4 Companies Set Terms For Upcoming IPOs

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 |  Includes: BLOX, PFPT, SPLK, TUMI
by: Renaissance Capital IPO Research

Four companies set terms for their upcoming IPOs on Monday morning. All four deals, three of which are in the technology space, were added to the IPO calendar for the week of April 16th.

Splunk, which provides software for large scale data collection and analysis, announced terms for its IPO on Monday. The San Francisco, CA-based company plans to raise $122 million by offering 13.5 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Splunk would command a market value of $994 million. Its customers include Bank of America, Comcast, salesforce.com, Zynga and a majority of the Fortune 100. Splunk, which was founded in 2003 and booked $121 million in sales for the 12 months ended January 31, 2011, plans to list on the Nasdaq under the symbol SPLK. Backers include top venture capital firms August Capital, Sevin Rosen, JK&B Capital and Ignition Partners. Morgan Stanley, Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.

Infoblox, which provides appliances and software to enable next-generation data centers, announced terms for its IPO on Monday. The Santa Clara, CA-based company plans to raise $98 million by offering 7.5 million shares (23% insider) at a price range of $12 to $14. At the midpoint of the proposed range, Infoblox would command a market value of $662 million. Infoblox, which was founded in 1999 and booked $152 million in sales for the 12 months ended 1/31/2012, plans to list on the NYSE under the symbol BLOX. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal.

Proofpoint, which provides on-demand data protection solutions to large and mid-sized organizations, announced terms for its IPO on Monday. The Sunnyvale, CA-based company plans to raise $68 million by offering 6.2 million shares (19% insider) at a price range of $10 to $12. At the midpoint of the proposed range, Proofpoint would command a market value of $404 million. Proofpoint, which was founded in 2002 and booked $82 million in sales in 2011, plans to list on the Nasdaq under the symbol PFPT. Credit Suisse and Deutsche Bank Securities are the joint bookrunners on the deal.

Tumi Holdings, which manufactures high-end suitcases and other premium travel accessories, announced terms for its IPO on Monday. The South Plainfield, NJ-based company plans to raise $300 million by offering 18.8 million shares (6% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Tumi Holdings would command a market value of $1.0 billion. Tumi Holdings, which was founded in 1975 and booked $330 million in sales in 2011, plans to list on the NYSE under the symbol TUMI. Goldman Sachs and Credit Suisse are the joint bookrunners on the deal.

There have been 43 IPOs priced so far this year, a 19.4% increase over the same period last year. Returns have been strong: the FTSE Renaissance US IPO Index is up 18.4% year-to-date.