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Impinj Upcoming IPO Analysis

Summary

Impinj is an industry-leading RFID tag and reader technology company.

The company is growing revenues rapidly while remaining profitable.

Given the growth prospects of the industry and company within it, a $250 million IPO valuation is reasonable.

Buy the stock, but prepare for selling volatility when the 180 day lockup period expires.

Background

Impinj (Pending:PI) is a Seattle-based RFID tag and reader chip technology company that is offering 4.6 million shares at between $12 and $14 per share, for an expected gross proceeds of $60 million, subject to over-allotment shares also purchased, which would increase gross proceeds to a maximum of $74 million.

The company originally developed the RAIN radiofrequency identification standard that the industry uses and co-founded the RAIN Industry Alliance with Google, Intel and Smartrac.

Impinj has received more than $160 million in venture capital, private equity and strategic investment since the company's founding in 2000. Impinj' large investor syndicate has included Intel Capital, Samsung Ventures, ARCH Venture Partners, Polaris Partners, AllianceBernstein and now-dormant Mobius Venture Capital, whose partners later formed the successful Foundry Group.

As more and more devices and objects connect to the Internet, management believes that RFID technologies will have "paved the way for this IoT [Internet of Things] era" we are entering.

Technology

The company's technology " enables wireless connectivity to billions of everyday items such as apparel, race bibs, golf balls and luggage tags."

Uses of the technology include providing a unique identity to each item, as well as its location and authenticity to both enterprises and consumers.

(Source: Impinj YouTube Channel)

The ICs automatically power themselves from available radio waves, are readable...


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