Two IPOs scheduled for the week of January 21st. The full IPO calendar is available here.
Bright Horizons Family Solutions (BFAM)
Based in Watertown, MA, Bright Horizons Family Solutions scheduled a $202 million IPO with a market capitalization of $1.26 billion at a price range mid-point of $20 for Friday, January 25, 2013.
BFAM is a leading provider of employer paid high-quality child care and early education. BFAM has five times the number of centers as its closest competitor.
BFAM was taken private in 2008 and still suffers from a high debt load, although IPO proceeds are allocated to repay much of the senior 13% annual interest debt.
BFAM is a low 21% to 23% gross margin business. For the nine months ended September 2012, revenue was up 10% to $797 million, compared to the year earlier September numbers.
LipoScience (LPDX)
Based in Raleigh, NC, LipoScience scheduled a $70 million IPO with a market capitalization of $195 million at a price range mid-point of $14 for Friday, January 25, 2013.
LPDX's NMR (nuclear magnetic resonance) LipoProfile test provides a risk assessment for cardiovascular events. The test has been ordered over 8 million times. To date, all of the tests have been run at one location.
LPDX is currently developing a NMR-based diagnostic test for use in the prediction of diabetes, including the assessment of insulin resistance.
For the nine months ended September 2012, LPDX generated $41 million in revenue and $1 million in profit, with an 82% gross margin.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
