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IPO Activity Is Up, But Examine Each Offering Carefully
Andrew Leckey
In a year of other IPO gains by familiar names such as Hyatt Hotels (H) and Vitamin Shoppe (VSI), the average first-day IPO price "pop" has been 7 percent and the average overall return 10 percent. But don't get the impression we've returned to the wild-and-crazy IPO markets of the past.
PE Backed Generac Set to Go Public
Generac (GNRC), a private equity-backed manufacturer of standby generators, plans to float its IPO this week. Business Overview (from prospectus)
Abbi Adest submits:
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QuinStreet Headed for IPO in Promising Space
We published a short research note on QuinStreet (QNST) on Friday based on our initial investigation into the “vertical” online direct marketing space. The company is on the road for an IPO managed by Credit Suisse, Bank of America/Merrill Lynch and JP Morgan. (Interestingly an old hand in the tech IPO space, Frank Quattrone, is back in the game acting as special “IPO advisor” to the company. We like that trend.) Most investors got an education on this market from companies like BankRate (RATE - acquired by Apax for $571M) and more currently companies like Monster Worldwide (NYSE: MWW) and WebMD (NASDAQ: WBMD) which have a readership and traffic slice that is far more specific to the domain area than the more general traffic at “horizontal” online marketing locations like Google (GOOG), Microsoft (MSFT), Yahoo (YHOO) or AOL.
Kris Tuttle submits:
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2009 Closed-End Fund IPO Analysis
I did a quick analysis to measure the performance of closed-end fund IPOs issued in 2009 that have been trading for at least six months: Avg Net Asset Value gain= +10.5% Avg Market price gain = +0.9%
George Spritzer submits:
Ticker Inception NAV Current NAV NAV Gain Inception Mkt Prc Current Mkr Prc MKT Gain Inception Date NUW 14.30 16.24 +13.6% 15.0 16.26 +8.4% Feb. 2009 MTT 19.06 21.57 +13.2% 20.0 21.28 +6.4% Mar. 2009 NPN 14.30 15.32 +7.1% 15.0 15.49 +3.3% Apr. 2009 NJV 14.30 15.56 +8.8% 15.0 14.82 -1.2% Apr. 2009 NYV 14.30 15.55 +8.7% 15.0 14.63 -2.5% Apr. 2009 NCB 14.30 15.69 +9.7% 15.0 14.60 -2.7% Apr. 2009 EOT 19.10 21.18 +10.9% 20.0 19.82 -0.9% May 2009 IGI 19.06 20.62 +8.2% 20.0 19.91 -0.5% June 2009 TPZ 19.06 21.73 +14.0% 20.0 19.65 -1.8% July 2009
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One Out of Four IPOs Prices This Week, Others Postpone
Renaissance Capital IPO Research submits:
Workers' compensation risk insurer Patriot Risk Management (PMG) pushed its IPO out to next week before cutting the deal size, while investment bank Imperial Capital (ICG) indefinitely postponed its $113 million deal. Patriot Risk revised its terms this morning and cut the deal size from $187 million; instead of offering 17 million shares of the NYSE at $10-$12, it now plans to list 20.2 million shares at $8 per share. FBR Capital Markets, Macquarie Securities and Oppenheimer are the lead underwriters on the deal.
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Trouble Brewing for Cleantech IPOs?
By Rob Day Haven't had much time to go through the various recent cleantech IPO filings, and so haven't talked about them much. Also just generally hoping they do well, for the sake of the overall industry.
Greentech Media submits:
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UPEK: More than One Way to Market?
By Brenon Daly Apparently, UPEK really wants to be a public company. It put in its IPO paperwork back in mid-2007, only to pull it in March 2008. Unlike other former filers, however, the biometric security vendor hasn’t dusted off its S-1 in an attempt to hit the public markets. (In the past week, both Convio and GlassHouse Technologies have re-filed to go public.) Instead, UPEK wants to get on the Nasdaq by picking up a rival that already trades there.
The 451 Group: Inorganic Growth submits:
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Did Production or Demand Slow Down for Tesla?
By Michael Kanellos Back at the beginning of the year, Tesla Motors CEO Elon Musk said he wanted the company to produce about 30 cars a week.
Greentech Media submits:
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Ironwood Pharmaceuticals, Imperial Capital Test the IPO Waters
Though last week was slated to see a high level of IPO issuance with a total of seven deals scheduled to price, three postponements indicate investors continue to be selective in the IPO market after last year's disappointing returns. Ironwood Pharmaceuticals (IRWD) and Imperial Capital (ICG) will test investors' appetites this week with both deals scheduled to price this Tuesday. Ironwood plans to raise $250 million by offering 16.7 million shares (0% insider) on the NASDAQ at a range of $14-$16 with J.P. Morgan, Morgan Stanley and Credit Suisse as the lead underwriters on the deal. In a smaller IPO, Imperial plans to raise almost $107 million by offering 6.7 million shares (0% insider) on the NYSE at a range of $15-$17 with BofA Merrill Lynch, JMP Securities and Imperial Capital as the lead underwriters on the deal.
Renaissance Capital IPO Research submits:
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Last Week's IPOs: 4 of 7 Complete Their Deals
Of the seven deals slated to price last week, three were postponed; the four companies that completed their deals were Chinese ADRs. Though a healthy pipeline shows promise for upcoming months, last week's events indicate investors remain wary and prompted a rocky start to the 2010 IPO market. The following companies postponed their offerings: Terreno Realty (TRNO), a newly formed industrial REIT targeting six coastal US markets, shelved its deal after cutting its proposed size by 33%. Following the terms revision, the San Francisco-based REIT had planned to raise $200 million. FriendFinder Networks (FFN), an online adult social networking company, had planned to raise $220 million by offering 20 million shares at $10-$12; it rescheduled its offering for this week. Finally, Daqo New Energy (DQ), one of five Chinese ADRs scheduled to price last week, postponed its IPO after cutting its deal size by 22% to $68 million.
Renaissance Capital IPO Research submits:
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Patriot Risk Management Aims for IPO
Patriot Risk Management (PMG), a holding company for workers' compensation insurers Guarantee Risk Insurance Co. and Patriot Risk Services, is expected to price its IPO this week. This IPO follows a failed attempt by SPAC Inter-Atlantic Financial to acquire the company last April. Business Overview (from prospectus)
Abbi Adest submits:
Complete Story »
Ironwood Pharma: First Biotech IPO of 2010
Ironwood Pharmaceuticals (IRWD), a drug manufacturer which is developing a new treatment for irritable bowel syndrome and constipation, is expected to go public this week. Business Overview (from prospectus)
Abbi Adest submits:
Complete Story »
Investment Bank IPO: Imperial Capital
Imperial Capital (ICG), an independent, full-service investment bank based in Los Angeles, is expected to price its IPO this week. Business Overview (from prospectus)
Abbi Adest submits:
Complete Story »
The Film Department Hopes IPO Will Transform Company into Full-Fledged Studio
The Film Department (TFD), a recently formed independent movie production company, is expected to go public this week. According to this LA Times blog post: "The surprise filing is part of move by the Film Department, which was founded in 2007 by industry veterans Mark Gill and Neil Sacker, to pay off nearly $42 million in debt and recast itself into a full-fledged studio that not only finances movies but also markets and distributes them." Business Overview (from prospectus)
Abbi Adest submits:
Complete Story »
Tesla Motors Files for IPO, Looks to Raise $100 Million
Tesla Motors has filed for its IPO, and in the process become the latest cash-hemorrhaging green tech company to try to go public. The registration statement filed with the Securities and Exchange Commission states that the company has accumulated $108.2 million in revenue since its inception and has piled up an accumulated deficit of $236.4 million. That breaks down into a $30 million loss in 2006, a $78.2 million loss in 2007, an $82.8 million loss in 2008 and $31.5 million loss in 2009. However, Tesla didn't start selling cars commercially until the middle of 2008, after a series of delays the year before.
Greentech Media submits:
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Daqo New Energy IPO Expected This Week
Daqo New Energy (DQ), a China-based manufacturer of polysilicon for solar power applications, is expected to go public this week. Business Overview (from prospectus)
Abbi Adest submits:
Complete Story »
IPO Market Heats Up: Four More Companies Disclose Terms
This week started off with four companies disclosing terms for their upcoming IPOs, as well as two companies submitting initial filings to the SEC (Convio (CNVO) and PAA Natural Gas Storage L.P. (PNG).
Renaissance Capital IPO Research submits:
On Monday, Blackstone's Graham Packaging (GRM), which supplies plastic containers for nutrition, hygiene and home care products, announced plans to raise $350 million by offering 23.3 million shares on the NYSE at a price range of $14-$16. The company has filed to go public twice before: once in July of 2000 (the S-1 was withdrawn in May of 2001), and again in May of 2002 (the deal was postponed the following July due to market conditions). Graham Packaging is only one of many PE-backed companies to go public in an attempt on behalf of backers to monetize investments. It expects to price on Tuesday, Feb. 9; Citi, Goldman Sachs and Deutsche Bank are set to act as lead underwriters.
Complete Story »
FriendFinder: Not Your Father's Social Networking IPO
FriendFinder Networks (FFN), an online adult social networking and multimedia entertainment company, is expected to go public this week. According to the WSJ: It describes itself as a leading "social networking and multimedia entertainment company," and in prerecorded roadshows compares itself with privately held Facebook Inc. and MySpace, owned by News Corp., publisher of The Wall Street Journal. But FriendFinder differs from both: Members on Facebook and MySpace tend to keep their clothes on, while several of FriendFinder's sites encourage the opposite.
Abbi Adest submits:
Complete Story »
IBM About to ‘Initiate’ Major MDM Purchase?
By Brenon Daly Although we recently noted that SAP may be considering a major master data management (MDM) move, we understand that the next buyer in the market may actually be IBM. We’ve heard from several sources that Big Blue is close to announcing an acquisition of Initiate Systems. If the deal does indeed happen, Initiate would substantially boost IBM’s offering for the healthcare industry. Despite being competitors, Initiate and IBM Global Services have been longtime partners for healthcare projects. The transaction could happen as soon as this week, we’re told. And we gather that it’ll come at a rather rich valuation for Initiate.
The 451 Group: Inorganic Growth submits:
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Mixed Results for Last Week's IPO Pricings
Renaissance Capital IPO Research submits:
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Century 21 China IPO to Welcome Investors This Week
Century 21 China (CTC), a provider of real estate services and franchiser of the Century 21 brand in China, is expected to go public this week. Business Overview (from prospectus)
Abbi Adest submits:
Complete Story »
IPO Analysis from Seeking Alpha
'IPO Analysis' Tag RSS Syndication from SeekingAlpha.com
IPO market is stuck in neutral
The IPO market hasn't exactly been running at full throttle this year. And lately, it can't seem to get out of first gear.
JPMorgan Chase makes $1B-plus on Visa IPO
Thanks to its stake in Visa's initial public offering this week, JPMorgan Chase & Co. has enough money to pay for its Bear Stearns purchase and still have about a billion dollars left over.
Visa prepares for near-$19B IPO
Read full story for latest details.
Here come the hot IPOs of '08
Just because the U.S. economy might be looking at a recession, doesn't mean a few good tech IPOs can't light up the market. While no company is fully immune to economic retraction, he most promising technology companies have the advantage of a global marketplace in which to sell their wares. So if U.S. markets hit the skids, companies can always focus their efforts on Asian or European customers.
Venture capital at 6-year high - report
Read full story for latest details.
India's Reliance eyes record $3B IPO
Read full story for latest details.
Classmates.com cancels IPO
Read full story for latest details.
Companies skittish about going public
As financial markets go, so go initial public offerings.
A dunce cap for Classmates.com
Investors will have to wait a little while longer for the first pure-play social networking initial public offering in the United States.
Chinese firm shelves IPO, takes buyout
CGEN's larger competitor Focus Media announced it was buying CGEN in a deal that could ultimately wind up being worth $350 million.
Citadel's risky play in E*Trade
Citadel has made its reputation through shrewd, well-timed investments. But is its $2.55 billion infusion into E*Trade a wise move for it - and for shareholders?
'Tis the season for hot IPOs
Classmates.com and CGEN Digital Media Company Limited could hit the public markets in December filed updates about their upcoming IPOs.
Fortune's 2007 investment scorecard
We had our share of winners and losers, including a solar power play that shined, an IPO that soared, and a mortgage insurer that tanked.
Meet the PayPal mafia
An inside look at the hyperintelligent, superconnected pack of serial entrepreneurs who left the payment service and are turning Silicon Valley upside down. Fortune's Jeffrey O'Brien reports.
Blackstone skids on quarterly loss
Stock tumbles 6% after IPO charges hit private equity firm's bottom line; management sees opportunities in weak mortgage market.
Google or Yahoo?
Which web giant best nurtures its upstart acquisitions?
PetroChina begins planning $9B IPO
Read full story for latest details.
Akela Pharma plans IPO
Read full story for latest details.
Bioheart cuts IPO price range in half
Read full story for latest details.
Virgin Mobile stock debuts at $15 per share
Read full story for latest details.
IPO news - CNNMoney.com
From CNN and Money magazine, CNNMoney.com combines business news and in-depth market analysis with practical advice and answers to personal finance questions.
IPOs hit by market volatility
Several initial public offerings have scaled back or priced below expectations as investors threaten to shun high valuations
Santander eyes flotations in the UK and US
Acquisitive Spanish lender considers initial public offerings for its UK and US operations after successful 2009 flotation of Brazilian subsidiary
Japan urged to stimulate IPOs with tax breaks
Tokyo Stock Exchange president calls for the government to help reverse the dearth of flotations on the country's equity markets, while saying 'dark pools' should be 'shut off'
New Look dresses up its IPO appeal
The fashion chain wants to win over investors have who balked at the starting price of an initial public offering aimed at raising £650m that would value it at £1.7bn-£1.8bn
Montagu set to float BSN Medical
The German bandages maker has become the latest private equity-owned company to prepare for an initial public offering
Ocado appoints banks to advise on IPO
The online grocer is set to fire the starting gun on a £1bn initial public offering, with the appointment of investment banks to advise the company on a possible listing
Frosty IPO market belies evidence of green shoots
There is no lack of optimism in the Aim world at the moment, including plenty of talk about a pipeline of companies just itching to join the junior market
Osmond raises £418m in Horizon float
Hugh Osmond, the entrepreneur behind Pizza Express and the Punch pub group, has raised £417.7m – less than he hoped – by listing his Horizon Acquisition company on the London Stock Exchange
China curbs companies' capital raising
Regulators have imposed a partial ban on listed companies raising capital from equity markets as liquidity is tightened
Bilfinger builds on reinvention trend
Bilfinger Berger's move to float its Australian operations is the latest example of a large European builder cutting exposure to its core business to reduce risk
Travelport float seeks to raise $1.78bn
The travel services group's planned flotation would make it the biggest initial public offering in the UK for two years
Huatai hopes to enliven China's IPOs
Huatai Securities, a mid-ranking Chinese brokerage, will launch what is expected to be the mainland's biggest initial public offering this year
New Look listing aims to raise £650m
New Look plans to raise about £650m through an initial public offering of shares, a move that would give further momentum to an embryonic revival in company flotations in London
London IPO to value Travelport at up to £2.2bn
The travel services group, 76% owned by US private equity group Blackstone, plans to float on LSE's main market
China watchdog criticises IPOs
A Chinese regulator's criticisms of the "irresponsible" pricing of initial public offerings has fuelled speculation that Beijing could temporarily halt the new issue market in order to introduce fresh pricing rules
FT.com - IPOs
FT.com - IPOs
Developers Diversified Announces Pricing of Common Share Offering
CLEVELAND, Feb. 9 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (NYSE: DDR) today announced it has priced an offering of 37,295,000 of its common shares at a price of $8.16 per share. The offering is expected to close on February 12, 2010.
The Company intends to use the net pro
AgFeed Industries, Inc. Announces Arrangement to Sell a Portion of Its Feed Business to the Public Through an IPO
NEW YORK, Feb. 9 /PRNewswire-Asia/ -- AgFeed Industries, Inc. (Nasdaq: FEED), one of the largest independent hog production and animal nutrient companies in China, today announced the proposed sale of a maximum of 20% of its animal nutrients feed subsidiary via a listing and initial public offering
OJSC VimpelCom Board Recommends Exchange Offer by VimpelCom Ltd.
MOSCOW and NEW YORK, Feb. 9 /PRNewswire-FirstCall/ -- Open Joint Stock Company "Vimpel-Communications" (the "Company") (NYSE: VIP) today announced that the Company's board of directors has unanimously recommended that the Company's shareholders and holders of American depositary shares ("ADSs") exch
Flagstar Bancorp Announces Expiration of Rights Offering
TROY, Mich., Feb. 8 /PRNewswire-FirstCall/ -- Flagstar Bancorp, Inc., (NYSE: FBC) (the "Company") , the holding company of Flagstar Bank, announced today that the subscription period of its previously announced rights offering expired at 5:00 p.m., New York City time, on February 8, 2010.
Ultimate Escapes to Remain Listed on NYSE Amex Pending Completion of Planned Public Offering
ORLANDO, Fla., Feb. 8 /PRNewswire-FirstCall/ -- Ultimate Escapes, Inc. (NYSE Amex: UEI and UEI-WT) (the "Company"), one of the world's largest luxury destination clubs, today provided an update on the status of its listing on the NYSE Amex LLC (the "Exchange"). As previously announced, followi
Media General Announces Pricing of Private Offering of Senior Secured Notes
RICHMOND, Va., Feb. 8 /PRNewswire-FirstCall/ -- Media General, Inc. (NYSE: MEG) has priced its previously announced private offering of senior secured notes due 2017.
The face value of the Notes is $300 million with an interest rate of 11 3/4 %. The Notes were priced at 97.690% of face va
Developers Diversified Announces Public Offering of Common Shares
CLEVELAND, Feb. 8 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (NYSE: DDR) today announced it has commenced an underwritten public offering to sell 36,000,000 of its common shares.
The Company intends to use the net proceeds from the offering to repay debt with short-te
Libbey Closes $400 Million Private Placement of Senior Secured Notes
TOLEDO, Ohio, Feb. 8 /PRNewswire-FirstCall/ -- Libbey Inc. (NYSE Amex: LBY) ("Libbey" or "Company") announced today that its wholly owned subsidiary Libbey Glass Inc. ("Libbey Glass") has completed its previously announced private placement of $400 million aggregate principal amount of 10% senior se
Catalyst Paper announces extension of the private exchange offer and consent solicitation related to its 8 5/8% senior notes due 2011 (CUSIP No. 65653RAD5)
RICHMOND, BC, Feb. 8 /PRNewswire-FirstCall/ - Catalyst Paper Corporation (TSX:CTL) today announced an extension of the private exchange offer and consent solicitation (the "Exchange Offer") for its outstanding 8 5/8% Senior Notes due June 15, 2011 (the "Old Notes"), made pursuant to its Offering Mem
Libbey Receives Tenders and Consents in Tender Offer and Consent Solicitation for Its Floating Rate Senior Secured Notes Due 2011
TOLEDO, Ohio, Feb. 5 /PRNewswire-FirstCall/ -- Libbey Inc. (NYSE Amex: LBY) ("Libbey" or "Company") announced today that its wholly-owned subsidiary Libbey Glass Inc. ("Libbey Glass"), in connection with its previously announced tender offer and consent solicitation (collectively, the "Offer"), had
Rockwell Files Rights Offering Circular and Announces Timetable for Rights Offering
VANCOUVER, Feb. 5 /PRNewswire-FirstCall/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company") (TSX: RDI; JSE: RDI; OTCBB: RDIAF) announces that it has filed today on SEDAR a final rights offering circular (the "Rights Offering Circular") relating to the previously announced rights offering (the "R
Financiera Independencia Concludes 85,000,000 Share Capital Increase
MEXICO CITY, Feb. 5 /PRNewswire-FirstCall/ -- Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP) ("Independencia" or the "Company"), a Mexican microfinance lender of personal loans to lower income segment individuals, announced today that it completed the Second Round of Rig
Williams Coal Seam Gas Royalty Trust Announces Cash Distribution for First Quarter and Termination Date for the Trust
DALLAS, Feb. 5 /PRNewswire-FirstCall/ -- Williams Coal Seam Gas Royalty Trust (NYSE: WTU) announced today that there will be a cash distribution to the holders of its units of beneficial interest of $0.016972 per unit, payable March 1, 2010 to unitholders of record on February 16, 2010.
The Trust ow
American Tire Distributors Holdings Announces Plan for Initial Public Offering
CHARLOTTE, N.C., Feb. 5 /PRNewswire/ -- American Tire Distributors Holdings, Inc. ("American Tire Distributors") today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with a proposed initial public offering of its common
CareFusion Announces Completion of Exchange Offer for 4.125% Senior Notes Due 2012, 5.125% Senior Notes Due 2014, and 6.375% Senior Notes Due 2019
SAN DIEGO, Feb. 5 /PRNewswire-FirstCall/ -- CareFusion Corporation (NYSE: CFN) announced today that it has completed its previously announced offer to exchange (the "Exchange Offer") any and all of its outstanding $250 million aggregate principal amount of 4.125% Senior Notes due 2012, $450 million
Cathay General Bancorp Closes Public Offering of Common Stock
LOS ANGELES, Feb. 5 /PRNewswire-FirstCall/ -- Cathay General Bancorp (the "Company", Nasdaq: CATY), the holding company for Cathay Bank, today announced that it has completed its previously announced offering of 13,068,182 shares of its common stock and that the underwriters for the offering have ex
Rockwell Provides Update On Timetable For Rights Offering
VANCOUVER, Feb. 5 /PRNewswire-FirstCall/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company") (TSX: RDI; JSE: RDI; OTCBB: RDIAF) announces that the principal South African regulatory authorities have settled on the relevant dates for the Company's proposed rights offering, which are expected to be
FriendFinder Networks Inc. ('FFN') Announced Today, That Based on Market Conditions, it has Chosen Not to Proceed With its Planned Initial Public Offering Until Market Conditions Improve
BOCA RATON, Fla., Feb. 5 /PRNewswire/ -- FriendFinder Networks Inc. ("FFN") announced today that based on market conditions, it has chosen not to proceed with its planned initial public offering at this time until market conditions improve.
A registration statement relating to the proposed sale of t
Charter Financial Corporation Announces Increased Appraised Value for 'Second-Step' Stock Offering
WEST POINT, Ga., Feb. 4 /PRNewswire-FirstCall/ -- Charter Financial Corporation (the "Company") (OTC Bulletin Board: CHFN), the holding company for CharterBank, announced that the independent appraisal firm engaged by the Company in connection with its "second-step" stock offering has informed the C
McClatchy Announces Pricing of $875 Million of Its 11.50% Senior Secured Notes Due 2017
SACRAMENTO, Calif., Feb. 4 /PRNewswire-FirstCall/ -- The McClatchy Company (NYSE: MNI) today announced that it has priced its offering of $875 million aggregate principal amount of its 11.50% Senior Secured Notes due 2017 to qualified institutional buyers pursuant to Rule 144A under the Securities A
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