U.S. S-1 Filings Reluctantly Recovering Post-Facebook IPO

by: Renaissance Capital IPO Research

Since Facebook's (NASDAQ:FB) public debut on May 18, only five companies have officially filed registration statements for a US initial public offering. This included the only two filings, both from foreign companies, in the two weeks following Facebook's IPO. National Commercial Bank Jamaica (NCJ), Jamaica's largest commercial bank, filed on May 22 and is looking to raise up to $225 million. Cencosud S.A. (NYSE:CNCO), a multi-brand retailer in South America operating 826 stores through supermarkets, home improvement stores, shopping centers and department stores, filed on May 29 to raise up to $718 million.

Domestic filings post-Facebook IPO came to a halt until iWatt (IWAT), a provider of power management integrated circuits, filed on June 4 to raise up to $75 million. iWatt was the third company to file publicly after using the private review process afforded by the recently passed US JOBS Act. iWatt's filing marked the first US-based company to file for an IPO since CKE (CK), Carl's Jr. and Hardee's owner, filed on May 17 to raise up to $100 million. Including iWatt, the last week has seen three filings, the most since Facebook's offering week when Shutterstock (NYSE:SSTK), KYTHERA Biopharmaceuticals (NASDAQ:KYTH) and CKE all filed initial offering statements. On Friday, Realogy parent Domus Holdings (DMSH.RC) filed for a $1 billion IPO. Realogy is the world's largest franchisor of residential real estate brokerages and backed by private equity firm Apollo Management and hedge fund Paulson & Co. Finally, Qualys (NASDAQ:QLYS) which provides SaaS IT security risk and compliance management solutions, filed on Friday to raise up to $100 million. Both iWatt and Qualys have less than $100 million in trailing twelve month revenue and qualify as emerging growth companies under the JOBS Act.