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Investing

LifeLock Proves to Be Disappointing IPO

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By Jon C. Ogg Published
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LifeLock
LifeLock Inc. (NYSE: LOCK) is looking as though it will go down quite different from its indications just last week. What was supposed to be a hot initial public offering has gone from hot to snot. The identity protection service has a subscription model and it has been advertising heavily of late to increase its presence and ultimately to increase its subscriber base.

Today’s initial public offering of 15.7 million shares priced at $9.00 per share. Unfortunately, the deal’s indicated price range just last week was actually up in a range of $9.50 to $11.50 per share.

The underwriting was brought by Goldman Sachs, BofA Merrill Lynch, and Deutsche Bank Securities as the book running managers; co-managers were listed as RBC Capital Markets, Canaccord Genuity, and Needham & Company.

LifeLock shares are trading under the $9.00 per share price around $8.70, and as of 10:45 a.m. EST we have seen more than 8 million shares trade hands already.

While the entire point here sounds negative, we would pay attention to this company. By having a subscription model, it has scale as long as Joe Public remains concerned with identity theft and credit theft. It is very possible that the current disappointment represents an attractive entry point for speculators that look at newly public companies.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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