In recent articles, I’ve detailed the sorry state of the IPO market this year, and the hope that cloud communications provider Twilio (proposed ticker TWLO) could jumpstart activity.

Expectations couldn’t be running hotter, either.

Days after filing official IPO documents with the SEC, Quartz dubbed the company, “The most interesting tech IPO of the year.”

Is this just click bait? I wouldn't go that far.

Twilio does boast several hallmarks of a hot IPO.

Namely, a growing, multi-billion-dollar addressable market and rapid sales growth (up 88% in 2015).

After fully reviewing Twilio’s IPO prospectus, though, I’m afraid a runaway and lasting success is hardly guaranteed. Here’s why…

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