The Endurance IPO was priced last night at $12/share (below the $14.00-$16.00 range estimated in their SEC filings) and the deal size was lowered to 21.05M shares from 23.39M shares. This reduces my earlier estimate of their valuation to roughly $2.4bn or 11x EBITDA. I will update this with a more precise figure once the final SEC docs are released.
Trading will likely start mid-morning today under the ticker EIGI.
Please treat this as a preliminary estimate as there are a number of assumptions in this calculation that can have a meaningful impact on the final valuation. (In particular, the valuation does not include exercise of the underwriters 15% overallotment option, the Directi acquisition or the impact of outstanding Employee options.)
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Disclaimer: This post is for general information purposes and is not meant to be taken as financial advice, a recommendation to buy or sell the stocks mentioned above, a comprehensive discussion of valuation or how to do the calculations discussed. Please be sure to consult your financial advisors when valuing your company, considering the sale of your business or making other financial decisions.