A rare event for North American security manufacturers has happened.
ShotSpotter has IPOed on the NASDAQ, raising $30.8 million.
US IPOs, overall, have become much tougher since the dot com boom, with revenue and growth demands typically quite high for security manufacturers.
ShotSpotter has fairly low revenue, especially for being in business for more than 15 years.
In this note, we analyze ShotSpotter's IPO filing, issues, potential and competitors.