This Week's IPOs: Airvana, Encore Bancshares, hhgregg, Orbitz Worldwide, SemGroup Energy Partners

This week's IPOs include: Airvana (AIRV), a provider of network infrastructure products to the mobile broadband industry, Encore Bancshares (EBTX), a holding company and wealth management organization, hhgregg (HGG), a retailer of video products and home appliances, Orbitz Worldwide (OWW), an online travel marketplace, and SemGroup Energy Partners (SGLP), a crude oil midstream services MLP.

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

• AIRVANA (AIRV)
Business Overview (from prospectus):

Airvana is a leading provider of network infrastructure products used by wireless carriers to provide mobile broadband services. Our software and hardware products, which are based on Internet Protocol, or IP, technology, enable wireless networks to deliver broadband-quality multimedia services to mobile phones, laptop computers and other mobile devices. These services include Internet access, e-mail, music downloads, video, IP-TV, gaming, push-to-talk and voice-over-IP, or VoIP. Broadband multimedia services are growing rapidly as business users and consumers increasingly use mobile devices to work, communicate, play music and video, and access the Internet.

Our products leverage our expertise in three technologies — wireless communications, IP and broadband networking. IP technology is the foundation of our solutions. Our solutions enable new services and deliver carrier-grade mobility, scalability and reliability with relatively low operating and capital costs. As a result, our products have advantages over products based on circuit-switched or legacy communication protocols.

Offering: 8.3 million shares at $8-10/share; proceeds to be used 'for working capital and other general corporate purposes, including the development of new products, sales and marketing activities and capital expenditures.'

Lead Underwriters: Morgan Stanley, Lehman Brothers

Financial Highlights:

In fiscal 2006, sales to Nortel Networks accounted for 95% of our revenue and 94% of our product and service billings... Our product revenue in fiscal 2006 of $145.8 million consisted primarily of software license fees and hardware shipments to our primary OEM customer from fiscal 2002 through the first quarter of fiscal 2005, which is when we made an additional commitment for a specified future software upgrade...

• Encore Bancshares (EBTX)
Business Overview (from prospectus):

Encore Bancshares, Inc. is a bank holding company and wealth management organization that provides banking, investment management, financial planning and insurance services to professional firms, privately-owned businesses, investors and affluent individuals. We are headquartered in Houston, Texas and currently manage, through our primary subsidiary Encore Bank, N.A., 11 private client offices in the greater Houston market and six private client offices and two loan production offices in southwest Florida.

Offering: 2 million shares at $20-22/share; net proceeds of approximately $36.2 million to be used 'to support anticipated balance sheet growth, which may include, among other things, contributions to the capital of Encore Bank, for possible future acquisitions and for general corporate purposes.'

Lead Underwriters: Keefe Bruyette Woods, Sandler O'Neill

Financial Highlights:

2006 interest income of $75.8 million, earnings of $1/share... As of March 31, 2007, we reported, on a consolidated basis, total assets of $1.3 billion, total loans of $932.8 million, total deposits of $997.3 million, shareholders’ equity of $108.9 million and $2.6 billion of assets under management.

• hhgregg (HGG)
Business Overview (from prospectus):

We are a leading specialty retailer of premium video products, brand name appliances, audio products and accessories. We offer a comprehensive selection of digital televisions and appliances, which we sell at competitive prices. We focus on providing our customers with a superior purchase experience from the time they first enter our stores to the delivery and installation of products in their homes. We distinguish ourselves from our competitors by employing an extensively trained, commissioned sales force that serves our customers with a consultative and educational sales approach. We also differentiate ourselves by offering same-day delivery of virtually all of our products. We currently operate 79 stores in Ohio, Indiana, Georgia, Tennessee, Kentucky, North Carolina, South Carolina and Alabama.

Offering: 9.4 million shares at $15-17/share; net proceeds of approximately $43.5 million to be used to "(i) redeem $25.0 million in aggregate principal amount of our junior notes pursuant to their terms and (ii) pay a portion of the purchase price of our $111.2 million aggregate principal amount of outstanding senior notes pursuant to the tender offer we commenced on June 26, 2007. "

Lead Underwriters: Credit Suisse, Lehman Brothers

Financial Highlights:

For the fiscal quarter ended June 30, 2007, our net sales were $254.2 million compared to $203.2 million for the quarter ended June 30, 2006. This 25.0% growth in net sales was driven primarily by the addition of 10 stores since the fiscal quarter ended June 30, 2006 and comparable store sales growth of 8.8% during the fiscal quarter ended June 30, 2007. The comparable store sales growth was driven by strong increases in both our video and appliance categories. For the quarter ended June 30, 2007, comparable store sales growth in our video category was 9.5%, driven by growth in flat panel televisions, and 6.9% in our appliance category, driven by strength in laundry and cooking appliances.

We expect our gross profit margin and income from operations, expressed as a percentage of sales, for the quarter ended June 30, 2007 to exceed the gross profit margin and income from operations, expressed as a percentage of sales, for the quarter ended June 30, 2006.

• Orbitz Worldwide (OWW)
Business Overview (from prospectus):

We are a leading global online travel company that uses innovative technology to enable leisure and business travelers to research, plan and book a broad range of travel products. We own and operate a strong portfolio of consumer brands that includes: Orbitz, CheapTickets, ebookers, HotelClub, RatesToGo and the Away Network and corporate travel brands, Orbitz for Business and Travelport for Business. We provide customers with access to a comprehensive set of travel products, including air, hotels, vacation packages, car rentals, cruises, travel insurance and destination services from over 80,000 suppliers worldwide.

We provide compelling value propositions for both our customers and suppliers. For our customers, we offer access to comprehensive travel inventory from a broad base of suppliers. We employ customer-friendly features and innovative technologies, such as our proactive OrbitzTLC care offering and the industry's first Matrix display, to provide differentiated user experiences. In addition, we provide relevant travel-related content, such as user-generated travel reviews and other content, for our customers to research, plan and book travel. For our suppliers, we represent a cost-effective distribution channel that reaches millions of potential customers. Each of our brands has been positioned to target a defined customer segment, and collectively, our U.S. brands have a base of nearly 48 million registered users and more than 25 million unique visitors each month.

Offering: 34 million shares at $$16.00 - $18.00 per share; net proceeds of approximately $535 million to be used to "to repay indebtedness we owe to Travelport."

Lead Underwriters: Morgan Stanley, Goldman Sachs, Lehman Brothers

Financial Highlights:

In 2006, we generated approximately $10 billion in gross bookings globally, including $8.7 billion in the U.S. We were also the fastest growing major online travel company in the U.S. in 2006 with domestic gross bookings growth of 38%. For the combined year ended December 31, 2006 and for the three months ended March 31, 2007, we generated $752 million and $212 million of net revenue, respectively, and $117 million and $30 million of adjusted EBITDA, respectively.

• SemGroup Energy Partners (SGLP)
Business Overview (from prospectus):

We currently provide crude oil gathering, transportation, terminalling and storage services primarily in our core operating areas in Oklahoma, Kansas and Texas. Prior to the closing of this offering, we will enter into a crude oil gathering, transportation, terminalling and storage agreement with our Parent, which we refer to as the Throughput Agreement. Pursuant to the Throughput Agreement, our Parent will pay us a fee based on the number of barrels of crude oil we gather, transport, terminal or store on behalf of our Parent and will commit to utilize our services at a level that will provide us with minimum revenues of $6.4 million per month. We intend to acquire and construct a significant amount of additional midstream energy assets, including acquisitions from our Parent and jointly with our Parent. At March 31, 2007, our Parent had total net book value of property, plant and equipment of $1.1 billion, with the crude oil gathering, transportation, terminalling and storage assets to be contributed to us prior to the closing of this offering, which we refer to as the Crude Oil Business, representing approximately $102.0 million of this amount.

Offering: 12.5 million shares at $19-21 per share; net proceeds to be used by SemGroup Holdings "to repay outstanding indebtedness of our Parent."

Lead Underwriters: Citi, Merrill Lynch

Financial Highlights:

At March 31, 2007, our Parent had total net book value of property, plant and equipment of $1.1 billion, with the crude oil gathering, transportation, terminalling and storage assets to be contributed to us prior to the closing of this offering representing approximately $102.0 million of this amount... We derive a substantial majority of our revenues from services provided to the crude oil purchasing, marketing and distribution operations of our Parent pursuant to the Throughput Agreement. For the year ended December 31, 2006 and the three months ended March 31, 2007, our Parent represented approximately 82.5% and 82.4%, respectively, of our pro forma revenues and third parties accounted for the remainder. Our Parent’s crude oil purchasing, marketing and distribution operations are substantially dependent on our services and assets.

In addition to these five planned IPOs, the following companies that we've previously profiled are planning to float this week:

• Dice Holdings
• ImaRx Therapeutics
• Limco-Pidmont
• MF Global
• Netezza Corporation
• Silver State Bancorp