Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Ping Identity Holding Corp / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/ping-identity-holding-corp" target="_blank" data-smartkarma-citation="entities:28271:1" rel="noopener">Ping Identity Holding Corp (PING US)</a> is expected to complete its IPO in the next few days. The company plans to offer 12.5 million shares at $14 to $16 per share. At the midpoint of its proposed range, the company would raise $188 million at a $1.2 billion valuation. </li>
<li>We estimate Ping Identity Holding to generate revenue of $229.5 million in 2019 (up 13.8% YoY) and $257.9 million in 2020 (up 12.4% YoY). We estimate Subscription and Professional Services &amp; other to represent 92.6% and 7.4% of total revenue in 2019, respectively. We have assumed the company's gross margins to increase from 77.9% in 2018 to 76.9% in 2019, and 76.6% in 2020.</li>
<li><strong>Our base case valuation of Ping Identity Holding is $1.5 billion (market cap) or $19.18 per share, representing 27% upside to the mid-point of the IPO valuation range of $14 to $16 per share. As such, we have a positive view of this IPO.</strong></li>
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Ping Identity Holding Corp (PING US) is expected to complete its IPO in the next few days. The company plans to offer 12.5 million shares at $14 to $16 per share. At the midpoint of its proposed range, the company would raise $188 million at a $1.2 billion valuation. 
We estimate Ping Identity Holding to generate revenue of $229.5 million in 2019 (up 13.8% YoY) and $257.9 million in 2020 (up 12.4% YoY). We estimate Subscription and Professional Services &amp; other to represent 92.6% and 7.4% of total revenue in 2019, respectively. We have assumed the company's gross margins to increase from 77.9% in 2018 to 76.9% in 2019, and 76.6% in 2020.
Our base case valuation of Ping Identity Holding is $1.5 billion (market cap) or $19.18 per share, representing 27% upside to the mid-point of the IPO valuation range of $14 to $16 per share. As such, we have a positive view of this IPO.


Ping Identity Holding Corp IPO Valuation Analysis

United States

SailPoint Technologies Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers enterprise identity governance solutions. SailPoint Technologies Holdings empowers customers to securely govern the digital identities of employees, contractors, business partners, and other users to manage their constantly changing access rights to enterprise.

Sailpoint Technologies Holdings (SAIL US)

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Ping Identity Holding Corp IPO Valuation Analysis

Ping Identity Holding Corp (PING US) is expected to complete its IPO in the next few days. The company plans to offer 12.5 million shares at $14...

Douglas Kim