It's a slow week for IPOs. The three companies going public this week are: Opnext (NASDAQ:OPXT), which manufactures optical components for the telecom industry; Quadra Realty Trust (QRR), a new REIT managed by the Hypo Real Estate Capital Corporation; Salary.com (SLRY), a company that provides corporate payroll software.
All quotations are from the companies' most recent S-1 filings with links provided for each company.
We are a leading designer and manufacturer of optical modules and components which enable high-speed telecommunications and data communications networks globally. Our transceiver modules, which typically utilize our lasers and detectors, convert signals between electrical and optical for transmitting and receiving data over fiber optic networks, a critical function in optical communications equipment. In particular, we are a leader in both the telecommunications and data communications applications for the fast growing market for 10Gbps and above transceiver modules and optical components with a long history of market innovation. Our expertise in core semiconductor laser and other optical communications technologies has helped us create a broad portfolio of products that address customer demands for higher speeds, wider temperature ranges, smaller sizes, lower power consumption and greater reliability than other products currently available in the market. We view ourselves as a strategic vendor to our customers and have well-established relationships with many of the leading telecommunications and data communications network systems vendors such as Alcatel-Lucent, Cisco and Hitachi.
Offering: 16.9 million shares at $13.00-15.00. Net proceeds of approximately $125 million will be used to fund future capital expenditures and for the expansion of R&D of new products and the enhancement of existing products.
Lead Underwriters: Goldman Sachs, CIBC World Markets
Overall sales increased $23.1 million or 59.9% to $61.7 million in the three month period ended December 31, 2006 from $38.6 million in the three month period ended December 31, 2005 including a decrease of $0.1 million due to fluctuations in foreign exchange rates...Gross margin increased $11.0 million or 102.8% to $21.7 million in the three months ended December 31, 2006 from $10.7 million in 2005 including a $0.1 million benefit from fluctuations in foreign exchange rates and a $1.6 million charge to increase excess and obsolete inventory reserves. As a percentage of sales, gross margin increased to 35.1% for the three months ended December 31, 2006 from 27.7% for 2005...Research and development expenses increased $0.3 million to $8.4 million for the three month period ended December 31, 2006 from $8.1 million for the three month period ended December 31, 2005. Research and development expenses decreased as a percentage of sales to 13.7% for the three month period ended December 31, 2006 from 21.0% for 2005.
We are a newly-organized, commercial real estate finance company formed principally to invest in commercial mortgage investments and related products, including construction loans, mezzanine loans, B Notes, bridge loans, fixed and floating rate whole loans, loan participations, preferred equity investments and equity in commercial real estate. Our objective is to provide attractive total returns to our stockholders by maximizing the difference between the yield on our investments and the cost of financing these investments to generate cash available for distribution and facilitate capital appreciation, including appreciation in the value of any real property in which we hold an interest. To meet this objective, we intend to capitalize on the unique relationship we will have with our external manager, Hypo Real Estate Capital Corporation, who we refer to as our Manager. Unlike many other real estate investment companies, our investments are expected to be direct originations generally sourced by our Manager.
Offering: 16.7 million shares at $15.00-17.00. Net proceeds of approximately $246.3 million will be used to fund initial assets and construction loans.
Lead Underwriters: Credit Suisse, Wachovia Securities
Company has not yet commenced operations.
Salary.com is a leading provider of on-demand compensation management solutions. Our comprehensive on-demand software applications are integrated with our proprietary data sets to automate the essential elements of our customers’ compensation management processes. As a result, our solutions can significantly improve the effectiveness of our customers’ compensation spending. We enable employers of all sizes to replace or supplement inefficient and expensive traditional approaches to compensation management, including paper-based surveys, consultants, internally developed software applications and spreadsheets.
Offering: 5 million shares at $8.00-10.00. Net proceeds of approximately $30.9 million will be used to repay debt and for general corporate purposes.
Lead Underwriters: Thomas Weisel, Needham & Co.
Revenues for the nine months ended December 31, 2006 were $16.6 million, an increase of $5.8 million, or 54%, over revenues of $10.8 for the nine months ended December 31, 2005...Cost of revenues for the nine months ended December 31, 2006 was $3.7 million, an increase of $1.5 million, or 69%, over cost of revenues of $2.2 million for the nine months ended December 31, 2005...Research and development expenses for the nine months ended December 31, 2006 were $2.8 million, an increase of $1.3 million, or 89%, over research and development expenses of $1.5 million for the nine months ended December 31, 2005.