Enterprise software OneStream listed: up 34% The company's market value is $6.2 billion, and the roadshow PPT is exposed

Lei Jianping on July 25

KKR's OneStream (ticker: "OS"), an enterprise software provider for financial and operations management, went public yesterday on the NASDAQ in the United States.

OneStream is priced at $20, up from $17 to $19. OneStream issued 24.5 million shares for a total proceeds of $490 million.

OneStream issued 18,054,333 Class A common shares for US$361 million, and existing shareholders sold 6,445,667 shares for US$129 million.

由T. Rowe Price Investment Management Inc. 提供咨询的基金和账户表示有兴趣以IPO价格购买高达15%的基本发行量。

OneStream opened at $26 and closed at $26.85, a 34% increase from the issue price. At the closing price, the company has a market capitalization of approximately $6.2 billion.

OneStream's market capitalization remains above the $6 billion valuation achieved in the 2021 funding round. The valuation that OneStream sought in the IPO ($4.6 billion) was below this level, which OneStream CEO Tom Shea attributed to the resetting of expectations during the boom period.

"When you evaluate this, you have to look at the unrealistic valuations in 2021. If you're lucky enough to raise money at the time, you're going to get a very high valuation with minimal dilution, but I don't think that's a realistic standard. ”

"Our business is at an inflection point and there is such a huge opportunity here that we want to make sure the market knows who we are," said Tom Shea. ”

"We're in a world where you have to prove that you can grow your business and that it's profitable or profitable.

Annual revenue of $375 million

OneStream is an enterprise performance management software provider, dedicated to the development of performance management software, providing enterprises with financial modernization, simplified financial settlement, financial analysis, financial reporting and other services.

OneStream's customer base includes enterprise, mid-market organizations, with more than 1,400 customers across a variety of industries, including industrial, healthcare, and consumer, as of March 31, 2024.

According to the prospectus, OneStream's revenue in 2022 and 2023 will be $279 million and $375 million respectively; operating losses were US$59.29 million and US$30.51 million, respectively; The net loss was US$65.47 million and US$28.93 million respectively.

OneStream's revenue in the first quarter of 2024 was $110 million, an increase of 39.6% from $78.82 million in the same period last year;

Among them, subscription revenue was $95.69 million, compared with $64.08 million in the same period last year; Licensing income was $6.18 million, compared to $6.79 million in the year-ago quarter.

OneStream's operating loss for the first quarter of 2024 was $5.38 million, compared to an operating loss of $21.48 million in the same period last year; Net loss was $4.96 million, compared to a net loss of $23.08 million in the year-ago quarter.

OneStream expects revenue of $1,165 million to $1,175 million for the second quarter of 2024, compared to $865 million for the year-ago quarter, and an operating loss of $10 million to $14 million, compared to an operating loss of $16.25 million for the year-ago quarter.

KKR has more than 50% of the voting rights

Prior to the IPO, KKR held 39.6% of Class A shares, 71.6% of Class C shares, and 42.4% of Class D shares, with a total of 53.1% of voting rights. Midwest Fish Holdings LLC owns 6.6% of Class C shares, with a total of 2.4% of voting rights; Robert Powers owns 28.8% Class A shares, 10% Class C shares, and 6.5% voting rights.

Thomas Shea owns 8.9% Class A shares, 12.2% Class D shares, and 7.9% voting rights; Craig Colby owns 8.6% Class A shares, 9.6% Class D shares, and 6.2% voting rights; William Koefoed owns 5.1% of Class A shares, 1.8% of Class C shares, and Goldman Sachs owns 8.4% of Class C shares with 3.4% of voting rights.

John Von Allmen owns 2.6% Class A shares and 2% Class D shares with 1.3% voting rights; Peter Fugere owns 5.5% Class A shares, 1% Class D shares, and Terrance Shea owns 9.6% Class A shares, 4.2% Class D shares, and 2.7% voting rights.

After the IPO, KKR held 71.3% of Class C shares and 42.4% of Class D shares, with a total of 52.2% of the voting rights. Midwest Fish Holdings LLC owns 6.8% of Class C shares, with a total of 2.4% of the voting rights; Robert Powers owns 10% of Class C shares with 6.4% of the voting rights.

Thomas Shea owns 2.5% Class A shares, 12.2% Class D shares, with 7.9% voting rights; Craig Colby owns 1.5% Class A shares, 9.6% Class D shares, and 6.2% voting rights; William Koefoed owns 1.3% Class A shares and 1.9% Class C shares, and Goldman Sachs owns 8.4% Class C shares with 3.2% voting rights.

The following is the roadshow PPT:

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