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IPO - Wednesday, June 27, 2007

3 IPOs Go Off Today: DataDomain Way, Way Up, comScore Way Up, Spreadtrum Up, Authentec Down

Data Domain is making gangster money in its Wall Street IPO today, with shares up 55% as we check to $23.20. Santa Clara-based Data Domain sells storage appliances for disk-based backup and network-based disaster recovery.

Data Domain raised $110.85Min its IPO, pricing 7.39M shares at $15 per share (well above the $11.50-$13.50 range), for an initial valuation of around $777M. It now trades on the Nasdaq as DDUP, with Goldman Sachs and Morgan Stanley as its co-lead underwriters.

Data Domain had raised around $41M in VC funding since 2002. The company had 2006 revenues of $46M with surging growth.

Investors Pre-IPO stake
Greylock Partners 30.3%
New Enterprise Associates 28.9%
Sutter Hill Ventures 16.8%

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comScore is the big dog daddy in its IPO today with its shares trading up nearly 30% as we check to $21.35.

Reston, VA-based comScore raised $82.5M in its IPO. The company priced 5M shares at $16.50 per share ($14-$16 range), for an initial valuation of around $452M.

comScore now trade on the Nasdaq as SCOR, with Credit Suisse and Deutsche Bank Securities as co-lead underwriters.

comScore is best known for its traffic rankings of search engines and other web properties, data that it gathers from survey panels. But the company makes most of its revenues from more customized research that it. It sells clients with the ability to conduct survey research studies using comScore panelists, focused on a wide range of online and offline issues, including customer satisfaction, purchase intent, barriers to purchasing specific brands, attitudes about competitive products/ services, brand usage behavior — and more.

comScore’s revenues in 2005 were $50.3M, an increase of 45% over revenues of $34.9M in 2004. Since 2001, comScore’s revenues have grown at a compound annual rate of 56%.

comScore had raised over $92M from VC since 1999.

Investors Pre-IPO stake
Accel Partners 26.1%
JPMorgan Partners 11.1%
Institutional Venture Partners 9.7%
Lehman Brothers 7.7%
Adams Street Partners 7.5%
Topspin Partners 5.2%

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Spreadtrum is up nearly 17% as we check today. Shanghai-based Spreadtrum Communications makes wireless chipsets and raised $124.6M in its IPO. It priced over 8.9M ADRs at$14 per share ($11-$13 range) but is at $16.43.

The company has been growing at a rapid rate. From 2003 to 2006, revenues have surged from $2.4M to $107.1M. It reached profitability in the first quarter of 2006.

Spreadtrum now trades on the Nasdaq under ticker symbol SPRD, with Morgan Stanley and Lehman Brothers served as co-led underwriters.

Shareholders Pre-IPO stake
New Enterprise Associates 24.24%
Fortune Venture Group 11.61%
Pacific Venture Partners 7.7%

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Authentec, on the other hand, is well down on IPO day with shares trading 8.55% less than the offer price. Melbourne, FL-based AuthenTec sells fingerprint sensors. It raised $82.5M in its IPO, pricing 7.5M shares at $11 per share ($9-$11 range), for an initial valuation of around $286M.

The company shipped 6.9M sensors in 2006 and revenue increased from $19.2M in 2005 to $33.2M in 2006. During the three months ended March 30, 2007, it shipped 1.9M sensor units and generated revenue of $9.3M, an increase of 32.0% and 25.7%, respectively, over the three months ended March 31, 2006. A problem for investors might be AuthenTec derived 59% of revenue from two customers, and 80.7% and 83.9% of revenues from its top five customers in 2006 and the three months ended March 30, 2007, respectively.

Authentec is trading on the Nasdaq under ticker symbol AUTH with Lehman Brothers as lead underwriter. It had raised $71M from VCs.

Investors Pre-IPO stake
Sierra Ventures 20.8%
Harris Corp. 18.7%
Carlyle Venture Partners 12.8%

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