Coupang (CPNG.US) – Note 1

[March 6, 2021] Some thoughts after skimming through S1 and The Generalist's briefing (Coupang: The Art of Obsession) * * * Coupang is a consumer internet company expanding verticals and gaining consumer's wallet share in South Korea. Coupang currently has 1P & 3P e-commerce business (with in-house logistics capacity), grocery offering, food delivery and digital … Continue reading Coupang (CPNG.US) – Note 1

Roblox – Updated Charts

I update the slide with 4Q20 data in latest S1. Direct listing of Roblox will be interesting because market appetite has shifted in last two weeks and the underlying business of Roblox seems to be normalizing this year based on company's expectation (conservative?). Roblox has strong cash flow and just raised a private round so … Continue reading Roblox – Updated Charts

Roblox – IPO Note 4 (Investor Day)

[February 27th, 2021] Roblox has updated their S-1 and decided to go direct listing on March 10th. Roblox hosted investor day on Youtube. I highly recommend watching that video (presentation and Q&A) which is embedded below. Roblox is interesting: "metaverse holder" pure play - vertical & category agnostic consumer internet tech "large" TAM, meme candidate, … Continue reading Roblox – IPO Note 4 (Investor Day)

Roblox – IPO Note 3 (It’s Direct Listing!)

[January 10th, 2021] Roblox announced few days ago that it raised $520 million in new Series H funding at $29.5 billion valuation and planned to pursue an IPO via direct listing in early February 2021. It's management team's job to maximize the valuation for existing stockholders. By withdrawing from IPO and then raising a private … Continue reading Roblox – IPO Note 3 (It’s Direct Listing!)

Roblox – IPO Note 2

[December 16th, 2020] Background Roblox Corp. delayed its planned IPO after company officials decided that the gravity-defying performance this week of Airbnb Inc. and DoorDash Inc. made it too difficult to determine the right price for the videogame company’s shares.Dec. 11, 2020 WSJ Affirm Holdings Inc. is postponing its initial public offering, according to people familiar with the matter, the second … Continue reading Roblox – IPO Note 2