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LogMeIn's IPO Produced a Paper Windfall for Some
by Brenon Daly One of the investment banks that profited the most from Wednesday’s strong debut of LogMeIn (LOGM) wasn’t even on the prospectus. Instead, it was in the prospectus. McNamee Lawrence, an advisory shop with no underwriting business, realized a tidy little $2m windfall from the IPO.
The 451 Group: Inorganic Growth submits:
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LogMein IPO: Jumps 25% on First Day
Only five U.S. startup companies have gone public this year, down from 86 in 2007, according to data from the National Venture Capital Association, as related by Bloomberg. Supply, then, is so thin, that today it drove a 25% stock price appreciation on the first day of one of those IPOs.
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LogMeIn: IPO Drought? Feh ...
Looks like he was right.
John Paczkowski submits:
Earlier this week, John Fitzgibbon, founder of IPOScoop.com, said that LogMeIn was an IPO “candidate that should blow the socks off people.”
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LogMeIn: Can You Make Money from the IPO?
LogMeIn (LOGM), which offers on demand remote access software, goes public Wednesday at $16 a share and is getting a nice round of applause from the folks following the venture capital world. After all, LogMeIn raised $107.2 million or so in a stock market that stinks. The Wall Street Journal says hats off to Integral Capital Partners, an investor in LogMeIn and OpenTable. Others see the LogMeIn IPO as one of those fabled economic “green shoots” everyone is looking for. And while we’re at it, let’s cheer for the underwriters too. Congrats J.P. Morgan, Barclays Capital, Thomas Weisel, Piper Jaffray and RBC Capital. Rest assured the buy ratings will appear in a few weeks from those aforementioned firms.
Larry Dignan (ZDNet) submits:
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LogMeIn IPO: Where Will the Money Go?
As markets trade higher to start off the week, underwriters for the new LogMeIn IPO are likely drumming up interest in the latest offering to hit Wall Street. The IPO market has been relatively slow over the past year as the bear market has reduced the amount of liquidity and made such offerings very difficult. But the spring rally has made it possible for several new stock offerings to come to market helping companies raise much needed cash for their businesses. On the block for a possible offering this week is LogMeIn, Inc. (LOGM) which is the primary provider of on-demand remote-connectivity solutions to small and medium sized businesses as well as individual consumers. Essentially the technology allows users to log onto their home or office computers from any web browser, making sure that all data is easily accessible and yet still providing for secure connections in order to protect sensitive information. There are several tiers of service offered including a basic free service all the way up to deluxe premium products. As of March 31, the company boasted 188,000 premium accounts and continues to grow their subscriber base very quickly.
Zachary Scheidt submits:
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Duoyuan Global Water IPO Analysis: A Pure Play on Chinese Growth
On June 16, Bill Simpson wrote an analysis of Duoyuan Global Water (DGW). In its market debut Wednesday, June 24, Duoyuan priced its ADRs for $16 and sold 5.5 million of them, raising $88 million. In a recent regulatory filing, Duoyuan had estimated it would price 5 million ADRs for between $13 and $15. The text of Mr. Simpson's original writeup follows:
Bill Simpson submits:
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Imagining an Alternative Exit for LogMeIn
by Brenon Daly With LogMeIn (LOGM) on the verge of pricing its IPO later today, the next ‘buyer’ of the company will be public market investors. The on-demand vendor will sell 6.7 million shares in an offering that’s being led by JPMorgan Chase (JPM) and Barclays Capital (BCS). LogMeIn set an initial range of $14-16 per share, implying a market capitalization of $300m-340m. It will likely price above that range, and we expect strong demand for LogMeIn shares once they start trading under the ticker ‘LOGM’ on the Nasdaq.
The 451 Group: Inorganic Growth submits:
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Strong IPO Performance
The Bloomberg US IPO index measures the performance of stocks during their first publicly traded year that IPOd with a market value of at least $50 million. Below we highlight the performance of the IPO index so far in 2009. As shown, it is up 29.47%, while the S&P 500 is up just 1.47%. Strong IPO performance is definitely much more indicative of a bull market than a bear market, and investors have been bidding up shares of recent IPOs by quite a bit. Below the chart we provide a table of the Bloomberg IPO index members. The four that are up the most from their IPO prices are Bridgepoint Education (BPI), OpenTable (OPEN), Rosetta Stone (RST), and Duoyuan Global Water (DGW). Only 3 of the 14 index members are down from their IPO prices.
Hickey and Walters (Bespoke) submit:
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Keep an Eye on LogMeIn's Imminent IPO
LogMeIn's (LOGM) expected IPO pricing on Tuesday has Wall Street and the tech blogosphere abuzz. The Massachusetts-based company provides remote-connectivity solutions to small and medium sized businesses and plans to trade on the NASDAQ. Could a successful IPO cause some unintended consequences for tech M&A activity? According to Om Malik, "A LogMeIn offering could result in more technology mergers and
Abbi Adest submits:
acquisitions. The possibility of more IPOs may drive up prices for likely buyout candidates, giving buyers a much-needed impetus to loosen their purse strings and snap up likely candidates." Tech investors are advised to keep an eye on this IPO.
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A123 Systems Moves Its Planned IPO to the Front Burner
After six months of regulatory silence and $100 million in new funding, A123 Systems amended the SEC registration statement for its proposed IPO on June 23rd. While this latest filing may simply be A123's way of demonstrating its ability to raise matching funds for a scaled back ATVM loan request of $1 billion and pending applications for $438 million in direct Federal grants, my sense is that the proposed IPO will probably come to market in early September. Since ATVM loans will require 20% cost sharing and direct Federal grants will require 50% cost sharing, the IPO will probably be a good deal larger than the $175 million contemplated by A123's original filing.
John Petersen submits:
I'm very interested in A123's IPO for several reasons. First, it will be underwritten by Morgan Stanley (MS), Goldman Sachs (GS), Merrill Lynch (MER) and Lazard, which will give us the first clear picture of how the top-tier investment banks and institutional investors value pure-play energy storage companies.
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Investors Rush into Duoyuan Global Water's IPO
Duoyuan Global Water (DGW) had an impressive IPO yesterday. The company priced its shares above range at $16 but Duoyuan's ADRs actually started trading at $22.65. The China-based company is a leading supplier of domestic water treatment equipment. Business Overview (from prospectus)
Abbi Adest submits:
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Chemspec IPO Overview
Chemspec International (CPC) wowed Wall St. yesterday by pricing at the top of its range at $9 per share. The China-based company is a contract manufacturer of specialty chemicals. Business Overview (from prospectus)
Abbi Adest submits:
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Review of Three China IPOs
What They Do: We are a leading China-based domestic water treatment equipment supplier. Our product offerings focus on addressing the key steps in the water treatment process, such as filtration, water softening, water-sediment separation, aeration, disinfection and reverse osmosis. Founded in 1992, we offer a comprehensive set of more than 80 complementary products across the following three product categories:
Paul Sco submits:1) Duoyuan Global Water Inc. - NYSE Listing (DGW)
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China Water Pollution Play: Duoyuan Global Water IPO Coming
The growth in China over the past 10 years or so has been staggering and despite a global economic crisis, the economy is still growing around 6% (so they say). With an attitude of growth at any cost and a mass migration to China cities, you have to assume that water pollution and scarcity could very well choke the economy in the coming years. Guo Youzhi, general secretary of the China Desalination Association, said that only 20 percent of industrial wastewater in the country is efficiently re-utilized and 80 percent is being simply discharged.
Tate Dwinnell submits:
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RINO International Deserves a Higher P/E
There is an exciting IPO scheduled to trade the week of June 22nd. Duoyuan Global Water (DGW). The company is a provider of water treatment equipment in China. China has a water scarcity issue so this is one of the hottest sectors to me. Water and Air industry in China. By my calculations, DGW would have done approximately $1 EPS with the post-IPO share count for 2008. The IPO is expected to price at $13-$15 for a 13-15 p/e and I would guess this gaps open much higher. The problem with hot IPOs in many cases is they gap so high that the only people that make money are the people who were able to participate in the IPO shares. I think I found a much better stock. RINO International Corporation (RINO.OB), through its direct and indirect subsidiaries, including Innomind Group Limited and Dalian Innomind Environment Engineering Co., Ltd., its contractually-controlled affiliate, Dalian RINO Environmental Engineering Science and Technology Co., Ltd. ("Dalian Rino") and Dalian Rino's wholly-owned subsidiaries, Dalian Rino Environmental Engineering Project Design Co., Ltd. and Dalian Rino Environmental Construction & Installation Project Co., Ltd., is a leading provider of environmental protection equipment for the iron and steel industry in China. Specifically, RINO designs, manufactures, installs and services proprietary and patented wastewater treatment, flue gas desulphurization equipment, and high temperature anti-oxidation systems, which are all designed to reduce either industrial pollution and/or improve energy utilization.
Paul Sco submits:
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Medidata, LogMeIn Readying to Test IPO Waters
It's looking like the initial public offerings of Rosetta Stone Inc. (NYSE:RST) and Bridgepoint Education Inc. (NYSE:BPI) may well be the rays of light showing through the dam of backlogged venture-backed technology companies waiting to go out.
Tech Confidential submits:
LogMeIn Inc. certainly hopes so, as it took the step of setting terms for a $100 million IPO in a regulatory filing Tuesday. The Woburn, Mass.-based company expects to offer 6.7 million shares at a price range of $14.00 to $16.00 during the week of June 29. The S-1 filing lists Prism Venture Partners (23.79%), Polaris Venture Partners (20.99%), Technologieholding Central and Eastern European Funds (15.83), Integral Capital Partners (8.91%) and Intel Capital (5.43%) as the largest stakeholders.
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2 New REIT IPOs to Watch
Two new recent REIT IPOs launched in June. Government Properties Income Trust (GOV) began trading earlier this month. The company priced 10 mm shares at $20.00 per share. The company is a subsidiary of HRPT Properties Trust, an office REIT based in Massachusetts. HRPT owns 49.9% of GOV.
Zacks.com submits:
GOV will focus on owning office properties leased to the US government. The company currently has 29 office properties with 3.3 million square feet. 25 of the company's properties are leased to the US government, and the remainder are leased to various state governments.
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Starwood Properties IPO: A New Way for Investors to Lose Money on REITs
The PPIP is all but dead. But don't tell that to perma-CRE-bull Barry Sternlicht. The owner of such debacles as iStar (SFI) (last time we checked the all-time worst name in the IG11 index) and RevPar plummeting hotel chain Starwood hotels (HOT), is hoping to raise brand spanking new capital via an IPO for, of all things, a new REIT - Starwood Properties Trust, and use taxpayer money to buy other bankrupt hotels.
Tyler Durden submits:
Over the weekend, Sternlicht's W hotel chain made headlines, but not for good reason. REIT Sunstone Hotel Investors (SHO) decided to simply walk away from Starwood's W property in San Diego, instead of servicing the $65 million in securitized mortgages. As the WSJ notes:
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Open Table IPO: Future Gains in Question
It has been a slow year for IPOs so far, but recently a few offerings have caught Wall Street’s attention. Open Table, Inc. (OPEN) was an extremely successful offering with the stock issued to investors at $20, only to trade as high as $35.50 during its first day of trading. OPEN has settled back down to a more modest 40% gain currently but the outlook may be difficult for this consumer driven stock. Open Table is built on a business model that essentially brokers between diners and local restaurants. The restaurant business has relied primarily on word-of-mouth referrals and print advertising. Open Table, however, attempts to provide an online medium for diners to select where they want to eat, to review options within their community, and to book reservations even restaurants which are typically hard to get into.
Zachary Scheidt submits:
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Thoughts on the Current IPO Market
Last Thursday, while attending the Wall Street Journal "D" conference, I was asked by Scott Wapner at CNBC to share my thoughts on the current IPO market. Here's the video:
Bill Gurley submits:
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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.
Bawang shines on Hong Kong debut
Bawang International, a Chinese herbal shampoo maker, shined on its market debut in Hong Kong with shares rising more than 30 per cent in spite of a falling market
China eyes $5bn railway IPO
The Chinese government has hired two foreign banks to arrange the public listing of a railway holding company in an IPO that could be worth as much as $5 billion
VisaNet shares begin trading
The Brazilian arm of credit card giant Visa last week raised $4.3bn selling shares at Rs15, matching its advisers' best estimates and the biggest IPO so far this year
Equity capital markets pick up pace
The figures for new equity issuance and IPOs remain grim but a more positive picture is emerging as markets have begun to pick up pace in the past three months and bankers are predicting more of the same ahead, with bankers even predicting a return of the IPO market
China Metallurgical prepares $2.7bn IPO
The diversified resources conglomerate is preparing a blockbuster double stock market listing in Hong Kong and Shanghai later this year
Beijing sets stage for resuming IPOs
China's securities regulators set the stage for the resumption of mainland initial public offerings by granting approval to a relatively small market debut from Guilin Sanjin Pharmaceutical Company
AIG picks Morgan and Deutsche for Asian IPO
Morgan Stanley and Deutsche Bank have been chosen as the global co-ordinators for the $5bn-plus initial public offering of American International Group's Asian life assurance unit
Investors upbeat over flood of Chinese IPOs
China's securities regulators are gearing up to unleash a wave of initial public offerings on to mainland markets
NewRiver Retail seeks to raise £250m
A specialist in UK retail property investment is seeking to raise £250m through the issue of 110m shares later this month on Aim. The company expects its shares to be admitted to trading on June 24
UBS and Merrill out of running for AIA
The ejection of UBS and Merrill Lynch so early in the process to choose advisers for the $5bn-plus initial public offering of AIA – the world's largest IPO since 2007 – is a blow to the investment banks
Fidelity teams up with KKR in listings deal
Mutual fund group Fidelity is teaming up with Kohlberg Kravis Roberts, the private equity firm, in an unusual deal that will give Fidelity's huge retail client base access to future public listings of KKR-owned and underwritten companies
Reliance to test Indian market with IPO
The offering of Reliance Life Insurance, part of the group controlled by billionaire industrialist Anil Ambani, would be the first listing of a life insurance or general insurance company in India
Rise in tech IPOs lifts Wall St hopes
The drought in flotations by fast-growing technology companies shows signs of breaking this week, although experts warn that any return to more active capital-raising is unlikely until late this year
Signs of life in venture-backed IPOs
The market for venture-backed IPOs is showing tentative signs of life with three deals in the pipeline, becoming the latest part of the equity capital markets to hint at a broader recovery
London's share of IPOs cut in half by Aim woes
The drop in the UK's market share of company listings to 8% last year reflects the woes of the junior market, where liquidity and initial public offerings have all but dried up
FT.com - IPOs
FT.com - IPOs
Alliance One International, Inc. Completes Refinancing Transactions
Former Holders of Velcro Industries N.V. Shares Notified of Deposit of Funds by Cohere Limited
IBERIABANK Corporation Announces Pricing of Common Stock Offering
Royal Caribbean Announces Pricing of $300 Million Senior Notes Offering
Oxford Industries Announces Completion of Offering of $150 Million Senior Secured Notes Due 2015
CenterPoint Energy Completes Continuous Offering Program for Common Stock
Sun Life Financial completes offering of Senior Unsecured Debentures
Northern Oil and Gas, Inc. Closes $13.5 Million Registered Direct Common Stock Offering
Yingli Green Energy Announces Exercise of Over-Allotment Option
Genworth Announces Pricing of Canadian Initial Public Offering
Broadcom Raises All-Cash Tender Offer for Emulex to $11.00 Per Share
IBERIABANK Corporation Announces Proposed Public Offering of Common Stock
Royal Dutch Shell plc: Voting Rights and Capital
Graphic Packaging Announces Closing of Tender Offer
Delaware Investments(R) Dividend and Income Fund, Inc. Announces Expiration of Tender Offer
PR Newswire: Offerings
Offerings press releases distributed via PR Newswire.