Facebook (NASDAQ: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 (NASDAQ: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 (NYSE:JPM), Credit Suisse (NYSE:CS) and Deutsche Bank Securities (NYSE: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 (NYSE: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 (NYSE: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 (NYSE: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 (NASDAQ:EVAC), which makes vacuum and abatement systems for semiconductor and other industries; Ignite Restaurant Group (NASDAQ: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.