A SaaS
company LeadDesk is currently IPOing to the Helsinki First North but I won’t invest
in the IPO.
 |
A SaaS
company LeadDesk is currently IPOing to the Helsinki First North but I won’t invest
in the IPO.
|
Wow. It’s been over a year since I last wrote to the blog. I’m struggling to find time to write after all the private and work life stuff. I’ll need to think about how to overcome this “tyranny of the urgent”.
I’d really
like to invest in SaaS companies. Especially as I’m remembering a similar
SaaS company Admicom’s recent IPO and subsequent magnificent growth.
But the
offering isn’t desirable enough, at least for the price. Fellow blogger Rahamiäswrote a good blog on the IPO and criticized the pricing, so I won’t repeat the
same things, but the IPO isn’t cheap.
The company
is only growing 20% which for a blue chip would be pop-the-dom-perignons-level of achievement, but for a small SaaS
startup is actually quite a low number in my opinion. Also, they have started
to make a profit, which I also consider a bad as they should still be focusing
on investing in growth. Inderes is estimating an 18% discount in the IPO price
but their estimates haven’t been quite accurate recently and I'm not believing that number.
But my main
reason for staying on the sidelines for the LeadDesk IPO is the sentiment.
Looking at Kauppalehti message board, Inderes message board or Sijoitustietomessage board, I see no enthusiasm or buzz for the IPO. That usually doesn’t promise
good things to come, I believe the market will open under the IPO price for
LeadDesk unfortunately.
