Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<ul>
<li>HashiCorp is a cloud infrastructure automation company offering industry leading-products with high-profile customer list and freemium business model. The unicorn was backed by leading VC investors. </li>
<li>HashiCorp is the open-source software company, which is well-positioned to gain market share in the cloud infrastructure, security and networking addressable markets. </li>
<li>The company filed to go public this month. Our post-IPO valuation implies substantial upside potential to last private round valuation and we have favorable view of the upcoming IPO.</li>
</ul>


HashiCorp is a cloud infrastructure automation company offering industry leading-products with high-profile customer list and freemium business model. The unicorn was backed by leading VC investors. 
HashiCorp is the open-source software company, which is well-positioned to gain market share in the cloud infrastructure, security and networking addressable markets. 
The company filed to go public this month. Our post-IPO valuation implies substantial upside potential to last private round valuation and we have favorable view of the upcoming IPO.


HashiCorp IPO: Serious Player in Multi-Cloud Infrastructure Automation Segment

Equity Bottom-Up

<p>DevOps SaaS unicorn <a href="https://www.smartkarma.com/entities/gitlab-inc" target="_blank" data-smartkarma-citation="entities:34460:1" rel="noopener">GitLab (GTLB US)</a>  successfully completed IPO in October and sold ~8.4 million Class A shares at $77.00 per share, excluding the sale of Class A shares by the selling stockholders. The company could raise more than $600 million, implying IPO valuation of ~$12.9 billion on a fully-diluted basis (including 21.3 million shares upon the exercise of options and 3 million shares subject to RSUs). GitLab stock is trading at around $130.00 per share and IPO investors are still up ~70%. However, keeping in mind lofty valuations and early lockup expiration that is set to release up to ~19.2 million shares of GitLab, we think tech investors should be cautious in near-term and take profits after successful IPO.     </p>

DevOps SaaS unicorn GitLab (GTLB US)  successfully completed IPO in October and sold ~8.4 million Class A shares at $77.00 per share, excluding the sale of Class A shares by the selling stockholders. The company could raise more than $600 million, implying IPO valuation of ~$12.9 billion on a fully-diluted basis (including 21.3 million shares upon the exercise of options and 3 million shares subject to RSUs). GitLab stock is trading at around $130.00 per share and IPO investors are still up ~70%. However, keeping in mind lofty valuations and early lockup expiration that is set to release up to ~19.2 million shares of GitLab, we think tech investors should be cautious in near-term and take profits after successful IPO.     

Up To ~$2.5 Billion Worth of GitLab Shares May Be Eligible For Sale This Year

<p><a href="https://www.smartkarma.com/entities/gitlab-inc" target="_blank" data-smartkarma-citation="entities:34460:1" rel="noopener">GitLab (GTLB US)</a> , one of the key competitors of GitHub (Microsoft), filed for an IPO and sold ~8.4 million Class A shares today for $77.00 per share, implying a market cap of ~$13 billion at above the expected price range of $66.00-$69.00 per share on a fully diluted basis (including options and RSUs). Selling stockholders also sold additional ~1.98 million Class A shares. GitLab shares are expected to begin trading on Nasdaq Global Market under the trading symbol “GTLB”. Goldman Sachs, J.P. Morgan and Bank of America are lead underwriters on the IPO.   </p>

GitLab (GTLB US) , one of the key competitors of GitHub (Microsoft), filed for an IPO and sold ~8.4 million Class A shares today for $77.00 per share, implying a market cap of ~$13 billion at above the expected price range of $66.00-$69.00 per share on a fully diluted basis (including options and RSUs). Selling stockholders also sold additional ~1.98 million Class A shares. GitLab shares are expected to begin trading on Nasdaq Global Market under the trading symbol “GTLB”. Goldman Sachs, J.P. Morgan and Bank of America are lead underwriters on the IPO.   

GitLab IPO: Is $10 Billion+ Stock Valuation Too High?

United States

GitLab Inc. designs and develops software solutions. The Company offers platform for authentication, authorization, devops score, audit, and value stream management. GitLab serves customers worldwide.

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Gitlab (GTLB US)

HashiCorp IPO: Serious Player in Multi-Cloud Infrastructure Automation Segment

HashiCorp, one of the leaders among infrastructure automation platform providers, filed to go public after a successful Nasdaq debut of open source...

Andrei Zakharov

Up To ~$2.5 Billion Worth of GitLab Shares May Be Eligible For Sale This Year

Tech investors should be cautious as early lock up expiration may allow early investors and insiders to sell up to ~$2.5B worth of GitLab shares...

Andrei Zakharov

GitLab IPO: Is $10 Billion+ Stock Valuation Too High?

Money-losing unicorn GitLab has sky-high IPO valuation of $12B+ and we believe GitLab shares have ~16% downside potential to IPO price of $77 per...

Andrei Zakharov

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