IPO Preview: 3 New IPOs Scheduled For The Week Of April 2

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Includes: AMRS, EAC, GEVO, KIOR, LUCA, NRKM, PEI, REGI, RPAI, TVIA
by: IPOdesktop

There are three new IPOs scheduled for the week of April 2. The full IPO calendar is available here.

This IPO overview is based on a reading and analysis of S-1's filed with SEC -- linked to below -- and a separate, independent analysis by IPOdesktop.com. There are no unattributed direct quotes in this article.

Enerkem (proposed NRKM)
Based in Montreal, Canada, Enerkem (NRKM) scheduled a $131 million IPO with a market capitalization of $508 million at a price range mid-point of $18 for Wednesday, April 4, 2012. Managers, Joint Managers: Goldman, Sachs; Credit Suisse; BMO Capital.

NRKM's technology can turn municipal solid waster into ethanol. Other renewable companies that have IPO'd in the last 18 months include Amyris (AMRS), Gevo (GEVO), KiOR (KIOR), Solazyme (SZYM) and Renewable Energy Group (REGI). Luca Technologies (LUCA) is also re-scheduled for this week, the week of April 2, 2012.

But ethanol prices are tanking. "Ethanol Falls to Eight-Week Low on Signs of Cheaper Output Costs" March 29, 2012…read more

NRKM's S-1 filng here

Erickson Air-Crane (proposed EAC)
Based in Portland, Oregon, Erickson Air-Crane (NASDAQ:EAC) scheduled a $76 million IPO with a market capitalization of $150 million at a price range mid-point of $14 for Tuesday, February 7, 2012. Manager, Joint Managers: Stifel Nicolaus; Oppenheimer; Lazard Capital.

EAC provides heavy lift helicopters and services for governments for fire fighting purposes. Revenue for 2011 was up 30% to $153 million from $118 million. EAC is priced at 12 times 2011 earnings. Backlog, however, is down for 2011 versus 2010.

EAC's S-1 filing here.

Retail Properties of America (proposed RPAI)
Based in Oak Brook, Illinois, Retail Properties of America (NYSE:RPAI) scheduled a $350 million IPO with a market capitalization of $2.5 billion at a price range mid-point of $11 for Thursday, April 5, 2012. Managers, Joint Managers: J.P. Morgan; Citigroup; Deutsche; KeyBanc.

RPAI owns and operates shopping centers, and some office buildings. On a YTD basis shopping center REIT sector are up 10-20%, although Pennsylvania REIT (PEI) is up 40% See chart.

RPAI's S-1 filing here

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.