8 U.S. IPOs Planned For This Week

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Includes: BLOX, LUCA, MPO, NRKM, PFPT, SDR, SPLK, TUMI
by: Renaissance Capital IPO Research

The following IPOs are expected to price this week:

Enerkem (NRKM), which has developed a process that converts municipal waste into cellulosic ethanol, plans to raise $131 million by offering 7.3 million shares at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Enerkem would command a market value of $534 million. Enerkem, which was founded in 2000, booked $3 million in sales over the last 12 months. The Montreal, Canada-based company plans to list on the NASDAQ under the symbol NRKM. Goldman, Sachs & Co. (NYSE:GS), Credit Suisse (NYSE:CS) and BMO Capital Markets are the joint bookrunners on the deal.

Infoblox (NYSE:BLOX), which provides software-based appliances that automate network control for enterprises, plans to raise $98 million by offering 7.5 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Infoblox would command a market value of $662 million. Infoblox, which was founded in 1999, booked $152 million in sales over the last 12 months. The Santa Clara, CA-based company plans to list on the NYSE under the symbol BLOX. Morgan Stanley (NYSE:MS), Goldman, Sachs & Co. and UBS Investment Bank (NYSE:UBS) are the joint bookrunners on the deal.

Luca Technologies (LUCA), which uses biotechnology to create and produce coalbed methane (natural gas), plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies would command a market value of $352 million. Luca Technologies, which was founded in 2003, booked $1 million in sales over the last 12 months. The Golden, CO-based company plans to list on the NASDAQ under the symbol LUCA. Citi (NYSE:C), Piper Jaffray (NYSE:PJC) and Raymond James (NYSE:RJF) are the joint bookrunners on the deal.

Midstates Petroleum Company (NYSE:MPO), an oil and natural gas E&P with 92 producing wells in Louisiana, plans to raise $408 million by offering 24.0 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, Midstates Petroleum Company would command a market value of $1.1 billion. Midstates Petroleum Company, which was founded in 1993, booked $209 million in sales over the last 12 months. The Houston, TX-based company plans to list on the NYSE under the symbol MPO. Goldman, Sachs & Co., Morgan Stanley and Wells Fargo Securities (NYSE:WFC) are the joint bookrunners on the deal.

Proofpoint (NASDAQ:PFPT), which provides on-demand data protection solutions to large and mid-sized enterprises, plans to raise $68 million by offering 6.2 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Proofpoint would command a market value of $404 million. Proofpoint, which was founded in 2002, booked $82 million in sales over the last 12 months. The Sunnyvale, CA-based company plans to list on the NASDAQ under the symbol PFPT. Credit Suisse and Deutsche Bank Securities (NYSE:DB) are the joint bookrunners on the deal.

SandRidge Mississippian Trust II (NYSE:SDR), a trust formed by SandRidge to own oil and natural gas wells in the Mississippian formation, plans to raise $520 million by offering 26.0 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, SandRidge Mississippian Trust II would command a market value of $995 million. SandRidge Mississippian Trust II was founded in 2011. The Austin, TX-based company plans to list on the NYSE under the symbol SDR. Morgan Stanley, Raymond James, BofA Merrill Lynch and Citi are the joint bookrunners on the deal.

Splunk (NASDAQ:SPLK), which provides software for large scale data collection and analysis, plans to raise $162 million by offering 13.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Splunk would command a market value of $1.3 billion. Splunk, which was founded in 2003, booked $121 million in sales over the last 12 months. The San Francisco, CA-based company plans to list on the NASDAQ under the symbol SPLK. Morgan Stanley, Credit Suisse, J.P. Morgan (NYSE:JPM) and BofA Merrill Lynch (NYSE:BAC) are the joint bookrunners on the deal. Please note: Splunk increased its price range on 4/16/12. The previous range was $8-10.

Tumi Holdings (NYSE:TUMI), which designs premium travel and business luggage, briefcases and accessories, plans to raise $300 million by offering 18.8 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Tumi Holdings would command a market value of $1.1 billion. Tumi Holdings was founded in 1975. The South Plainfield, NJ-based company plans to list on the NYSE under the symbol TUMI. Goldman, Sachs & Co., Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.

Last week, there were 4 IPO pricings. Forum Energy Technologies (NYSE:FET), a global products and services provider for the oil and natural gas industries, was the week's winner, ending up 8% from its IPO price.