Successful Week for Tech IPOs Ends on a High Note

Includes: OAS, QLIK, RLD, SMT
by: Renaissance Capital IPO Research

The four deals that priced during the week of July 12 included the largest US IPO of 2010, and two of year's top ten first-day performers. On Wednesday, interactive whiteboard manufacturer SMART Technologies (NASDAQ:SMT) raised gross proceeds of $660 million, 10% more than originally planned, by selling 38.8 million shares at $17 each. In the process, the Calgary-based company eclipsed Oasis Petroleum's (NYSE:OAS) June IPO as the largest of the year so far. The company's leading market share in a fast-growing K-12 market likely contributed to strong deal demand, though momentum did not carry over into aftermarket trading, with the stock closing the week 2% below its offer price.

Friday's debuts were a different story, at least from a performance standpoint. Business intelligence software provider Qlik Technologies (NASDAQ:QLIK) raised $112 million by selling 11.2 million shares at $10, above its proposed $8.50-$9.50 range. The company's attractively-priced and easy-to-implement solutions have helped it win share in its large addressable market, and its stock rose 28% in its first session, which puts in the top 5 first-day performers of 2010. RealD's (NYSE:RLD) $200 million IPO found similar first day success. This leading developer of 3D projection technology for movie theaters raised nearly a third more proceeds than originally expected by selling 12.5 million shares at $16 each. IPO investors welcomed the stock with a 22% first-day pop, good for eighth-best year-to-date.

Coal producer Oxford Resource Partners (OXF) rounded out this week's deals, raising $162 million on Tuesday by offering 8.75 million shares at $18.50, toward the low end of its $18-$20 range. Early trading has been muted, with shares hovering slightly below their offer price.