Professional Documents
Culture Documents
SPAC Vs IPO Model
SPAC Vs IPO Model
Implied Post-Money Enterprise Value @ Trading: $M 2,014.3 2,266.1 2,517.9 2,769.7 3,021.5
(+) Net IPO Proceeds: $M 233.0 233.0 233.0 233.0 233.0
(+) Cash & Cash-Equivalents: $M 85.6 85.6 85.6 85.6 85.6
(+) Equity Investments & Non-Core Assets: $M 15.0 15.0 15.0 15.0 15.0
(-) Total Debt: $M - - - - -
(-) Noncontrolling Interests: $M - - - - -
(-) Preferred Stock: $M - - - - -
Implied Post-Money Equity Value @ Trading: $M 2,347.9 2,599.7 2,851.5 3,103.3 3,355.1
Implied Post-Money Equity Value @ Pricing: $M 1,995.7 2,209.7 2,423.8 2,637.8 2,851.8
Implied Offering Price per Share: $ as Stated $ 89.47 $ 100.43 $ 111.40 $ 122.37 $ 133.34
Overallotment (Greenshoe) Calculations:
(+) Primary Shares Issued in IPO: M Shares 2.8 2.5 2.2 2.0 1.9
(+) Secondary Shares Sold in IPO: M Shares 0.9 0.8 0.7 0.7 0.6
Total Shares Issued or Sold in IPO (Base Deal): M Shares 3.7 3.3 3.0 2.7 2.5
(+) Primary Shares Issued - Basic Offering: M Shares 2.8 2.5 2.2 2.0 1.9
(+) Primary Shares Issued - Overallotment: M Shares 0.4 0.4 0.3 0.3 0.3
Total Primary Shares Issued: M Shares 3.2 2.9 2.6 2.3 2.2
(+) Secondary Shares Sold - Basic Offering: M Shares 0.9 0.8 0.7 0.7 0.6
(+) Secondary Shares Sold - Overallotment: M Shares 0.1 0.1 0.1 0.1 0.1
Total Secondary Shares Issued: M Shares 1.1 1.0 0.9 0.8 0.7
Base Deal Size (Primary + Secondary): $M $ 333.3 $ 333.3 $ 333.3 $ 333.3 $ 333.3
(+) Total Overallotment: $M 50.0 50.0 50.0 50.0 50.0
Total Offering Size: $M 383.3 383.3 383.3 383.3 383.3
Additional Net Proceeds from Primary Overallotment: $M 35.6 35.6 35.6 35.6 35.6
Post-Overallotment Valuation:
Implied Post-Money Equity Value @ Pricing: $M 2,031.3 2,245.4 2,459.4 2,673.4 2,887.4
Implied Post-Money Equity Value @ Trading: $M 2,383.5 2,635.3 2,887.1 3,138.9 3,390.7
Implied Post-Money Equity Value @ Pricing: $M $ 2,031.3 $ 2,245.4 $ 2,459.4 $ 2,673.4 $ 2,887.4
Implied Post-Money Equity Value @ Trading: $M 2,383.5 2,635.3 2,887.1 3,138.9 3,390.7
Implied Post-Money Enterprise Value @ Pricing: $M 1,662.1 1,876.2 2,090.2 2,304.2 2,518.2
Implied Post-Money Enterprise Value @ Trading: $M 2,014.3 2,266.1 2,517.9 2,769.7 3,021.5
Implied 2-Year Forward P / E Multiple at Pricing: x 47.2 x 52.2 x 57.1 x 62.1 x 67.1 x
Implied 2-Year Forward P / E Multiple at Trading: x 55.4 x 61.2 x 67.1 x 72.9 x 78.8 x
Implied 2-Year Forward TEV / EBITDA Multiple at Pricing: x 24.5 x 27.7 x 30.8 x 34.0 x 37.1 x
Implied 2-Year Forward TEV / EBITDA Multiple at Trading: x 29.7 x 33.4 x 37.1 x 40.8 x 44.5 x
Implied 2-Year Forward TEV / Revenue Multiple at Pricing: x 5.0 x 5.6 x 6.2 x 6.9 x 7.5 x
Implied 2-Year Forward TEV / Revenue Multiple at Trading: x 6.0 x 6.8 x 7.5 x 8.3 x 9.0 x
SPAC Model
($ in Millions USD Except Per Share and Per Unit Data)
"What Should Happen" - Share Price Decreases Based on Dilution from Sponsor Promote: