While the mere possibility of a Facebook filing grabbed all the headlines, actual filings continued to flow in, as seven companies set terms for their IPOs. There are now 15 companies planning to price in the next two weeks. If they are successful, it will be the highest two-week total since December 2010. Reflecting the positive IPO climate, the FTSE Renaissance U.S. IPO Index performed strongly, ending the week up 11.4% year-to-date. The gain is double the S&P 500 (4.7%) and well ahead of both the technology-heavy Nasdaq (8.1%) and small cap-heavy Russell 2000 (7.5%).
IT services provider EPAM Systems (EPAM) announced plans on Monday to offer 7.4 million shares at $16-18 for proceeds of $126 million. Among those using its software solutions are Coca-Cola (NYSE:KO), Google (NASDAQ:GOOG), SAP (NYSE:SAP) and Thomson Reuters, and sales for the last nine months increased 58% to $239 million. Citi (NYSE:C), UBS (NYSE:UBS), Barclays (NYSE:BCS) and RenCap Securities are the lead underwriters on the deal, which, at the midpoint, would give EPAM a $778 million valuation.
Biotechnology company TVAX Biomedical (TVAX) set terms on a $20 million deal, which will consist of 2 million shares at a price range of $9-11. The Lenexa, KS,-based company has two cancer fighting candidates, both of which are ready for Phase III clinical trials.
Platinum Energy Solutions (FRAC-OLD) proposed a $140 million deal, with 14 million shares at a range of $9-11. The Houston, TX,-based company provides hydraulic pumps to oil and natural gas E&Ps for use in hydraulic fracturing and booked $14 million in LTM sales.
ChemoCentryx (NASDAQ:CCXI) became the fourth biopharmaceutical company to set terms this month. Verastem (NASDAQ:VSTM), the first to price, was up 10.9% after its first day of trading. Based in Mountain View, CA, ChemoCentryx has five product candidates in clinical development, including one in Phase III and three in Phase II. It is seeking $60 million in proceeds, with 4 million shares at a range of $14-16. Ceres (NASDAQ:CERE), which produces renewable bioenergy feedstocks, announced terms for a $110 million deal on Wednesday. The Thousand Oaks, CA,-based company plans to offer 5 million shares at a price range of $21-23. Supermarket chain Roundy's (NYSE:RNDY) moved forward on its deal on Thursday. The Midwestern chain hopes to raise $200 million by offering 18 million shares at $10-12. LTM sales were $3.8 billion. Finally, on Friday, FX Alliance (NYSE:FX) revealed terms for a $75 million deal. The New York-based company, which provides a foreign exchange trading platform, will offer 5.2 million shares at a price range of $13.50-15.50.
There were two initial filings this week, bringing January's total filings to 16. High-end steakhouse operator Del Frisco's Restaurant Group (DFRG.RC) registered on Tuesday for a $100 million IPO. The Southlake, TX,-based company owns 31 restaurants in 18 states and booked $186 million in LTM sales. Oil and natural gas E&P Three Rivers Operating Company (TROC) registered on Friday for a $300 million IPO. The Austin-TX,-based company booked $124 million in LTM sales and is controlled by private equity partnership Riverstone/Carlyle.
Guidewire (NYSE:GWRE) completed the second deal of the year on Tuesday. The software company raised $115 million by offering 8.9 million shares at $13, above the proposed range. Verastem completed its deal on Thursday. The biopharmaceutical company raised $55 million by offering 5.5 million shares at $10, the midpoint of its proposed range. IntelePeer (PEER) had planned to price last week, but postponed its deal on Wednesday.
Underwriters initiated coverage on six recent IPOs last week. The quiet periods for Michael Kors (NYSE:KORS), trading up 50.0% since its IPO, Laredo Petroleum (NYSE:LPI), up 29.9%, Jive Software (NASDAQ:JIVE), up 24.3%, Zynga (NASDAQ:ZNGA) up 0.5%, Bonanza Creek Energy (NYSE:BCEI), down 5.6%, and Sanchez Energy (NYSE:SN), down 18.9%, expired. The lock-up period for C&J Energy Services (NYSE:CJES) ended on Tuesday.
The U.S. IPO backlog now totals 218, representing $50 billion in proceeds.