skills/bigdata-pre-ipo-analysis/assets/report-template.md

# Pre-IPO research note — report template

Follow this structure. Keep the section order. Where a table or section has no data, write "Not available" rather than dropping it. Add inline citations `[1]`, `[2]` immediately after claims, hyperlinked to the document URL.

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# Report Template — Pre-IPO Research Note

Nine sections, in this order. Target 6–10 pages total. Write in analyst prose; use tables for data-dense content, not bullet walls.

## 1. Executive Summary (~½ page)

Deal snapshot table:

| Field | Value |
|---|---|
| Issuer / Ticker / Exchange | |
| Price range | |
| Shares offered (primary / secondary) | |
| Implied market cap & EV at midpoint | |
| Expected pricing date | |
| Lead underwriters | |
| Use of proceeds (one line) | |

Then 3–4 key takeaways — the facts and debates that matter most. No recommendation.

## 2. Deal Structure & Use of Proceeds (~½–1 page)

- Primary vs secondary split and what that signals (growth capital vs insider exit).
- Greenshoe size; cornerstone/anchor investors and their commitments if disclosed.
- Lock-up terms (duration, who is covered, early-release provisions) and the expiry date.
- Share class structure: dual-class voting ratios, who retains control post-IPO.
- Use of proceeds with specifics where the filing gives them.

## 3. Company Profile (~1 page)

- Business model and how the company makes money; revenue segments with mix.
- Customer base: concentration, notable customers, retention metrics if disclosed.
- Founding story in 2–3 sentences; CEO/CFO backgrounds.
- Pre-IPO cap table highlights: largest holders, notable VC/PE backers, last private-round valuation and date.

## 4. Financial Analysis (~1–1½ pages)

Table: last 2 fiscal years + latest interim — revenue, YoY growth, gross margin, operating margin, net income, operating cash flow, FCF.

Narrative on: growth trajectory and durability; path to profitability (or its absence); cash burn vs post-IPO cash position and runway; unit economics where the filing provides them (NRR, CAC, cohort data).

Accounting watch items: revenue recognition choices, SBC magnitude, non-GAAP adjustments that flatter results, related-party transactions.

## 5. Industry & Competitive Position (~1 page)

- TAM with source attribution (filing claims vs third-party estimates — distinguish them).
- Growth drivers and structural trends.
- Competitive set: incumbents and startups; the issuer's differentiation and where it is weakest.
- How listed peers in the segment domains have traded recently.

## 6. Valuation Framing (~1 page)

Table: implied EV/Sales (and EV/EBITDA or P/E if profitable) at low, midpoint, and high of the range, alongside 3–6 peer multiples.

- Premium/discount to peers and what would justify it (growth, margins).
- IPO price vs last private-round mark (up-round/down-round and %).
- State where it screens rich or cheap relative to peers. Do NOT translate this into a recommendation or fair-value target.

## 7. IPO Window & Sentiment (~½–1 page)

- Current IPO market conditions: volume, pricing outcomes vs ranges in recent months.
- Recent comparable debuts: first-day pop, performance since.
- Issuer news flow and sentiment over the last 90 days (Bigdata.com where available).

## 8. Key Debates & Risk Factors (~1–1½ pages)

Bull case vs bear case presented side by side (two-column table or paired subsections), each 3–5 arguments grounded in the preceding sections.

Top 5 prospectus risk factors that are company-specific and material — skip boilerplate ("we may face competition"). For each: why it matters in one or two sentences.

Watch points with dates where known: pricing date, lock-up expiry, first earnings report, quiet-period end / analyst initiation.

## 9. Sources

Full list of every source cited inline: source name, title, date, URL. Bigdata.com content branded "Bigdata.com" linked to the URL

## Style rules

- Add inline citation with Superscript Numbers [1], [2] immediately after claims and add a hyperlink pointing to the document url.
- Every number must trace to a source; "not yet disclosed" where data is missing.
- Neutral analyst tone. Banned phrases: "we recommend", "attractive entry point", "avoid this IPO", "strong buy", any conviction rating.
- Tables for data, prose for analysis. No section may be a bare bullet list.


## Sources

- [Company filings: 10-K, 10-Q, 8-K dates]
- [Earnings transcripts]
- [Industry reports]
- [News sources]

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## Disclaimer

This output is for informational and research-assistance purposes only. It does **not** constitute investment, legal, tax, accounting, or other professional advice, and it is **not** a recommendation to buy, sell, or hold any security or instrument or to pursue any strategy. Information may be incomplete, estimated, delayed, or inaccurate. Past performance does not guarantee future results. Verify material facts independently and consult qualified advisors before making decisions.

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The **Powered by Bigdata.com** line and the **Disclaimer** block above are mandatory and must be reproduced **verbatim**, after the Sources section, in every user-facing deliverable.