The Battle Road IPO Review universe consists of more than 200 IPOs of the last seven years. Stocks in the technology sector, which include software, internet, and hardware companies, account for about two-thirds of the coverage universe. We round out our coverage with select discretionary consumer and business services IPOs of the last seven years.

Currently the composition of the universe is:

Software 30 percent
Internet 20 percent
Hardware 19 percent
Consumer 19 percent
Business Services 12 percent

The median market capitalization of the universe is $1.2 billion as of the beginning of 2015, and 60 percent of the universe ranges in value between $500 million and $5 billion. Thus, the primary audience is the small and mid-cap fund manager and analyst.

That said, the coverage universe includes the most important stock offerings in each of the above-mentioned sectors. Thus, Workday (NYSE: WDAY), Facebook (NASDAQ: FB), LinkedIn (NYSE: LNKD), Twitter (NYSE: TWTR), Palo Alto Networks (NYSE: PANW), Tesla Motors (NASDAQ: TSLA), and Nielsen N.V. (NYSE) are large cap stocks that are a part of the coverage universe.

Over 95 percent of the universe is comprised of US securities, though we do add foreign stocks from time to time, when our clients request that they be added to the list, when we believe the stock will be important to our clients, or when we sense that a stock will give rise to a high level of intrigue. Thus, we recently added Mobileye N.V. (NYSE: MBLY) and Alibaba Group Holdings (NYSE: BABA) to the coverage universe.

The Battle Road IPO Review coverage universe also includes a small number of corporate spin-offs of the last several years, including Teradata (NYSE: TDC), a spin-off from NCR (NYSE: NCR), Blackhawk Network Holdings (NASDAQ: HAWK), a spin-off from Safeway (NYSE: SWY), TripAdvisor, a spin-off from Expedia (NASDAQ: EXPE), and Covisint (NASDAQ: COVS), a spin-off from Compuware.