Opendoor Market Leadership and Valuation
Transaction overview
Pro forma valuation
($M except per share values)
Sources and uses
($M)
Sources
IPOB illustrative share price
$10.00
Cash from PIPE (including co-investment)
$600
Pro forma shares outstanding (M) (1)
630.7
Cash from IPOB
$414
Total equity value
$6,307
Total sources
$1,014
Cash on balance sheet (2)
$1,539
Total enterprise value
$4,768
Uses
Cash to balance sheet
$979
Total Enterprise Value / Revenue
Estimated transaction fees and expenses
$35
1.0x (based on 2019 Revenue of $4.7B)
0.5x (based on 2023 Revenue of $9.8B)
Total uses
$1,014
Note:
(1) Total shares includes 500.0 million rollover equity shares (inclusive of existing management options and RSUs rolling over), 41.4 million IPOB public shares, 60.0 million shares from PIPE, 10.4 million IPOB founder shares and 18.9 million bonus shares
to management. Assumes no redemptions
(2) Cash on balance sheet includes unrestricted cash and marketable securities of $560M as of June 30, 2020 plus $979M of proceeds from the transaction
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