Six new IPOs are scheduled for the week of May 20th, to raise over $1 billion. The full IPO calendar is here.
Here's a listing of this week's new IPOs, ranked by size of IPO.
Constellium Holdco B.V. (NYSE:CSTM), $400 million
Based in Schiphol-Rijk , Netherlands, Constellium Holdco B.V. (CSTM) scheduled a $400 million IPO with a market capitalization of $1.8 billion at a price range mid-point of $18 for Thursday, May 23, 2013.
CSTM is a specialty metals company that participates in select segments of the aluminum semi-fabricated products industry, including rolled and extruded products.
Post-IPO, CSTM will have a retained deficit of $201 million, because Apollo (private equity firm) in its usual style has sucked out as much cash as it can through borrowings and paying dividends. CSTM also has a revenue problem: the March 2013 quarter revenue is expected to be down 2%-3% from the March 2012 quarter.
Ply Gem Holdings (NYSE:PGEM), $300 million
Based in Cary, NC, Ply Gem Holdings (PGEM) scheduled a $300 million IPO with a market capitalization of $1.23 billion at a price range mid-point of $19 for Thursday, May 23, 2013.
PGEM is a leading manufacturer of exterior building products in North America. PGEM is trying to ride the current wave of enthusiasm for homebuilding stocks, which has been going on for a year and a half. PGEM has not shown a recent profit.
It recently acquired two Canadian companies with $236 million in 2012 revenue that lost $3 million in 2012. On a combined basis (including the recent acquisitions), PGEM generated $1.3 billion in revenue and showed a $42 million loss for 2012.
Global Brass and Copper Holdings (NYSE:BRSS), $150 million
Based in Schaumburg, IL, Global Brass and Copper Holdings (BRSS) scheduled a $150 million IPO with a market capitalization of $338 million at a price range mid-point of $16 for Thursday, May 23, 2013.
BRSS is in very prosaic business -- copper and brass products. It's the product of a leveraged buyout where the private equity owner has stripped as much cash as possible from the balance sheet by borrowing and paying dividends. BRSS' IPO market capitalization is only 20% of sales, a low percentage. But price-to-book value is -9.2, which means it's over-leveraged in spades.
Portola Pharmaceuticals (NASDAQ:PTLA), $100 million
Based in South San Francisco, CA, Portola Pharmaceuticals (PTLA) scheduled a $100 million IPO with a market capitalization of $469 million at a price range mid-point of $14 for Thursday, May 23, 2013.
Its lead product, Betrixaban, is currently in a pivotal Phase 3 clinical study to be completed in 2015. The Betgrixaban collaboration with Merck (NYSE:MRK) was terminated in September 2011.
ChannelAdvisor (NYSE:ECOM), $74 million
Based in Morrisville, NC, ChannelAdvisor (ECOM) scheduled a $74 million IPO with a market capitalization of $266 million at a price range mid-point of $13 for Thursday, May 23, 2013.
ECOM is a Business-to-Business and a Business-to-Consumer software-as-a-service (SaaS) company. For the March 2013 quarter, revenue was up 25% to $15 million, and losses increased to 18% of revenue ($3 million) from 7% of revenue ($1 million).
Alcobra Pharmaceuticals (NASDAQ:ADHD), $25 million
Based in Tel Aviv, Israel, Alcobra Pharmaceuticals scheduled a $25 million IPO with a market capitalization of $133 million at a price range mid-point of $11 for Wednesday, May 22, 2013.
ADHD is a biopharmaceutical company with a lead product targeted towards Attention Deficit Hyperactivity Disorder, or ADHD. ADHD has completed a Phase 2 study, but TEVA (NYSE:TEVA) backed out of a collaboration agreement in November, 2011 by not making a payment.