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Complete IPO Calendar

AcelRx Pharma (ACRX)
$75 million IPO with a market capitalization of $209 million at the price range mid-point of $13 is scheduled for the week of February 7, 2011. Very speculative, it uses proceeds to fund Phase 3 clinical trials. AT $13, it is priced at a book value discount from recent Pharma IPOs ANAC & ZGNX, but ACRX has no sales.

China Century Dragon Media (CDM) $9 million IPO with a market capitalization of $57 million at the price range mid-point of $6.50 is scheduled for Tuesday, February 8, 2011. For the nine months that ended September 2010 compared to September 2009 sales were up 84%, earnings up 83%. Low annualized Price/Earnings ratio of 6.

Imperial Holdings (IFT) $250 million IPO with a market capitalization of $305 million at the price range mid-point of $15 is scheduled for the week of February 7, 2011. Revenue & losses both are going in the wrong direction Comparing the nine months that ended September 2010 with 2009, revenue declined 18%, losses increased 180%. It was only profitable once, for the year 2007. Since then, it has generated a continuous stream of losses

Wave2Wave Communications (WAV): $14mm IPO with a $52mm market cap at price range mid-point of $4.25. Unit offering of one share of stock plus one warrant the purchase one share of stock at $4.40. Scheduled for the week of February 7, 2011. Provides broadband communications services to business buildings. Sales declined 15% for the nine months that ended September 30 2010 vs. the year earlier six months. For the nine months that ended September 2010, WAV generated operating losses of $6.5mm loss vs a $2mm operating profit for year earlier period. Net loss increased to $10mm from $2mm comparing September nine month results. There is negative price-to-tangible-book value of –2.5, which indicates the balance sheet is highly leveraged and constrains growth.

Zuoan Fashion Limited (ZA) $79 million IPO with a market capitalization of $325 million at the price range mid-point of $11.50 is scheduled for the week of February 7, 2011. Design-driven fashion casual menswear company in China. Compare to China Xiniya Fashn XNY which IPO’d November 22 and is down 45% from its IPO price.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 5 Holdover IPOs for This Week