Facebook (FB) was the dominant name in the IPO market this week as the company set terms yesterday for a mammoth $10.6 billion IPO. However, the May IPO calendar has plenty of other names with 12 companies from a wide variety of industries expecting to price deals next week.
Audience (ADNC), a fabless designer of audio chips for the iPhone and other mobile devices, plans to raise $79 million by offering 5.3 million shares at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Audience would command a market value of $338 million. After two years of extremely fast growth ($6 million in 2009 sales, $48 million in 2010, $98 million in 2011), revenue increased only 9% for the quarter ended 3/31/12. The Mountain View, CA,-based company was founded in 2000 and plans to list on the Nasdaq under the symbol ADNC. JPMorgan (JPM), Credit Suisse (CS) and Deutsche Bank Securities (DB) are the joint bookrunners on the deal. Venture capital backers include New Enterprise Associates (22% post-IPO stake), Tallwood Venture Capital (24%) and Vulcan Capital Venture Capital (18%), none of which is selling.
Three other companies in the technology and media space also plan IPOs next week. WageWorks (WAGE), an on-demand provider of employee spending account benefits programs, plans to raise $72 million by offering 6.5 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, WageWorks would command a market value of $330 million. Loyalty Alliance Enterprise (LAEC), a provider of mobile direct marketing and customer loyalty solutions in China, plans to raise $66 million by offering 5.1 million shares at a price range of $12.00 to $14.00, giving it a market value of $195 million. TIM w.e. (TMWE), which provides mobile marketing, entertainment and payment services in Latin America, plans to raise $75 million by offering 13.7 million shares at a price range of $5.00 to $6.00 which puts its market capitalization at $340 million.
Next week's IPOs also include three financial services firms. Community Choice Financial (CCFI), which provides pay day loans and check cashing to under-banked consumers, plans to raise $149 million by offering 10.7 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Community Choice Financial would command a market value of $261 million. Customers Bancorp (CUBI), a bank holding company with 14 branches in the eastern Pennsylvania area, plans to raise $100 million by offering 7.1 million shares at a price range of $13.00 to $15.00. At the midpoint of the proposed range, Customers Bancorp would have a market value of $226 million. Western Asset Mortgage Capital Corporation (WMC), a Legg Mason-owned REIT focused on investing in Agency RMBS, plans to raise $160 million by offering 8.0 million shares at $20.00, giving it a market value of $207 million.
Rounding out the list of IPOs planned for next week are Edwards Group (EVAC), which makes vacuum and abatement systems for semiconductor and other industries; Ignite Restaurant Group (IRG), which operates the Joe's Crab Shack and Brick House Tavern and Tap restaurants; LINC Logistics Company (LLGX), which offers supply chain logistics services primarily to the U.S. auto industry; New Source Energy (NSE), which owns interests in oil and natural gas properties in Eastern Oklahoma; and Rib-X Pharmaceuticals (RIBX), a biopharmaceutical company focused on developing new antibiotics.