This Week's IPOs: Clean Energy Fuels, Greenlight Capital Re, Helicos Biosciences, RSC Holdings

Companies on deck to go public this week include: Clean Energy Fuels Corp. (CLNE), a provider of natural gas vehicle fuel; Greenlight Capital Re (GLRE), specialty property and casualty reinsurer based in the Cayman Islands; Helicos Biosciences Corp. (HLCS), a biotech company focused on innovative genetic analysis technologies for the research, drug discovery and clinical diagnostics markets; RSC Holding (RRR), a national equipment rental provider.

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

CLEAN ENERGY FUELS CORP. (CLNE)
Business Overview (from prospectus)

We are the leading provider of natural gas as an alternative fuel for vehicle fleets in the United States and Canada, having supplied natural gas fuels to our customers since 1997. In the late 1980s, one of our founders, Boone Pickens, became convinced that natural gas had a number of advantages over gasoline and diesel as a vehicle fuel. Over the next decade and a half, Mr. Pickens and Andrew Littlefair, our CEO, were pioneers in developing this market, targeting vehicle fleets because they consume large amounts of fuel, refuel at centralized locations and are subject to increasingly stringent requirements to reduce emissions. Natural gas vehicle fuels include compressed natural gas [CNG] and liquefied natural gas [LNG].

Offering: 20.0 million shares at $13.00 - $17.00 per share. Net proceeds of approximately $137.1 million will be used to build an LNG liquefaction plant in California, to build CNG and LNG fueling stations, to finance the purchase of natural gas vehicles by the company's customers, and for general corporate purposes, including making deposits to support derivative activities, geographic expansion (domestically and perhaps internationally) and to expand sales and marketing activities.

Lead Underwriters: WR Hambrecht, Simmons & Co

Financial Highlights:

Revenue increased by $13.5 million to $91.5 million in the year ended December 31, 2006, from $78.0 million in the year ended December 31, 2005... Cost of sales increased by $2.0 million to $74.0 million in the year ended December 31, 2006, from $72.0 million in the year ended December 31, 2005...Derivative losses were $79.0 million in the year ended December 31, 2006, as compared to derivative gains of $44.1 million in the year ended December 31, 2005.

GREENLIGHT CAPITAL RE (GLRE)
Business Overview (from prospectus)

We are a Cayman Islands-based specialty property and casualty reinsurer with a reinsurance and investment strategy that we believe differentiates us from our competitors. Our goal is to build long-term shareholder value by selectively offering customized reinsurance solutions, in markets where capacity and alternatives are limited, that we believe will provide favorable long-term returns on equity. We manage our investment portfolio according to a value-oriented philosophy, in which we take long positions in perceived undervalued securities and short positions in perceived overvalued securities.

Offering:10.3 million shares at $16.00 - $18.00 per share. Net proceeds of approximately $160.1 million will be used to increase the underwriting capacity of the company's reinsurance operations.

Lead Underwriters: Lehman Brothers, UBS Investment Bank

Financial Highlights:

For the year ended December 31, 2006, we wrote $74.2 million of premiums from nine different reinsurance contracts compared to no reinsurance contracts in the prior comparable period...We earned premiums of $26.6 million for the year ended December 31, 2006, comprised of $15.6 million of frequency business and $11.0 million of severity business. There were no premiums earned in the prior comparable period...Losses incurred include losses and changes in loss reserves, including IBNR reserves. We incurred losses of $9.7 million for the year ended December 31, 2006, comprised of $8.7 million of frequency business and $1.0 million of severity business. There were no losses in the prior comparable periods...Our net income increased 117.0% to $57.0 million for the year ended December 31, 2006 from $26.3 million for the year ended December 31, 2005.

HELICOS BIOSCIENCES CORPORATION (HLCS)
Business Overview (from prospectus)

Helicos BioSciences Corporation is a life sciences company focused on innovative genetic analysis technologies for the research, drug discovery and clinical diagnostics markets. We plan to launch our first commercial product, the HeliScope system, in the fourth quarter of 2007. This system is based on our proprietary True Single Molecule Sequencing, or tSMS, technology which enables rapid analysis of large quantities of genetic material by directly sequencing single molecules of DNA or single DNA copies of RNA. This approach differs from current methods of sequencing DNA because it analyzes individual molecules of DNA directly instead of analyzing a large number of copies of the molecule produced through complex sample preparation techniques. By enabling direct sequencing of single DNA molecules, we believe that our tSMS technology represents a fundamental breakthrough in genetic analysis.

Offering: 5.4 million shares at $13.00 - $15.00 per share. Net proceeds of approximately $67.8 million will be used to finance ongoing research and development in connection with the HeliScope system and our tSMS technology; to fund the recruitment of a specialized sales, marketing and service force and marketing initiatives in connection with the initial product launch of the HeliScope system; to fund the start-up manufacturing expenses associated with the commercial version of our HeliScope system, including assembly, testing and performance validation of the HeliScope system, as well as recruiting manufacturing personnel, purchasing tooling and building inventory for the product launch; and for additional working capital and other general corporate purposes, such as business development, financial and administrative support services, the hiring of additional personnel and the costs of operating as a public company.

Lead Underwriters: UBS Investment Bank, J.P. Morgan

Financial Highlights:

We recognized $159,000 of grant revenue during the year ended December 31, 2006, and no revenue during the year ended December 31, 2005... Research and development expenses during the years ended December 31, 2005 and 2006 were $8,411,000 and $14,382,000 respectively.

RSC HOLDINGS INC. (RRR)
Business Overview (from prospectus)
Our Company

We are one of the largest equipment rental providers in North America. As of December 31, 2006, we operate through a network of 455 rental locations across 10 regions in 39 U.S. states and four Canadian provinces. We believe we are the largest or second largest equipment rental provider in the majority of the regions in which we operate. During the eighteen months ended December 31, 2006, we serviced approximately 470,000 customers primarily in the non-residential construction and industrial markets. For the year ended December 31, 2006, we generated approximately 83% of our revenues from equipment rentals, and we derived the remaining 17% of our revenues from sales of used equipment and other related items. We believe our focus on high margin rental revenues, active fleet management and superior customer service has enabled us to achieve significant market share gains exclusively through organic growth while sustaining attractive returns on capital employed.

Offering: 20.8 million shares at $23.00 - $25.00 per share. Net proceeds of approximately $278.8 million will be used to repay debt.

Lead Underwriters: Deutsche Bank, Morgan Stanley, Lehman Brothers

Financial Highlights:

Total revenues increased $192.1 million, or 13.2%, from $1,460.8 million for the year ended December 31, 2005 to $1,652.9 million for the year ended December 31, 2006...Cost of equipment rentals, excluding depreciation, increased $64.1 million, or 12.2%, from $527.2 million for the year ended December 31, 2005 to $591.3 million for the year ended December 31, 2006... Operating income increased $98.5 million, or 30.6%, from $322.0 million for the year ended December 31, 2005 to $420.5 million for the year ended December 31, 2006, representing a margin improvement from 22.0% to 25.4%...Net income increased $22.3 million, or 13.6%, from $164.2 million for the year ended December 31, 2005 to $186.5 million for the year ended December 31, 2006.