Pivotree filed an amendment to its prospectus in which it detailed expected pricing. The company plans to raise $35M at pa price between $6.50 and $7.50 per share. It intends to issue between 4.67 and 5.385 million shares.
Now that we have expected pricing, we can start to understand valuation. Unfortunately, because the preliminary prospectus does not include the final shares outstanding its still makes the process difficult. However, we will assume two scenarios. We will take the diluted number of common shares outstanding (323.846M) as of end of June and add both share counts.
Scenario 1: 328.516M
Base on this share count - it would have a valuation between $2.135B and $2.463B.
Scenario 2: 329.321M
Base on this share count - it would have a valuation between $2.140B and $2.469B.
This gives it a range of $2.135B to 2.469B. Based on pro-forma basis - this gives it a price to sales ratio of 35.7 to 41.15 which seems quite high.
Unfortunately, at this point it is pure speculation as the total number of shares outstanding may differ greatly post-IPO. We will have to wait for the final prospectus to get a true indication of valuation.
It is a company we are watching closely given the strong performance by recent tech companies Nuvei Technologies (NVEI) and Dye and Durham (DND).