IAG Case Study
Golduin Retail
Phase II
Team Blankspace
NMIMS Mumbai
Neha Butala
Ruchita Sen
Agenda
Company Overview
Industry Overview and Dynamics
Golduins Performance and Strategy
Golduins Valuation
Use of Proceeds
Listing Locations
Risk Factors
Appendix
Company
Overview
Company Profile
Geographical Locations
Sectors
Founding
John Doe, in 2009
Headquarters
and Offices
Dallas, Texas
Consumer Electronics
US
Consumer Appliances
Regional offices in Shanghai, Bengaluru, Manila, Jakarta
44%
Geographic
Mix
Present in US, China, India
Equity Partners
Zartell Investments, Bereth Capital, Orome, Hetfield, Blue Hill
Apparel
India
7%
Footwear
Timeline
*Revenue Breakdowns for 2015 by country
Series B funding Bereth, Blue
Hill, Hetfield $65M
Jan: Seed funding Zartell ($15M)
Switched to market place
model
Birth of
Goldruin
Retail
2009
China
49%
2010
Dec: Series A funding Zartell,
Bereth ($41 M)
2011
Mar: Acuired Sion Retail in
India
Mar: Entered India,
acquired King Kross Tech
2012
2013
Nov: Series C funding
Zartell, Bereth, Orome
($500M)
Entered China,
acquisition of Tarthe Retail
Global Revenue
$1.2B
Acquired Manzel apparels
company
2014
Turned profitable
2015
Diversified into E-retailing
Fifth-largest E-Commerce
Company in GMV terms
Raised $700m
Through IPO issue
2016
Introduced in-house
payment system
2017
2018
2-3 fulfilment
Rebranded as
the Biggest brand hub Centres with
Investment of $45M
Golduin
Partners
Strong Collaboration
with vendors, a count
of 400,000+
Long term association
with leading brands
Retail Business Model
Channelizing resources by entering into high growth markets
through acquisitions
Strong business
analytics team
Plans to develop inhouse payment system
E-Commerce
Management Team
Market
CEO - 15 years in
accounts
for
Consumers Appliance
6.5% of
retailCFO
sales
- Qualified CPA,
Previously head of audit
,control
Sales Head - 10+ Years in
Apparel sales experience
Distribution Channel
All marketing channels
used, reliance especially on
social media networks
Operates with a
marketplace model having
10 fulfillment centres in
the operating geographies
Focus on high growth markets like China, India
Capability
Marketplace model for
operational efficiency
Marketing Channel
Growth Strategy
Costs
Major Capital Investment
made in fulfillment centres
Switch to marketplace based
model to reduce inventory
costs
Plans to develop an in-house
payment system
Cost of capital was low as
financing was done through
debt, funding rounds
Value Proposition
Following differentiating
strategy to focus on
enhancing customer
experience
Competitive Strategy
Differentiating strategy
driven by a superior
customer experience
Competed with cost
leadership strategy with
focus on particular segments
Offering premium services
for consumers for enhanced
Market Segments
Catering to upper middle
class, upper class in US
For India and China, upper
middle class and middle
class segments between
ages 13-58 using Internet
Revenue Sources
Revenues from commissions
Other income includes
Vendors Annual Fee,
Fulfillment Centre usage,
Advertising, subscriptions
Industry
Overview
Key Drivers
Global Scenario
E-commerce is changing the way people
do their business
Increasing Internet Penetration
Change in customer behavior
GDP/Capital
Trending Business Methods:
Personalization and Mobility
Number of Users
Market Players tweak recommendations
to making it more personal. Shopping has
become more mobile and players are
opting for more channels
Smartphone Penetration
Cheap and reliable technology
Push into International Market
Huge growth potential in the
emerging markets India and China
Mobile Platforms
Social Media
Analytics
SMAC
Omni-channel
service
Sharing Economy
Virtualization
Challenges faced by Industry
Innovative payment products
Social Media
Alibaba and Amazon are two major
global players
Future of E-commerce
Lack of governing structure
Integration of distinct technology
Majority of online retailers lack in
digital marketing skills
No of Internet users and penetration
Global E-Tail Sales
2000
E-Tail Contribution to Global Sales
25%
20%
1500
20.00%
10.00%
7.30%
500
0
0.00%
2015
2019
Sources: Euromonitor, Capgemini Report
800
100%
86%
87%
80%
600
15%
1000
12.40%
The dynamics of the industry is
constantly changing
The taxation policies are not specified
Cyber Security issues
10%
400
5%
200
0%
2014
2015 2016
US $ Billions
2017 2018
Growth Rate
53%
46%
19%
59%
60%
40%
20%
0%
China US India Japan Brazil Russia
No of Users (Mn)
Penetration (%)
Golduins
Key Performance Metrics
Revenue/Margin Comparison
Profitability
Revenue Margins
15.00%
1.76*
2000
Operating profit
US
10.00%
Nopat
Current Ratio - 2015
1500
China
668.73
5.00%
0.00%
-100
0
Debt-Equity Ratio 2015
1000
India
436.08
272.12
500
100
200
Revenue
300
400
19
42
83.38
115
158.17
226
2014
2015
2016
2017
26
The size shows margin in the respective geographies
390
2018
959
625
2019
2020
Please refer Excel for detailed Income Statement
Key Financial Metrics
Revenue Sources
1.23*
81.36%*
Avg growth of RoE 2016-19
77.31%*
Gross profit Margin 2016-19
14.19%*
Working Capital
CAGR Revenue 2016-19
400.00
100
17.30%*
300.00
Avg Growth EPS 2016-19
50
200.00
Dupont Analysis
100.00
0.00
2014
USA
Annual Registration fees
China
Buyers memberships
Fees for fulfilment centres
2015
2016
2017
2018
2019
India
Commission
Advertising revenue
Net Profit Margin0.01
Asset Turnover0.95
Return on Equity
Equity Multiplier2.22
Golduins
Chinese Story
Current Market Size 20.38 Billion
16545 15709
High growth in Apparels, Footwear
Segment
2077 2931
4214
5916
7889
8%
7%
12971
Market Share 2.6% GMV
Top 5 market position
Revenues Mix
GMV Projections
Current Market Scenario
31%
10052
43%
2015
19%
27%
2019
50%
15%
2013 2014 2015 2016 2017 2018 2019 2020 2021
Revenues Projections
* Please refer Excel for GMV Calculations
Golduins Strategy for China
Used Inorganic Expansion to gain entry
Acquisition of Tarthe Retail, Manzel
ensured prominence immediately in
electronics, appliances market
Future strategy is to capture high
growth Apparel and Footwear
segments
Sector
Market
Growth Driver
Company
Growth
Commissions
4000
CAGR 43.02%
2000
Consumer
Electronics
15%
21%
4.5%
Consumer
Appliances
13%
19%
4.5%
Apparel
24%
29%
9.7%
Footwear
24%
30%
9.7%
* Please refer Excel for Company Growth Rates
2013 2014 2015 2016 2017 2018 2019 2020
Consumer Electronics
Apparel
Other Income
Consumer Appliances
Footwear
Figures in $Millions
Golduins
Indian Story
GMV Projections
Current Market Scenario
Portfolio Mix
Current Market Size 800 Million
13% 17%
4987
Market Share 10.5% GMV
1641
943 1133
2319
3231
2015
High growth in Apparels, Footwear
Segment
358
Ecommerce Sector booming in India
2013 2014 2015 2016 2017 2018 2019 2020 2021
455
713
Sector
Market
Growth Driver
Company
Growth
Commissions
Acquisition of:
Kingscross Tech
Sion Retail
Consumer
Electronics
Strategy is to capture high growth
Apparel and Footwear segments
Consumer
Appliances
45.29%
6.3%
3.8%
High growth in GMV over the years
expected
Apparel
44.85%
39%
8.43%
Footwear
44.85%
39%
8.43%
100
74%
Revenue Projections
150
Used Inorganic Expansion to gain entry
2019
59%
* Please refer Excel for GMV Calculations
Golduins Strategy for India
11%
16% 6%4%
CAGR 35.48%
50
7.02%
2.7%
4.5%
0
2013 2014 2015 2016 2017 2018 2019
Consumer Electronics
Consumer Appliances
Apparel
Footwear
Market Overview
US Story
Current Market Scenario
GMV Projections
Current Market Size 39866.66667
Billion
Market Share 1.5% GMV
1647
2465
Portfolio Mix
5497
4469 4950
4046
3672
6121
6835
12% 12%
11% 9%
19%
13%
2015
Top 20 player by GMV
61%
63%
2013 2014 2015 2016 2017 2018 2019 2020 2021
2019
* Please refer Excel for GMV Calculations
Golduins Strategy for US
Reducing Focus for Golduin
Focussed on high customer
satisafaction and premiumness to
capture customer loyalty
Future strategy is to focus on
emerging markets like India and China
as Growth rates are low
Revenue Projections
Sector
Market
Growth Driver
Company
Growth
Commissions
2.5%
2.5%
5%
Consumer
Appliances
19%
19%
4.5%
9%
9%
11.28%
Footwear
9%
9%
CAGR 22.44%
400
Consumer
Electronics
Apparel
600
200
0
2013 2014 2015 2016 2017 2018 2019
11.28%
Consumer Electronics
Apparel
Consumer Appliances
Footwear
Market Overview
Funding Round
Shareholding Pattern
John
Zartell
Seed
135,000,000
15,000,000
112,500,000
30,000,000
96,000,000
52,500,000
Total
35%
Bereth
Orome
-
Hetfield
Blue Hill
Total Shares
Price Per
Share
150,000,000
1.00
7,500,000.00
150,000,000
1.82
30,000,000
15,000,000
4,500,000.00
4,500,000
150,000,000.
3.94
49,500,000
33,000,000
6,000,000
4,500,000
4,500,000
150,000,000
$ 11.49
33%
22%
4%
3%
3%
Assumption: Initial $1 face value per share
Investor
Pre- IPO
Pattern
Post IPO
Pattern
Zartell
33%
23%
Bereth
22%
12%
John
35%
26%
BlueHill
3%
3%
Hetfield
3%
3%
Orome
4%
4%
29%
100%
100%
Float Shares
Total
Pre-IPO Pattern
Post IPO Pattern
3%
3%4%
23%
29%
33%
35%
4%
3%
3%
22%
Zartell
Bereth
John
BlueHill
12%
26%
Hetfield
Orome
Float
Market Overview
Revenue Estimation Market Growth vs Company Targeted Growth
Scenario 1: With company going forward with Market Growth rates, the company will not achieve the targeted revenue of $4billion. It will
reach $2Billion by 2019.
Scenario 2: Company will have grow more than the CAGR growth of the respective sectors, this would be done as Golduin tries to increase
its market share in India and China by organic and inorganic growth so that the company sees higher growth than CAGR.
* Please refer Excel for detailed revenue projections in Scenario 1 and 2
Country
Consumer
Electronics
Consumer Appliance
Apparel
Footwear
India
2.7%/10.39%
6.3%/14.26%
39%/49.40%
39%/49.4%
China
15%/25%
13%/23%
24%/35%
24%/35%
USA
2.5%/2.5%
19%/19%
9%/9%
9%/9%
Scenario 1: Golduin grows as per Market Growth Rate
2021
2020
2019
2018
2017
2016
2015
2014
2013
3536.76
2921.59
2425.63
2023.48
1695.54
1426.61
1210
750
489
Scenario 2: Golduin growth exceeds Market Growth Rate
2021
2020
2019
2018
2017
2016
2015
2014
2013
4137.62
4021.99
3163.76
2488.65
1539.72
1539.00
1210
750
489
Market Overview
DCF Valuation
Assumptions in DCF Model
Revenue
Forecast
WACC -7%
India, China and Usa Markets differ in the CAGR.
The Valution of the company is done taking into consideration the GMV
Transacted between the firms.
Growth in other income is regressed in lieu with the increase in Revenue
Assuming listing location USA
Risk Free rate =2.245%(USA Treasury bonds)
Tax Rate=30.3%
Equity Risk Premium-5.78%
Terminal Growth-3%
Assumption
Revenue have been projected based on the target revenue of
the company
Increase in EBIT growth has been assumed
Enterprise Value -8.6bn
Equity Value
-8.609bn
Share Value
-$39.04
13336.45
1%
2%
3%
4%
5%
5%
16115.02
21699.43
32868.26
66374.74
-335703
WACC Values
6%
7%
12892.02 10743.35
16274.58 13019.66
21912.17 16434.13
33187.37 22124.91
83925.75 37300.34
8%
9208.584
10849.72
13147.3
16593.69
23978.79
Sensitivity Analysis-Enterprise Value
9%
8057.511
9299.758
10956.09
13274.95
17668.58
Perpetuity
growth
Perpetuity
growth
Sensitivity Analysis-Terminal Growth
to decrease
over the years.
Depreciation and working capital has been
projected by studying comparable companies value.
WACC is changing each year due to change in capital
structure of the company.
8609.414
1%
2%
3%
4%
5%
5%
10287.5
13557.2
20096.5
39714.4
-195701
WACC Values
6%
7%
8%
9%
8382 7106.5 6191.4 5501.9
10362 8439.3 7152.3 6229.2
13663 10438 8497.5
7199
20265 13770 10515 8556.7
49972 22656 14839 11129
Market Overview
Trading Multiples
Baba us equity JD US Equity
EBITDA
EV/ EBITDA
P/E
Multiples
FY+1
FY+1
FY+1
49,805.4
25.96x
32.34x -
(551.9)
-424.72x
VIPS US MELI US AMZN US EBAY US iaci us
Equity
Equity
Equity
Equity
equity
2,356.9
181.6 10,662.8 3,476.8
485.8
32.62x
25.75x
27.70x
10.73x
11.67x
38.20x
46.36x 129.20x
16.04x
20.42x
Assumptions:
Funds Raised in IPO
-$1 bn
Filing Range - 1-Year Forward P / E Multiples
Forward P/E Assumptions:
Units
Forward Year 1 Net Income:
Implied Post-Money Equity Value @ Trading:
$M
$M
Issuer - Existing Shares Outstanding:
Implied Offering Price per Share:
Pro-Forma Shares Outstanding, Post-IPO:
Post-Transaction Shares Outstanding Calculations:
Primary Shares Issued in IPO:
Secondary Shares Sold in IPO:
Total Shares Issued or Sold in IPO:
Pro-Forma Shares Outstanding, Post-IPO:
Total Offering size
Primary Offering
16.0 x
20.4 x
32.3 x
38.2 x
$ 226.9 $ 226.9 $ 226.9 $ 226.9
3,640.1
4,634.1 7,330.2 8,669.1
M Shares
150.000 150.000 150.000 150.000
$ as Stated $ 17.60 $ 24.23 $ 42.20 $ 51.13
M Shares
182.0
178.5
174.6
169.9
M Shares
M Shares
M Shares
M Shares
56.8
17.4
74.2
206.8
41.3
12.7
53.9
191.3
23.7
7.3
31.0
173.7
19.6
6.0
25.6
169.6
1306.691
1306.691
1306.691
1306.691
1000
1000
1000
1000
Key Takeaways:
Average Primary shares issued in an IPO35.3 Million
Average Secondary shares issued in IPO10.8 million
Price band of shares
$17.61 to $51.13
Average Implied offering of share - $34
Primary shares allocation
- 77%
Secondary Share Allocation -23%
Market Overview
Football Field Analysis
Fair share price of IPO- $40
90
Relative Valuation
DCF Valuation
80
75.24
75.24
70
56.625
60
46.75
50
46.75
40
30
18.9
30.06
6.6
6.7
12.6
10
6.9
0
34.03
18.9
20
45.8
4.4
2.46
P/E Ratio('15)(20x30x)
P/E Ratio('16)(20x30x)
E/V EBITDA('15)
E/V EBITDA('16)
Perpetual Growth
Downside
Perpetual Growth
upside
WACC Downside
WACC Upside
Market Overview
Use Of Proceeds
Develop an In-house payment system
For setting up a secure server and use SSL Technology for data
encryption
For buying a system to process credit card payments and get an
internet account with a bank merchant
Marketing campaigns required for customer acquisition,
customer retention
Customer Acquisition:
Use of Google Adwords, Facebook advertisements
Offering Facebook and Twitter competitions
Initial Registration discounts
Referral Discounts
Advantages:
More flexibility and autonomy
Setting up a system is a one time cost and it would save the
processing fee In the long run
Advanced fraud detection system are better placed to mitigate
brand and business risk
Enhance relationship through high value and stick service
Repayment of Outstanding Debt
Golduin plans to retire long term debt by 2020
Retiring debt will help in reducing interest expenses, and provide
more flexibility in operations
Refer Debt Schedule for detail of debt repayments
Build fulfilment Centres
With the increase in GMV in future, the number of fulfilment
centres needed will Increase
An additional centre will lead to an increase in cost but it would be
offset by increase in the other revenues component
Acquire selective control over inventory
Investing in Marketing campaign
Customer Retention:
Offers for repurchase on site
Festival Discounts like Diwali Dhamaka Sale, Singles Day
Inorganic Growth through Acquisitions
Strategic acquisitions in India, China planned in the future for
gaining market share
Primary concern is synergy with Golduin along with acquisition
price, company profitability
Possible Acquisitions in detail in next slide
India Firstcry, FashionandYou
China - Vipshop
Market Overview
Indian Possible
Acquisitions
Parameters for
Selection*
Sector
Evaluation of possible Indian Acquisitions
Yepme
Apparels
PepperFry
Furniture
Firstcry
Baby Products
Naaptol
Consumer Electronics
Jabong
Apparels
Fashion
And You
Apparels
Sector Growth(3)
Company Portfolio(3)
Profitability(3)
Differentiation(3)
Synergy(3)
Acquisition Price(3)
Total (18)
11.5/18
11/18
14.5/18
10/18
10.5/18
13.5/18
Market Overview
Use of Proceeds Indian Target Acquisitions
Acquisition Target # 1
Acquisition Target # 2
Target Acquisition
Price: $75 Million
Target Acquisition
Price: $50 Million
About: Asias largest online portal for baby and kids products
About: Offers premium apparel, footwear with discounts
Sector Growth: Indias booming population with increasing disposable
incomes makes baby product segment .
Sector Growth: With Indias potential in ecommerce, and apparel and
footwear E-tail growth at 39%
Company Portfolio: Has tied up with 500 brands, offers over 90,000
products, over 100 retail stores pan India spread across 82 cities
Company Portfolio: Partnered with high fashion and premium brands across
fashion apparel, designer wear, handbags, footwear, watches, jewellery,
fragrances and home dcor. Holds 15+ new sale events per day, has a
Lounge section that offers only exclusive designer brands
Profitability: Achieved Breakeven in 2012, anticipating 100% growth
every year
Differentiation: Entered into a segment which is highly unorganized and
few organized players, offering premium brands
Profitability: 5,500-6,000 orders on a daily basis with double digit growth
monthly, currently averaging GMV of $4 million per month
Differentiation: Entered as one of the earliest with flash sales model in India
Synergy and reason for Acquisition:
Tap into the growth of baby and kids segment
Has core strategy of premium products like Golduin
Company has Wide Geographical Presence which will help Golduin
increase its footfall
Synergy and reason for Acquisition:
Excellent financials with exclusivity in brands in line with Golduins
strategy
The company is looking to expand its merchandise making international
brands, a part of its portfolio, Golduin can provide sources
Market Overview
Chinese Possible
Acquisitions
Parameters for
Selection
Sector
Evaluation of possible Chinese Acquisitions
Jumei
Apparels
Vancl
Apparels
Dangdang
Books, Apparels, Electronics
Vipshop
Apparels
Yihaodian
Food, appliances, baby care
Sector Growth(3)
Company Portfolio(3)
Profitability(3)
Differentiation(3)
Synergy(3)
Acquisition Price(3)
Total (18)
10.5/18
10.5/18
11.5/18
14/18
11/18
Market Overview
Use of Proceeds Chinese Target Acquisitions
Acquisition Target # 1
Target Acquisition Price: $175 Million
About: Chinas largest special offers e-commerce platform, flash sale website for apparel and cosmetics
Sector Growth:24% is the estimated CAGR growth of apparel segement.
Company Portfolio: Has tied up with 6000 brand partners, No. 8 internet retailer in China,
Profitability: Achieved profitability in 2012-13, high growth rate every year, its sales by 135.5% from $692.1 million in 2012 to $1.63 billion
in 2013, according to the 2014 China 500.
Differentiation: Works as the only popular and known flash sale website in China offering deep discounts in clothes and cosmetics
Synergy and reason for Acquisition:
Synergy in core strategy of customer satisfaction - Hasinvested in expanding warehouse facilities and logistics networks to better
service its customers
Synergy
Profitability
Entry into
cosmetics Golduin can
leverage the brand alliances of Vipshop to enter into cosmetics segment
Immediate access to large customer base: Vipshop boasts of high customer loyalty and repeat purchases
Market Overview
Possible Listing Locations
Listing in USA
Pros in Favour
Access to the largest source
of capital in the world
Improves timeliness and cost of
capital of subsequent offerings
Gives investors the opportunity
to realise and monetise the
appreciation in the value of
their investment
Offers access to US commercial
paper markets through the
establishment of a US credit
rating
Many Ecommerce companies
already listed
Listing in China
Cons Against
Company would being subject
to the strict US regulatory
environment
Compliance with the
provisions of the SarbanesOxley Act can be a time
consuming and costly
Results in the company being
subject to the rigorous SEC
accounting, disclosure and
reporting requirements
Liberalisation of interest rates
Shanghai has been the IPO powerhouse
Emerging internet finance
It has been ranked first for the funds raised.
Service expansion plan
In 2Q15 all IPOs have risen the maximum
Anticipated launch of
44% allowed on first trading day
Shanghai Hongkong connect
Planning to launch an new market for
New registration based
Emerging industries
system
IPO Scenario after 2015
Due to recent economic downturn ,the number of IPO applications and the capital
raised will drop in the future according to CSRC and the single class share listing
rule Is an added disadvantage.
Comparison of listing in the three Countries
Requirements
Usa NASDAQ
(std 3)
India NSE
Chinas
(SSE)
Golduin data
Paid in capital
$1.7m
Revenue
$90m
$1.2bn
Min Avg
Market Cap
$850mn
$4m
$7.8 m
$1.27bn
Profitability
3 Years
3 year
profitable
1 year
profitable
Listing in USA
Pros in Favour
New e-IPO rules allow
companies to list in 6 days.
Market sentiments are
positive due to the current
government
Expected IPO Perfromance to
be better vs US, China
IPO Scenario till June 2015
Pros in Favour
Cons Against
No Ecommerce player listed
on NSE, Infibeam to issue IPO
Investors does not have much
idea about Ecommerce
performance in Share Market
Market Overview
Listing in USA
Golduins Current Situation
John has 26% of shares does not have the majority control
The company was able to break even in the year 2015 so its been
profitable for past one year.
Dual share holding is an option they dont want to chalk out.
Its an USA company with 49% revenue from its domestic country.
Debt was raised in USA because of its lower cost.
The company plans for mergers and acquisitions in future.
Why USA
It will allow John to maintain control of the company despite not
owning significant portion of shares.
The dual share holding arrangement allows the company list new
shares without giving over any new powers to shareholders
The New York listing gives an added trust to the investors
because of the Reputation.
Having US dollar shares on US exchange will simplify future
acquisitions for them by lessening the scrutiny.
It has one of the largest capital market liquidity in the world
Past IPO performance
Alibaba which was listed on USA stock exchange,became the largest IPO ever.
it sold additional shares on first day of trading itself and was able to raise a
smashing $25bn.The shares priced at $68 jumped to as high as $99.7 on first
trading day itself.
Amazon .com ended $54mn richer as its IPO soared 30% above its opening
Price.Even the pre-IPO price had been raised twice
Ebay.com raised $63mn when the shares went up 163.2% and the companys
market cap hit $1.9bn when its competitors Onsales cap was $350.4 mn
At the flag end of the day.
Choosing between NASDAQ and NYSE
NASDAQ is more cost efficient and tech savvy as compared to NYSE.
The comparable companies like Amazon and Ebay are listed on it.
So for Golduin NASDAQ is a better option
Availability of Capital on NASDAQ
NASDAQ has 3500 companies listed on which has $3.5trillion net worth.
Appendix
Shareholding Pattern
Assumption: Initial $1 Face Value per share
Funding Round Stake Bought (in %) Stake bought (in $)
Seed
10%
$15,000,000
15%
B
C
15,000,000
150,000,000.00
$41,000,000
273,333,333.33
11%
65,000,000
590,909,090.91
29%
500,000,000
$ 1,724,137,931.03
Zartell
Seed
135,000,000
15,000,000
112,500,000
96,000,000
Bereth
-
Orome
Hetfield
Blue Hill
35%
Price per
Total Shares share
150,000,000
1.00
30,000,000 7,500,000.00
150,000,000
1.82
30,000,000
4,500,000.00
4,500,000
150,000,000.
3.94
15,000,000
52,500,000 49,500,000 33,000,000 6,000,000 4,500,000 4,500,000
Total
Valuation at the time
of buying
$
Funding Round John
Shares purchased
33%
22%
4%
3%
3%
150,000,000 $ 11.49
