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Technology Capital Markets Monthly Update March, 2018

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Technology Capital Markets Monthly Update March, 2018 Technology Capital Markets Monthly Update March, 2018 PIPER JAFFRAY TECHNOLOGY BANKING TEAM Michael Kim Joel Schneider Garin Arevian MANAGING DIRECTOR MANAGING DIRECTOR MANAGING DIRECTOR Global Group Head Equity Capital Markets Vertical Market Software and SaaS Application Software Technology & Consumer Tech-Enabled Services E [email protected] E [email protected] E [email protected] Jason Harkness Greg Klancher Andy Livadariu MANAGING DIRECTOR PRINCIPAL MANAGING DIRECTOR Internet and Digital Media Infrastructure, Security and Cloud SaaS Application Software E [email protected] E [email protected] E [email protected] Peter Lombard Jason Myler Steven Schmidt MANAGING DIRECTOR MANAGING DIRECTOR MANAGING DIRECTOR Head of Technology M&A Vertical Market Software and Software and Financial Technology Media, Marketing Services and Tech-Enabled Services E [email protected] Information Services E [email protected] E [email protected] MACRO MARKET COMMENTARY Feb 1, 2018 to Feb 28, 2018 • The major U.S. stock indices have traded off from the all-time highs they reached in January • However, the NASDAQ 100 Tech Index has continued to outperform the S&P 500 and NASDAQ indices both YTD and for the month of February • While only two Tech IPOs have priced YTD, activity is beginning to pick-up with 6 new filings, including three from what we consider to be unicorns (Dropbox, Spotify and iQIYI) • Interest rates began to creep up in February with the 10-year treasury note approaching 3% • Oil remained above $60 for the majority of February • After spiking in early February, the VIX has settled in the low 20’s, more conducive for equity issuance • Investors reacting to a more volatile market demanded more of a discount to tech follow-ons during the month of February. During the month, the average FTO discount for tech follow-ons was (8.2%), a bit steeper compared to LTM at (6.3%). Source: Dealogic Disclosure: This is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities TECHNOLOGY CAPITAL MARKETS MONTHLY UPDATE 2 Capital Markets Overview Markets at All-Time Highs Record VIX Stability Despite Recent Spike 60% S&P 500 40.0 VIX Morgan Stanley 35 Tech Index 35.0 NASDAQ 30.0 40% NASDAQ 100 Tech Index 25.0 20.0 15.0 20% 10.0 5.0 0.0 0% Tech Indices Outperforming Market Fund Flows Have Begun Stabilizing ($B) $44 $38 2016 2017 2018 Monthly Monthly % $17 Index CY CY CY Close Change Change S&P 500 9.5% 19.4% 1.5% 2713.83 (109.98) (3.9%) MS 35 Tech 12.3% 39.4% 10.5% 1874.38 +5.76 0.3% ($18) ($16) ($20) ($32) NASDAQ 7.5% 28.2% 5.4% 7273.01 (138.47) (1.9%) ($44) ($50) NASDAQ 100 Tech 24.1% 36.7% 7.4% 4211.38 (16.03) (0.4%) CBOE Vol. Index 14.04 11.04 79.8% 19.85 +6.31 46.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2017 2018 2017-18 IPO Activity & Performance 2017-18 Follow-on Activity & Performance % Return % Return Sector # Capital ($B) 1-Day 30-Day Current Sector # Capital ($B) 1-Day 30-Day Current Business Services 5 $1.7 21% 25% 34% Business Services 7 $2.0 3% 4% (2%) Clean Technology 1 $0.1 41% 56% 135% Clean Technology 3 $0.1 2% (8%) 21% Consumer 10 $3.0 5% 9% 13% Consumer 44 $17.1 2% 4% 20% Energy & Mining 18 $6.8 5% 7% 8% Energy & Mining 45 $20.8 2% (3%) (9%) Financial 22 $5.3 8% 14% 24% Financial 108 $29.4 1% 3% 8% Health Care 45 $4.6 17% 29% 51% Health Care 250 $36.9 5% 9% 34% Industrials 16 $8.7 7% 10% 10% Industrials 83 $19.4 1% 2% 11% Media 0 $0.0 --- --- --- Media 9 $4.3 (0%) 5% (7%) Real Estate 12 $3.1 2% 7% (3%) Real Estate 58 $18.3 1% 1% (9%) Technology 35 $14.8 15% 17% 37% Technology 73 $22.4 3% 6% 15% Total 164 $47.9 Total 680 $170.7 Sector Performance YTD 12% 8% 2% 3% (3%) (1%) Media Comm. & Computers Technology Services Hardware Internet Software Source: Dealogic as of 2/28/18; Data excludes Units and transaction values <$20M TECHNOLOGY CAPITAL MARKETS MONTHLY UPDATE 3 Recent Technology IPO Issuances Last 25 Technology IPOs ($ in millions, except per share data) Filing Offer Pricing Deal Market Deal / % Price Performance Date Issuer Range Price vs Range Value Value Market Secondary 1-Day 30-Day Current Subsector 2/7/18 Huami Corp $10.00 - 12.00 $11.00 In Range $110 $544 20% 0% 2% --- 1% Hardware 1/18/18 ADT Inc 17.00 - 19.00 14.00 Below 1,470 9,015 16% 0% (12%) (17%) (21%) Technology Services 12/22/17 iClick Interactive Asia Ltd 8.00 - 9.00 8.00 In Range 35 382 9% 0% 13% (10%) (17%) Technology Services 12/14/17 Casa Systems Inc 15.00 - 17.00 13.00 Below 90 963 9% 0% 11% 58% 69% Hardware 11/16/17 SailPoint Technologies Holdings Inc 9.00 - 11.00 12.00 Above 276 855 32% 29% 8% 20% 91% Technology Services 11/16/17 Stitch Fix Inc 18.00 - 20.00 15.00 Below 138 1,311 10% 0% 1% 56% 45% Software 11/15/17 Jianpu Technology Inc 8.50 - 10.50 8.00 Below 180 1,146 16% 0% 5% (6%) (13%) Software 11/14/17 SendGrid Inc 13.50 - 15.50 16.00 Above 151 521 29% 0% 13% 20% 70% Software 11/9/17 Bandwidth Inc 20.00 - 22.00 20.00 In Range 83 272 31% 0% 6% 6% 35% Software 11/8/17 Sogou Inc 11.00 - 13.00 13.00 In Range 658 4,505 15% 0% 4% (10%) (28%) Internet 11/2/17 Aquantia Corp 10.00 - 12.00 9.00 Below 71 230 31% 0% 6% 29% 67% Hardware 10/31/17 Altair Engineering Inc 11.00 - 13.00 13.00 In Range 179 680 26% 33% 41% 72% 104% Technology Services 10/26/17 ForeScout Technologies Inc 20.00 - 22.00 22.00 In Range 134 698 19% 0% 16% 30% 47% Software 10/19/17 Sea Ltd 12.00 - 14.00 15.00 Above 989 4,021 25% 0% 8% 0% (29%) Software 10/18/17 MongoDB Inc 18.00 - 20.00 24.00 Above 221 983 22% 0% 34% 24% 47% Software 10/17/17 Qudian Inc 19.00 - 22.00 24.00 Above 1,035 7,066 15% 5% 22% (12%) (40%) Software 10/11/17 CarGurus Inc 13.00 - 15.00 16.00 Above 173 1,645 11% 73% 72% 81% 125% Software 10/5/17 Switch Inc 14.00 - 16.00 17.00 Above 611 3,669 17% 0% 23% 7% (20%) Technology Services 9/27/17 Roku Inc 12.00 - 14.00 14.00 In Range 252 1,200 21% 43% 68% 34% 168% Hardware 9/21/17 Secoo Holding Ltd 11.50 - 13.50 13.00 In Range 111 556 20% 0% (23%) (39%) (12%) Software 9/19/17 Despegar.com Corp 23.00 - 26.00 26.00 In Range 382 1,521 25% 32% 22% 19% 10% Software 7/19/17 Calyxt Inc 15.00 - 18.00 8.00 Below 64 157 41% 0% 41% 56% 135% Clean Tech 6/29/17 Tintri Inc 10.50 - 12.50 7.00 Below 67 156 43% 0% 4% (2%) (28%) Comm. & Computers 6/21/17 Altice USA Inc 27.00 - 31.00 30.00 In Range 2,152 21,750 10% 81% 9% 4% (36%) Comm. & Computers 6/6/17 ShotSpotter Inc 10.00 - 12.00 11.00 In Range 35 69 51% 0% 31% 16% 74% Hardware Mean $387 $2,557 23% 12% 17% 18% 34% Median $173 $963 20% 0% 11% 17% 35% Subsector Breakdown Since 2017 Pricing Breakdown 2 Software 5 100% Hardware 3 2 75% 15 8 7 1 Technology Services 31 50% 2 1 Comm. & Computers 12 12 25% 1 5 3 2 Internet 4 0% Software Hardware Technology Comm. & Internet Services Computers Performance by Subsector 59% 67% 37% 22% (11%) Internet Technology Services Comm. & Computers Software Hardware Source: Dealogic as of 2/28/18; Data excludes Units and transaction values <$20M TECHNOLOGY CAPITAL MARKETS MONTHLY UPDATE 4 Recent Technology IPO Issuances Priced IPOs . Huami (HMI), a manufacturer of wearable fitness devices, priced a $110mm IPO on 2/7/18. The Company offered 40mm ADS’s at the middle of the $10-$12 range at $11/ADS. HMI’s post-deal market cap was $654mm and the stock finished its first day of trading +2.3%. Filed IPOs . Spotify (SPOT), a media-digital company focused on streaming music platform, filed a $1,000mm IPO on 2/28/18. This will be one of the first major direct listings. iQIYI Inc (IQ), a media-digital content company focused on the production and distribution of online video, filed a $1,500mm IPO on 2/27/18. Terms are not yet disclosed. Dropbox Inc (DBX), a provider of cloud-based file-hosting services that allows users to share and access documents, photos and videos from anywhere filed a $500mm IPO on 2/23/18. Terms are not yet disclosed. IBEX Holdings Ltd (IBEX), a provider of technology-enabled customer lifestyle experience filed a $75mm IPO on 2/23/18.
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