Nine IPOs debuted in September, easily taking its place as the most active month this year. Last week, three IPOs started trading. Talecris Biotherapeutics (TLCR), a former Bayer maker of plasma-derived protein therapies LBO'd by Cerberus, raised $950 million on Wednesday by offering 50 million shares at $19.00, at the midpoint of the $18.00 to $20.00 range. The deal was 12% larger than expected, with selling shareholders Cerberus Capital and Ampersand Ventures offering an additional 5.3 million shares. It was the second largest IPO this year behind recent IPO Shanda Interactive (GAME). Talecris rose over 11% in its first day of trading.
Education Management Corporation (EDMC) and Echo Global Logistics (ECHO) both listed on the NASDAQ on Friday. Education Management, which provides campus-based and online post-secondary education programs, raised $360 million on Thursday by offering 20 million shares at $18.00, the low end of the proposed $18.00-$20.00 range. Priced at the $14 midpoint of its proposed range, Echo Global Logistics, which provides web-based shipping and freight management services, raised $80 million.
REIT Ladder Capital Realty Finance (LGC) which had planned an IPO for this past week postponed its deal on Tuesday, following last week’s postponement of fellow REIT Foursquare Capital and the disappointing performances of recent IPOs Apollo Commercial (ARI) and Colony Financial (CLNY).
However, this week’s IPO calendar is still full, with another four deals on tap. Banco Santander Brasil, the fourth largest bank in Brazil, plans to raise $6.8 billion by offering 525,000,000 units (in the form of units and ADRs, whereby 1 unit equals 1 ADR) at a price range of $12.45 - $14.15. At the mid-point of the proposed range, Banco Santander Brasil will command a market value of $49 billion. Banco Santander Brasil, plans to list on the NYSE under the symbol (BSBR), and on Brazil's BOVESPA Exchange under the symbol SANB11. Santander Investment, Credit Suisse, and BofA Merrill Lynch are the lead underwriters on the deal.
Verisk Analytics (VRSK), a provider of risk management solutions based on proprietary data and statistical models, plans to raise $1.7 billion by offering 85,250,000 shares at a price range of $19.00 to $21.00. Verisk plans to list on the NASDAQ with an expected market value of $3.6 billion. BofA Merrill Lynch and Morgan Stanley are acting as joint book-running managers for the offering.
Mistras Group (MG), a global provider of non-destructive infrastructure testing, expects to raise $131 million by offering 8.7 million shares at a price range of $14.00 to $16.00. At the mid-point of the proposed range, Mistras Group will command a market value of $405 million. J.P. Morgan, Credit Suisse, and BofA Merrill Lynch are the lead underwriters on the deal.
Rounding out the week of IPOs is Omeros (OMER), a biotech company focused on inflammation/pain and disorders of the central nervous system. The company is planning a $75 million IPO by offering 6,820,000 at a price range of $10.00 to $12.00. Deutsche Bank and Wedbush PacGrow Life Scienses are the lead underwriters on the deal. If successful, Omeros will become the first pure-play biotech company to go public in the US since BioHeart (OTCQB:BHRT) completed an IPO in February 2008.