This week started off with four companies disclosing terms for their upcoming IPOs, as well as two companies submitting initial filings to the SEC (Convio (CNVO) and PAA Natural Gas Storage L.P. (PNG).
On Monday, Blackstone's Graham Packaging (GRM), which supplies plastic containers for nutrition, hygiene and home care products, announced plans to raise $350 million by offering 23.3 million shares on the NYSE at a price range of $14-$16. The company has filed to go public twice before: once in July of 2000 (the S-1 was withdrawn in May of 2001), and again in May of 2002 (the deal was postponed the following July due to market conditions). Graham Packaging is only one of many PE-backed companies to go public in an attempt on behalf of backers to monetize investments. It expects to price on Tuesday, Feb. 9; Citi, Goldman Sachs and Deutsche Bank are set to act as lead underwriters.
Also filing terms on Monday was The Film Department (TFDI), an independent motion picture finance and production company. The West Hollywood, CA-based company was founded in 2007 by Mark Gill and Neil Sacker, both of whom were involved as senior executives in multiple successful films including "Crash" and "The Talented Mr. Ripley." It plans to raise $85 million by offering 6.5 million shares on the NASDAQ at a price range of $12-$14. Girard Securities is the lead underwriter on the deal, for which timing was not disclosed.
On Tuesday, two more companies disclosed terms: QuinStreet (QNST), which delivers measurable online marketing results to clients in information-intensive industry verticals, and JinkoSolar Holding (JKS), a China-based manufacturer of silicon wafers, solar cells and solar modules. Internet marketing company QuinStreet plans to raise $180 million by offering 10 million shares on the NASDAQ at a price range of $17-19; it is backed by VC firms such as Split Rock Partners (16%) and Sutter Hill Ventures (11%). The deal is expected to price on Wednesday, Feb. 10 and is led by Credit Suisse, BofA Merrill Lynch, and J.P. Morgan. In a smaller deal, JinkoSolar plans to raise $74 million by offering 10.6 million ADSs on the NYSE at a price range of $6-$8. Goldman Sachs (Asia) and Credit Suisse are the lead underwriters on the deal, for which timing was not disclosed.
With recent debuts posting mixed results, the four companies to recently file terms will continue to test investors' appetites as the 2010 IPO market gets underway.
Author's Disclosure: No positions