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While the proposed price ranges do not provide final information regarding the companies’ worth, they do give us good guiding marks concerning their potential public value. So, let’s explore each quickly as we look ahead to their debuts, which should land next week.

Datadog to price its equity between $19 and $22 per share when it goes public later this month.

The self-described “monitoring and analytics platform” targeting the world’s developers will sell 24 million shares in its initial public offering. That figure could be augmented by a further 3.6 million shares offered to its underwriting parties. At $22 per share, Datadog could raise as much as $528 million, or $607.2 million inclusive of the underwriter’s option, in its public offering.

At the low-end of its range, Datadog is worth around $5.5 billion. At $22 per share, the New York-based tech company could tip the scales at a value of around $6.4 billion. The company’s investors (who put into the business) are likely content with the result. , , , and all led rounds for Datadog during its life as a private company.

As a short reminder, Datadog put up $153.3 million in revenue during the first half of 2019, up from $85.4 in the year-ago period. Datadog appears on track to grow its revenue in 2019 by at least 50 percent from its 2018 result of $198.1 million. Datadog posted a profit in H1 2018 which melted into a $13.4 million net loss in H1 2019. Datadog remains less unprofitable than many 2019 IPOs of similar nature.

More when it prices next week.

Ping, a formerly venture-backed startup, is making its way to the public markets after a time spent in ‘ garage. The identity management company (think Okta) was back in 2016. Its have circulated at least since 2018.

And now the Denver-based company is going public. Targeting a $14 to $16 per-share IPO price range, Ping is selling 12.5 million shares, not including 1.875 million more reserved for underwriting banks. The combined tally at the top-end of its raise would put a $230 million gross raise into Ping’s pockets.

With just under 80 million shares outstanding after its IPO (including the underwriters’ option), Ping would be worth around $1.27 billion, a tidy sum for the company once powered by .

Ping’s growth rate is slower than Datadog’s, impacting its implied revenue multiple. The company’s revenue grew from $99.5 million in H1 2018 to $112.9 million in H1 2019. Over the same timeframe, Ping’s net loss tightened from $5.8 million to $3.1 million. Those losses are minute, making the firm’s slower growth rate likely more palatable to investors.

Still, Ping is targeting a revenue multiple that feels nearly starkly modest. Double its H1 2019 revenue and you get roughly $226 million. A $1.27 billion valuation is less than 6x that figure. In 2019 that’s a short multiple. As with Datadog, more when it prices.

Make sure you have your ears tuned to both Crunchbase News and our new, late-stage reporter over the next few weeks as we track four fascinating IPOs.

Illustration: .

In fact, there’s enough to justify taking a look at the list of companies that have publicly filed for an IPO. No company on this list has a date or a price range, putting them a ways off from actually trading. Still, these companies are probably the next set of tech and venture-backed IPOs we’ll see.

Bear in mind that we should see a Postmates S-1 in the coming weeks, and that 9F went public recently for $9.50 per share and is worth nearly $11 as we write today. That aside, we’ll examine our four impending IPOs in the order that they announced, oldest first.

• S-1 publication date: .
• Crunchbase News coverage: S-1 post, S-1 follow-up post.

There’s no need for The We Company, better known as WeWork, to file another S-1 document to include more results. We’re in the middle of a quarter. So we expect that the next SEC filing from The We Company will include a price interval.

Companies going public set a price range for their shares, based on demand, and then either price inside the numbers, raise the range, or price outside of their expected price. Some companies even raise their range and then price above the boosted set of expectations.

Indeed, it can be strategic to set a low initial IPO pricing interval, merely so that the company going public can raise its price, and thus drive an extra set of attention to its offering, before the big day. If WeWork will pursue something similar isn’t clear, though the company’s pricing dance will be the biggest topic of the week, whenever it happens.

WeWork has a huge uphill battle ahead of it to defend its final private valuation. If it cannot reach the $47 billion figure, how close it can get will become the only thing discussed over salads in South Park. Obviously, Crunchbase News is eagerly anticipating the signal that The We Company’s pricing will provide regarding investor interest in high-growth private companies that are cash hungry and starkly unprofitable.

• S-1 publication date: .
• Crunchbase News coverage: S-1 post, graphed financial performance post.

Similar to what WeWork has in front of it, Cloudflare is another company working towards an initial pricing interval. Last valued at around $3.25 billion after a $150 million investment in March of this year, Cloudflare is upper-tier in the unicorn world. We’d also hazard a guess that the company would like to best its private valuation during its public offering.

Annualizing its H1 2019 performance yields a full-year revenue estimate of $258.3 million, though that figure is low due to it not including H2 2019 growth from the firm. Call it $300 million, then. At its old $3.25 billion valuation, the company would be worth just under 11x times revenue. Shooting for a higher number will push Cloudflare’s valuation deeper into double-digit revenue multiple territory.

This is when roadshows come into play. It’s up to the company to sell investors on not only on its future growth but future profits. More, of course, when we get that first set of pricing estimates from the company.

• S-1 publication date: .
• Crunchbase News coverage: SmileDirectClub Files to Go Public

SmileDirectClub is aiming to raise $100 million with its IPO and revealed quick revenue growth and increasing losses. The startup, which raised $ as a private company, is backed by likes of and .

SmileDirectClub, which has drawn the ire of , has ramped up its spending on sales and marketing, more than doubling the line item from $86.5 million in the first half of 2018 to $209.1 million in the first half of 2019.

It’ll be interesting to see how the startup does amid concerns about “teledenistry” and considering how its competitor Align has been doing recently on the public markets.

• S-1 publication date: August 23, 2019.
• Crunchbase News coverage: S-1 post.

Ping isn’t posting the fastest growth, but it’s also far less unprofitable than most of its ilk. It even made some money back in 2017.

What’s notable about the Ping deal is its history. The firm was snapped up by Vista Equity Partners, a private equity firm, for $600 million in June of 2016. The company has grown since then. However, it’s most recent growth rate (comparing H1 2018 to H1 2019) puts the firm’s revenue expansion at a modest 13 percent. Its ARR grew a bit faster at 25 percent over the same periods.

But with a loss of under $14 million in 2018, and just $3.1 million in the first half of 2019, Ping’s capital needs are more modest and its burn less sensational than a number of other companies in the IPO hunt. That makes its pricing harder to guesstimate than, say, a Cloudflare or Datadog.

• S-1 publication date: August 23, 2019.
• Crunchbase News coverage: S-1 post.

Datadog dropped its S-1 last Friday, showing off a history of sporadic profitability and recent, modest losses. The company reported 85.4 percent revenue growth in the first half of 2019 and over 8,800 customers. Crunchbase News wrote about Datadog’s first steps toward the public markets, and we found that the company’s growth rate is attractive when compared to its recent deficits.

With the company going public, we’re especially interested in how the public markets will value it. Datadog declined to share its valuation when it last raised money () but those numbers will come to light when it updates its S-1 with a pricing interval. According to the firm was worth around $640 million when it last raised capital.

Datadog is, therefore, hunting for a unicorn valuation while it pursues its IPO.

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