J.P.Morgan Software Investment Banking
Illustrative sizing analysis for Inovalon equity offering
INOV current trading details
(as of 04/29/21)
Stock price
% of 52-week high
Mkt cap ($mm/shs)
Float ($mm / shs)
30-day ADTV (Smm / shs)
Sizing analysis at current price level
Offering size ($mm)
$400
Offering size (shs)
of mkt cap
I
%% of float
1
30-day ADTV mult.
J.P.Morgan
Source: Dealogic, Factset as of 4/29/21
13.4
9%
18%
29.9x
$500
16.8
11%
23%
37.4x
$29.78
96.78%
$4,626mm /155.9mm
$2,195mm/74.3mm
$12.9mm /449k
$600
20.1
13%
27%
44.9x
$700
23.5
15%
32%
52.4x
Recent marketed follow-ons (deal size > $500mm)
Pricing
date
Issuer name
LIII-
03/18/21 Skillz
03/02/21 Cardlytics
52/18/21 Twilio
02/18/21 Chegg
02/11/21 Varonis Systems
02/09/21 Lightspeed POS
02/05/21 Allegro Microsystems
02/04/21 Opendoor
01/13/21 Lemonade
01/12/21 Zoom Video
Mean
Median
04/20/21 Zai Lab
04/07/21 Maravai LifeSciences
03/17/21 Sotera
03/01/21 Syneos Health
52/10/21 Oak Street Health
02/04/21 Veracyte
02/02/21 Argenx
01/27/21 CureVac
11/30/20 Elanco Animal Health
10/27/20 Mirati Therapeutics
Mean
Median
---
JPMorgan led deals
Size Mkt cap % of mkt
(Smm)
($mm)
Technology
$768 $10,347
501 4,249
---
64,118
------
14,548
1,833
476
518 6,832
676 9,357
586 5,997
771
16,318
796 10,578
2,000 104,127
$892 $24,647
$722 $10,463
Healthcare
$857 $14,133
563 3,137
675 7,848
525
8,068
690 13,833
633
5,168
1,068 16,535
518 17,661
1,896 14,436
1,002 10,275
$842 $11,722
$675 $13,833
------
----
---
cap % sec
7% 47%
12%
3%
8%
7%
10% 100%
5%
8%
32%
6% 20%
7% 0%
6%
18% 100%
9% 100%
7% 100%
---
5% 100%
12%
6%
3%
13% 100%
10%
9%
8%
8%
53%
71%
Price performance (%)
Offer!
Current
File/
offer
(22%)
(8%)
(4%)
(9%)
(3%)
(3%)
(5%)
(5%)
(10%)
1%
(7%)
(5%)
(9%)
(10%)
(5%)
(3%)
4%
0%
(14%)
(3%)
3%
(3%)
21
(25%)
7%
(12%
(10%)
(72%)
(0%)
(16%)
(23%)
(44%)
(6%
(20%)
(14%)
12%
22%
(5%)
11%
10%
(34%)
(9%)
28%
6%
(19%)
1%
6%View entire presentation