Hortonworks (HDP) IPO Rated Well Below Average at Triton Research

Triton Research rates the upcoming IPO for Hortonworks (NASDAQ: HDP) 5.11, which compares to their average IPO score of 6.55.

Hortonworks Inc. plans to offer 6 million shares in its IPO and sees an offering price of $12 - $14 per share. The Company will list on the Nasdaq under the symbol "HDP."

The offering is being led by Goldman, Sachs & Co., Credit Suisse, RBC Capital Markets, Pacific Crest Securities, Wells Fargo Securities, and Blackstone Capital Market.

Hortonworks is seeking to advance the market adoption of Hadoop and provide enterprises with a new data management solution that enables them to harness the power of big data to transform their businesses through more effective and efficient management of their valuable data assets. A Hadoop cluster combines commodity servers with local storage and an open source software distribution to create a reliable distributed compute and storage platform for large data sets scalable up to petabytes, or PBs, with thousands of servers or nodes.

For the years ended April 30, 2012 and 2013, revenue was $1.6 million and $11.0 million, respectively. For the eight months ended December 31, 2012 and 2013, revenue was $4.8 million and $17.9 million, respectively. For the nine months ended September 30, 2013 and 2014, revenue was $15.9 million and $33.4 million, respectively. For the twelve months ended September 30, 2014, revenue was $41.5 million. For the years ended April 30, 2012 and 2013, gross billings were $11.8 million and $17.6 million, respectively. Effective May 1, 2013, they changed fiscal year end from April 30 to December 31. For the eight months ended December 31, 2012 and 2013, gross billings were $9.7 million and $29.1 million, respectively. For the nine months ended September 30, 2013 and 2014, gross billings were $24.4 million and $53.2 million, respectively. For the twelve months ended September 30, 2014, gross billings were $65.7 million. The company experienced net losses of $11.5 million and $36.6 million for the years ended April 30, 2012 and 2013, respectively, $19.7 million and $46.2 million for the eight months ended December 31, 2012 and 2013, respectively, $48.4 million and $86.7 million for the nine months ended September 30, 2013 and 2014, respectively, and $101.5 million for the twelve months ended September 30, 2014.

Triton Research has published a 56-page report on Hortonworks available to clients.

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