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Another busy week for investment bankers with eight companies set to go public this week. Once again, there's a wide range to choose from including two biggies: Chinese medical device developer Mindray (NYSE:MR) and prestige skin-care manufacturer Bare Escentuals (BARE). Other deals this week are online photo service Shutterfly (NASDAQ:SFLY); specialty finance REIT CBRE Realty Finance (CBF); oil and gas limited partnership E.V. Energy Partners (NASDAQ:EVEP); provider of consulting services to the U.S. Government ICF International (NASDAQ:ICFI); blood clot therapeutic developer ImaRx (IMRX); and bank holding company Omni Financial Services (OTCPK:OFSI).

MINDRAY MEDICAL INTERNATIONAL (MR)

Offering: 20 million ADSs at a range of $10-12 per share. Close to half of the shares are being offered by insiders. The net raise for the company at mid-range is projected to be $105 million ($126 million if the underwriters' option is exercised). $75 million will be used for funding a new facility and expansion of the company's manufacturing capabilities; the remainder is to be used for working capital and general/corporate purposes.

Lead Underwriters: Goldman Sachs, UBS

Business Overview (from prospectus):

We are a leading developer, manufacturer and marketer of medical devices in China. We also have a significant and growing presence outside of China, primarily in other regions of Asia and in Europe. We offer a broad range of more than 40 products across our three primary business segments: patient monitoring devices, diagnostic laboratory instruments and ultrasound imaging systems. According to Frost & Sullivan, we had the leading market share in China by units sold, and the second leading market share by revenue, for the sale of patient monitoring devices in 2003, and we believe that we continue to be a market leader in China today. In addition, we believe we hold a leading market share position in China in diagnostic laboratory instruments and grayscale ultrasound imaging systems. Due to our leading market position, we believe we have one of the most recognized brands in the medical device industry in China.


Financial Highlights:

Our net revenues increased from RMB460.3 million in 2003 to RMB1,078.6 million (US$134.9 million) in 2005, representing a compound annual growth rate of 53.1%. Our net revenues grew from RMB436.8 million in the six months ended June 30, 2005 to RMB676.8 million (US$84.7 million) for the same period in 2006, a 54.9% increase. In the six months ended June 30, 2006, our three primary business segments, patient monitoring devices, diagnostic laboratory instruments and ultrasound imaging systems, accounted for 40.5%, 28.4% and 29.9% of our net segment revenues, respectively. Over the past three years, we have significantly expanded our geographic scope and increased the percentage of our revenues generated by international sales. Our products are currently sold in more than 120 countries, and international sales grew from 24.7% of our total net revenues in 2003, to 41.9% of our total net revenues in 2005 and to 43.7% of our total net revenue in the six months ended June 30, 2006.

Related on Seeking Alpha: Highlights from MR's F-1 filing; Overview of the medical device market in China.

BARE ESCENTUALS (BARE)

Offering: 16 million shares at $15-17 per share. At mid-range, net proceeds are expected to be $235.9 million. The bulk of this ($233.8 million) will repay debtholders, leaving the company with $479.9 million debt post the raise. An additional $1.8 million will be used to terminate management agreements with Berkshire Partners LLC and JH Partners.

Lead Underwriters: Goldman Sachs, CIBC

Business Overview (from prospectus):

Bare Escentuals is one of the fastest growing prestige beauty companies in the U.S. and a leader by sales and consumer awareness in mineral-based cosmetics. We develop, market and sell cosmetics, skin care, and body care products under our i.d. bareMinerals, i.d., RareMinerals and namesake Bare Escentuals brands, and professional skin care products under our md formulations brand... Bare Escentuals was the top-selling cosmetics brand company-wide at leading specialty beauty retailers Sephora and Ulta during 2005.

Financial Highlights: Net sales for 2004 were $141.8 million, and grew to $259.3 million in 2005. For the first half of the year, net sales grew from $112 million in 2005 to $186 million in 2006. Cost of goods hover in the 27-29% range, and OPEX has fallen from 41% to 35.6% of sales in the first half of the year. The company had a high interest expense of $21.5 million in 05 and $21.9 million in the first half of 2006, resulting in net income of $23.9 million for 2005 and $25 million for the first half of 06.

Related on Seeking Alpha: Highlights from BARE's initial S-1 filing.

SHUTTERFLY (SFLY)

Offering:
5.8 million shares at $13-15 per share. At mid-range, net proceeds would be $73 million. The funding will be used for general corporate purposes (working capital, potential capex for "manufacturing and website infrastructure equipment and new and existing manufacturing facilities"). Capex for the second half of 06 and 07 is projected to be $30-35 million.

Lead Underwriters:
J.P. Morgan; Jeffries and Piper Jaffray are co-managers.

Business Overview (from prospectus):

We are an Internet-based social expression and personal publishing service that enables consumers to share, print and preserve their memories by leveraging our technology, manufacturing, web-design and merchandising capabilities. Our vision is to make the world a better place by helping people share life’s joy. Our mission is to build an unrivaled service that enables deeper, more personal relationships between our customers and those who matter most in their lives. Today, with the evolution of digital cameras and technology, millions of people around the world are capturing their memories and communicating in more meaningful ways. We provide a wide range of products and services that allow consumers to upload, edit, enhance, organize, find, share, create, print and preserve their digital photos.


Financial Highlights:

Since inception, we have fulfilled more than 12 million orders, sold approximately 370 million prints and stored approximately one billion of our consumers’ photos in our image archives. In addition, our net revenues increased from approximately $31.4 million in the year ended December 31, 2003 to $54.5 million in the year ended December 31, 2004 to approximately $83.9 million in the year ended December 31, 2005, and our net income increased during those periods from approximately $2.0 million to approximately $3.7 million to approximately $28.9 million. However, our net income for the year ended December 31, 2005 included an income tax benefit of approximately $24.1 million, which should be considered when comparing our historical net income data. As of June 30, 2006, we had an accumulated deficit of $39.8 million.


Related on Seeking Alpha:
Highlights from Shutterfly's initial S-1 offering; Tim Mullaney thinks the Shutterfly IPO looks 'sharp, but not too sharp'.

CBRE REALTY FINANCE (CBF)

Offering: 10 million shares of which just under 1.5 million are being offered by selling shareholders. The expected range is $15-17 per share, resulting in a mid-range net raise of $125.7 million ($148.2 if the underwriters' option is exercised). The financing will be used to repay debt.

Lead Underwriters: Credit Suisse, DeutscheBank, Citi Group

Business Overview (from prospectus):

We are a commercial real estate specialty finance company that intends to elect and qualify to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2005. Our objective is to grow our portfolio and provide attractive total returns to our investors over time through a combination of dividends and capital appreciation. Our business primarily focuses on originating, acquiring, investing in, financing and managing a diversified portfolio of commercial real estate-related loans and securities. Our initial investment focus is on opportunities in North America...

We are externally managed and advised by CBRE Realty Finance Management, LLC, or our Manager, an indirect subsidiary of CB Richard Ellis, Inc., or CBRE, (NYSE:CBG) and a direct subsidiary of CBRE Melody & Company, or CBRE/Melody. CBRE indirectly owns approximately 54.5% of the economic interest in our Manager and the remainder is owned in the aggregate by our executive officers and certain executives of CBRE/Melody. We capitalize on both the market knowledge and insight provided by CBRE’s domestic and global reach, origination capabilities, broad range of commercial real estate services, servicing platform and access to existing business relationships, as well as the broad commercial real estate experience of our management team.

Financial Highlights: At the end of August, the investment portfolio consisted of Whole loans (45.2%), subordinated interests in first mortgage real estate loans, or B Notes (14.7%), Mezzanine loans (17.6%), Commercial mortgage-backed securities (17%) and Joint venture investments (5.5%).

E.V. ENERGY PARTNERS (EVEP)


Offering:
3.9 million units at a range of $19-21 per unit, resulting in an estimated mid-range net raise of $72.54 million. Proceeds will be used to pay $60.19 million to EnerVest (71% holder of the GP), CGAS EnCap partnerships "as part of the consideration for the interests in our predecessors that will be contributed to us"; to repay $10.35 million of indebtedness and reimburse EnerVest for out-of-pocket legal and administrative expenses.

Lead Underwriters: Raymond James, Wachovia

Business Overview: (from prospectus)

We are a Delaware limited partnership formed in April 2006 by EnerVest to acquire, produce and develop oil and gas properties. We intend to pay holders of our common units distributions of available cash of $0.40 per unit for each quarter, or $1.60 per unit annually, before we pay any distributions to holders of our subordinated units. Our properties are located in the Appalachian Basin, primarily in Ohio and West Virginia, and in the Monroe field in Northern Louisiana. At December 31, 2005, our oil and gas properties had estimated net proved reserves of 44.8 Bcf of gas and 1.1 MMBbls of oil, or 51.2 Bcfe, and a present value of future net cash flows, discounted at 10%, or standardized measure, of $161.2 million. Our properties are located in mature fields and have a long reserve to production index of 18.8 years. Our 2005 reserve report includes a multi-year inventory of 80 relatively low risk, proved undeveloped drilling locations, all of which are located on our Appalachian properties.

ICF INTERNATIONAL (ICFI)

Offering: 4.67 million shares of which insiders are offering just over 1 million shares. At the mid-point of the expected $14-16 range, net proceeds are expected to be $48.9 million ($58.6 million if the underwriters' option is exercised). $46 million will be used to repay debt, and $2.7 million for a one-time management bonus.

Lead Underwriters: UBS; Stifel Nicolaus and William Blair are co-managers

Business Overview
(from prospectus):

We provide management, technology and policy consulting and implementation services primarily to the U.S. federal government, as well as to other government, commercial and international clients. We help our clients conceive, develop, implement and improve solutions that address complex economic, social and national security issues. Our services primarily address four key markets: defense and homeland security; energy; environment and infrastructure; and health, human services and social programs. Increased government involvement in virtually all aspects of our lives has created increasing opportunities for us to resolve issues at the intersection of the public and private sectors.[...]

We have more than 1,600 employees and serve clients globally from our headquarters in the metropolitan Washington, D.C. area, our 15 domestic regional offices throughout the United States and our five international offices in London, Moscow, New Delhi, Rio de Janeiro and Toronto.

Financial Highlights:Revenue was $177.2 million and $109.6 million in 2005 and the six months ended June 30, 2006, respectively. Total backlog was $226.8 million and $309.6 million as of December 31, 2005 and June 30, 2006, respectively.

IMARX THERAPEUTICS (IMRX)

Offering: 5 million shares at range of $10-12 per share. At mid-range, the company expects a net raise of $49.6 million ($57.3 if the underwriters exercise their option). $15 million will repay a promissory note, and the rest will fund R&D and marketing expenses.

Lead Underwriters: CIBC; Jeffries and First Albany are co-managers.

Business Overview (from prospectus):

We are a biopharmaceutical company developing and commercializing innovative therapies for vascular disorders associated with blood clots. Our development and commercialization efforts are primarily focused on therapies for treating ischemic stroke and massive pulmonary embolism, respectively, by restoring the flow of blood and oxygen to the brain and vital tissues. Over eight million patients in the U.S. are afflicted each year with these and other complications related to blood clots, yet available treatment options are subject to significant therapeutic limitations. For example, the most widely used treatment for ischemic stroke can be administered only during a narrow time window and poses a risk of bleeding, resulting in less than 6% of ischemic stroke patients receiving treatment. We believe our products and clinical development programs, including two product candidates with Phase 3 clinical trial data and one product approved for marketing, may address significant unmet needs in these markets.

Financial Highlights: Revenue to date has been limited, primarily originating from grants. From inception in October 1999, through the end of June, the company accumulated a $68.5 operational deficit. The company raised $46.8 million to date from issuing preferred and common stock, and convertible notes. A number of assets were acquired from Abbott Labs in the course of 2005 and 2006 for a total of $44 million. These were recorded as R&D expenses ($24 million in 05) and asset acquisition ($20 million in 06).

OMNI FINANCIAL SERVICES (OTCPK:OFSI)

Offering: 3 million shares at range of $10-12 per share. At mid-range, the company expects a net raise of $29.9 million. Use of proceeds is expected to be general corporate purposes, including potential acquisitions of commercial banks.

Lead Underwriters: Sandler O'Neill, Keefe Bruyette Woods

Business Overview
(from prospectus):

We are a bank holding company headquartered in Atlanta, Georgia. Our operations are principally conducted through our wholly owned subsidiary, Omni National Bank, a national bank headquartered in Atlanta, Georgia. We have one full-service banking location in Atlanta, Georgia, one in Dalton, Georgia, four in North Carolina, one in Chicago, Illinois and one in Tampa, Florida. In addition, we have loan production offices in Charlotte, North Carolina, Dalton, Georgia and Birmingham, Alabama. [...]
We provide a broad array of financial products and services, including specialized services such as community redevelopment lending, small business lending and equipment leasing, residential construction lending, consumer lending, warehouse lending and asset-based lending. We seek to expand our financial products and services and geographic markets to meet the needs of our customers, diversify our revenue stream and mitigate our exposure to regional economic downturns. For the first six months of 2006, no single loan product or service line generated more than 25% of our revenue, and approximately 38% of our revenue was generated outside of the metropolitan Atlanta market.


Financial Highlights:
At the end of June, the company approximately $585.7 million in assets, $416.0 million in net loans, $428.5 million in deposits and $35.9 million in shareholders’ equity. Net income grew from $3.6 million in 2004 to $4.9 million in 2005, and from $2.4 million in the first half of 2005 to $6.4 million in the first half of 2006.

Related on Seeking Alpha: Highlights from OFSI's S-1 filing

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Source: This Week's Jam-Packed IPO Calendar