Let’s start a new thread for LeadDesk. Here we can gather all relevant discussion about the company and a possible IPO, and of course, all information about the company as an investment target even after that 
Verneri (Thanks Vepu 
) already conducted an interview with the company’s CEO, Olli Nokso-Koivisto.
Sounds interesting. Hopefully it gets listed - and above all, with reasonable valuation multiples.
You probably didn’t buy Admicom, Masse?
Will the company presentation be streamed on InderesTV?
Yes, it will!
Kiva
I’m also just waiting for permission to publish. 
Alright, we have published our investment research on LeadDesk, which can be found at LeadDesk - Vahva SaaS-kasvutarina - Inderes
We welcome any questions and comments related to the topic.
/Petri Aho
This bothers me a bit:
“If the IPO is completed, the company’s CEO, Olli Nokso-Koivisto, is entitled to a bonus payment of 150,000 euros based on a separate agreement.” (This was in the IPO prospectus, not in Inderes’ investment research)
Of course, the board and owners decide on the listing, but is such a bonus procedure very common in IPOs? Doesn’t this easily create a conflict of interest where the CEO’s and the company’s (investors’) interests can be at odds?
In addition, a 270-day lock-up sounds a bit short, meaning that with this timeline, the main owners can easily exit the company within this year before any information about this year’s results is known outside the company? (This was also completely missing from Inderes’ research).
Edit: @Verneri_Pulkkinen by request here as well: And where is the research on the management’s capability, background, etc., in achieving the goals? Or is the management’s role in the company’s success irrelevant from an investor’s perspective, in your analysis?
Hi,
Thank you for the excellent questions!
The CEO’s bonus has been factored into the earnings forecasts, but actually a bit on the high side (EUR 0.3 million).
The lock-ups have indeed not been taken into account in the valuation, and investors should consider their potential effects on the stock themselves.
The best way to assess management’s capability is based on results, which we believe have been good in recent years (successful internationalization, strong growth, and clearly turning profitability positive).
Hi! Why are you using 3.7 million shares in the valuation instead of 4.5 million (post-issuance amount)? In that case, the MCAP would be €34 million.
Thank you for your question.
Investment research for listings always aims to reflect the company’s value before the offering, as there is no certainty that the offering will be fully realized and exactly how the offering proceeds will be used.
After the offering, the funds received from the offering are added to the enterprise value and the number of shares is adjusted with the new shares.
It has crossed my mind many times to participate in this IPO, among others, but I am still reminded of the many unsuccessful IPOs of 2018. Although reading the analysis undeniably suggests that there could be a lot of potential here, something about this case just makes me doubt it, including the company’s small size and the lack of a market maker (or I just didn’t notice it). It is presumed that a market maker would increase listing costs, but it strangely brings peace of mind. Additionally, I am somewhat bothered by the fact that I hardly know the industry at all, let alone being able to evaluate and position LeadDesk against the comparables used in the analysis based on products/services, customer base, and company size, among other things. What do other forum members think about this case?
Who is organizing the offering?
Nordnet.
Nordnet is the subscription place, Merasco (Merasco) is the organizer (and we provide the analysis). The same setup as with Admicom (Admicom) a year ago (though history is no guarantee of future results).
I found the story credible and inspiring. Besides the numbers.
SaaS companies don’t go public every day.
Yesterday, I listened to the presentation in person for about an hour, then I had to leave. I’m not convinced; a few questions still bother me (I also didn’t follow the Q&A, so if these were covered, please let me know).
What is the realistic market that Leaddesk could target? It’s said that the global call center SaaS market is already multi-billion dollar sized. How can a company with approximately 11 million euros in revenue become a significant player in such a large market? What is the realistic revenue target?
In its previous growth phase, the company used 5.5 million euros in capital to get to where it is now. Now, with the offering, the company will receive approximately 5 million euros (after expenses). How exactly are these 5 million euros going to be used to achieve growth? My interpretation is that at least a couple of million would go to paying off debts (capital loan and part of other debts). This doesn’t leave a lot of funds for other growth. What is the cost of entering one new market?
What is currently the most valuable and value-creating asset in the company? The software itself? The expertise of some employees? The brand?
What has been the biggest obstacle to growth in its operations so far?
Oh, one more thing: if the market is once in the billions, how can this company already be a “leading” player in its field in the Nordics? Where is that big market and is there access to it?
