This Week's IPOs: MBF Healthcare, MetroPCS Communications, Simcere Pharmaceuticals, Superior Offshore International

IPOs on deck for this week include: MBF Healthcare Acuistion Corp (MBH.U), a blank check firm looking to acquire an operating healthcare business; MetroPCS Communications (PCS), a wireless service company serving selected major metropolitan areas in the U.S.; Simcere Pharmaceuticals (SCR), a Chinese generic drug company; Superior Offshore International (DEEP), a provider of subsea construction and commercial diving services to the oil and gas industry.

All quotations are from the companies' most recent S-1 filings with links provided.

MBF HEALTHCARE ACQUISITION CORP. (MBH.U)
Business Overview (from prospectus)

We are a blank check company recently formed for the purpose of acquiring, through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination, one or more operating businesses in the healthcare industry. To date, our efforts have been limited to organizational activities.

Offering: 18.8 million shares at $8.00 per share. Net proceeds of approximately $151 million will be used to acquire one or more healthcare businesses.

Lead Underwriters: Merrill Lynch, Morgan Joseph, Ladenburg Thalmann

Financial Highlights:

We were formed on June 2, 2006, as a blank check company for the purpose of acquiring, through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination, one or more operating businesses in the healthcare industry. We do not have any specific merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination under consideration and neither we, nor any representative acting on our behalf, has had any contacts or discussions with any target business with respect to such a transaction. We intend to use cash derived from the proceeds of this offering, our capital stock, debt, or a combination of cash, capital stock, and debt, to effect a business combination.

METROPCS COMMUNICATIONS (PCS)
Business Overview (from prospectus)

We offer wireless broadband personal communication services, or PCS, on a no long-term contract, flat rate, unlimited usage basis in selected major metropolitan areas in the United States. Since we launched our innovative wireless service in 2002, we have been among the fastest growing wireless broadband PCS providers in the United States as measured by growth in subscribers and revenues during that period. We currently own or have access to wireless licenses covering a population of approximately 140 million in the United States, which includes 14 of the top 25 largest metropolitan areas in the country. As of December 31, 2006, we had launched service in seven of the top 25 largest metropolitan areas covering a licensed population of approximately 39 million and had approximately 2.9 million total subscribers, representing a 53% growth rate over total subscribers as of December 31, 2005. As of March 31, 2007, we had approximately 3.4 million subscribers.

Offering: 50.0 million shares at $19.00 - $21.00 per share. Net proceeds of approximately $713.3 million will be used to expand network capacity and launch new services in the Northeast Corridor and Las Vegas, markets which were recently acquired.

Lead Underwriters: Bear Stearns, Merrill Lynch

Financial Highlights:

Service revenues increased $418.8 million, or 48%, to $1,290.9 million for the year ended December 31, 2006 from $872.1 million for the year ended December 31, 2005...Equipment revenues increased $89.6 million, or 54%, to $255.9 million for the year ended December 31, 2006 from $166.3 million for the year ended December 31, 2005... Net income decreased $144.9 million, or 73%, to $53.8 million for the year ended December 31, 2006 compared to $198.7 million for the year ended December 31, 2005.

SIMCERE PHARMACEUTICAL (SCR)
Business Overview (from prospectus)

We are a leading manufacturer and supplier of branded generic pharmaceuticals in the fast growing China market. We have recently focused our strategy on the development of first-to-market generic and innovative pharmaceuticals, and have introduced a first-to-market generic anti-stroke medication under the brand name Bicun, and an innovative anti-cancer medication under the brand name Endu, also known as Endostar. We currently manufacture and sell 35 pharmaceutical products, including antibiotics, an anti-cancer medication and an anti-stroke medication, and are the exclusive distributor of three additional pharmaceuticals that are marketed under our brand names, including anti-inflammatory pain relievers. In addition, we have obtained approvals from the PRC State Food and Drug Administration, or the SFDA, to manufacture and sell over 100 other products. As of March 31, 2007, we also had 12 product candidates in various stages of development, including treatments for cancer, cerebrovascular diseases, infections, rheumatoid arthritis, nasal allergies, and nausea and vomiting associated with chemotherapy.

Offering: 15.6 million shares at $12.50 - $14.50 per share. Net proceeds of approximately $151.3 million will be used to fund further R&D, including purchase of research equipment and clinical trials; to repay short-term debt; expand production facilities and purchase additional production equipment; expand marketing department.

Lead Underwriters: Goldman Sachs, Piper Jaffray

Financial Highlights:

Our total revenues increased by 29.0% to RMB950.6 million ($121.8 million) in 2006 from RMB737.0 million in 2005... Total cost of materials and production increased by 11.4% to RMB190.6 million ($24.4 million) in 2006 from RMB171.1 million in 2005. However, cost of materials and production as a percentage of our total revenues decreased to 20.0% in 2006 from 23.2% in 2005...[O]ur gross profit increased by 34.3% to RMB760.0 million ($97.4 million) in 2006 from RMB565.9 million in 2005. Our gross margin increased to 80.0% in 2006 from 76.8% in 2005...Our net income in 2006 increased by 67.8% to RMB172.3 million ($22.1 million), or RMB1.86 ($0.24) per share, from RMB102.7 million, or RMB1.49 per share, in 2005, while net margin increased to 18.2% in 2006 from 13.9% in 2005.

SUPERIOR OFFSHORE INTERNATIONAL (DEEP)
Business Overview (from prospectus)

We are a leading provider of subsea construction and commercial diving services to the crude oil and natural gas exploration and production and gathering and transmission industries on the outer continental shelf of the Gulf of Mexico. Our subsea construction services include installation, upgrading and decommissioning of pipelines and production infrastructure, and our commercial diving services include recurring inspection, maintenance and repair services as well as support services for subsea construction and salvage operations. The versatility of our specialized fleet in combination with our experienced, highly trained diving personnel enables us to provide a comprehensive range of services to our customers at every stage of a crude oil or natural gas well’s life cycle. We perform our services in both surface and saturation diving modes in water depths of up to 1,000 feet. We also operate a fabrication business that supports our subsea construction and commercial diving operations, increasing our ability to complete projects on a timely and cost-effective basis.

Offering: 8.7 million shares at $14.00 - $16.00 per share. Net proceeds of approximately $119.4 million will be used to repay debt, for future capital expenditures and for a special cash dividend for shareholders.

Lead Underwriters: Merrill Lynch, J.P. Morgan

Financial Highlights:

Revenues for the year ended December 31, 2006 were $243.4 million compared with $82.4 million for the year ended December 31, 2005, an increase of $161.0 million... Costs of revenues for the year ended December 31, 2006 were $131.4 million compared with $41.3 million for the year ended December 31, 2005, an increase of $90.1 million...Operating expenses for the year ended December 31, 2006 were $37.9 million compared with $19.5 million for the year ended December 31, 2005, an increase of $18.4 million...Net income for the year ended December 31, 2006 was $48.5 million compared with $14.0 million for the year ended December 31, 2005, an increase of $34.5 million.