoft, Ford and General Electric. Here’s how it describes its business in the S-1 filing: Pivotal looks to “provide a leading cloud-native platform that makes software development and IT operations a strategic advantage for our customers. Our cloud-native platform,  Pivotal   Cloud Foundry (‘PCF’), accelerates and streamlines software development by reducing the complexity of building, deploying and operating new cloud-native applications and modernizing legacy applications.” According to the filing, Pivotal brought in $509.4 million in revenue for its fiscal year ending in February. This is up from $416.3 million in revenue for 2017 and $280.9 million in revenue the year before. The company is still losing a lot of money, however. Losses for fiscal 2018 stood at $163.5 million, improved from the than the negative $232.5 million seen in 2017 and $282.5 million in 2016. “We have incurred substantial losses and may not be able to generate sufficient revenue to achieve and sustain profitability,” the company warned in the requisite “risk factors” section of its IPO filing. Pivotal also acknowledged that it faces competition from “legacy application infrastructure and middleware form vendors” like IBM and Oracle. The company says it additionally competes with “open-source based offerings supported by vendors” like RedHat. Pivotal also faces challenges from SAP Cloud Platform, Amazon Web Services and Microsoft Azure.

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