IPO-Bound Hortonworks Drops Out of Billion-Dollar Startup Club - Digits - WSJ

Another take on Hortonworks' mysterious math

"Hortonworks was valued at roughly $1.1 billion, on a fully diluted basis, after its most-recent fundraising round this summer, said Virginia LaSala, an analyst at Renaissance Capital LLC, which manages IPO ETFs.

Hortonworks’ estimated valuation in Monday’s filing is lower in part because Hortonworks completed a one-for-two reverse stock split on Nov. 25, according to the filing. That effectively reduced the value of earlier investors’ stakes by half."

IPO-Bound Hortonworks Drops Out of Billion-Dollar Startup Club - Digits - WSJ