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