Pandora’s IPO yesterday peaked at $26/share, giving them a brief valuation of $4 billion. The stock quickly deflated to a closing price of $17.50, moving that valuation to $2.8 billion. Even that is a fantastical and bubblicious number that will not stand up to scrutiny. Here is a back-of-the-envelope analysis based on the S-1 that investors should have made before throwing their money in the box:
The EPIC financial and investment company (Austria), the parent company of the Kyiv-based ESU company that submitted the only bid for 92.79% of the shares in the Ukrtelecom telecommunication company
The State Property Fund has sold the 40-percent stake in a large producer of mineral fertilizers, Severodonetsk Azot Association, Luhansk region, to the Worldwide Chemical, the United States
Shareholder of the MTS Ukraine mobile communication operator at their meeting on June 29 endorsed a decision to perform dematerialization of the shares.
Ukrtelecom, Ukraine’s largest telecommunications company, divested itself of shares in Infocom data-transmission operator, reads a statement made by Infocom.