Based in Tel Aviv, Israel, Alcobra Pharmaceuticals (ADHD) scheduled a $25 million IPO with a market capitalization of $133 million at a price range mid-point of $11, for Wednesday, May 22, 2013.

Five other new IPOs are scheduled for IPOs for this week. The full IPO calendar is here.

• F-1A filed May 2, 2013
• Manager, Joint Managers: Aegis Capital
  Co Managers: Sunrise Securities

SUMMARY
ADHD is a biopharmaceutical company with a lead product targeted towards Attention Deficit Hyperactivity Disorder, or ADHD. ADHD has completed a Phase 2 study, but TEVA backed out of a collaboration agreement in November 2011 by not making a payment.

VALUATION

Glossary

ADHD has no revenue, 5

Six new IPOs are scheduled for the week of May 20th, to raise over $1 billion. The full IPO calendar is here.

Here's a listing of this week's new IPOs, ranked by size of IPO.

Constellium Holdco B.V. (CSTM), $400 million
Based in Schiphol-Rijk , Netherlands, Constellium Holdco B.V. (CSTM) scheduled a $400 million IPO with a market capitalization of $1.8 billion at a price range mid-point of $18 for Thursday, May 23, 2013.

CSTM is a specialty metals company that participates in select segments of the aluminum semi-fabricated products industry, including rolled and extruded products.

Post-IPO, CSTM will have a retained deficit of $201 million, because Apollo (private equity firm) in its usual style has sucked out as much cash as it can through borrowings and paying dividends. CSTM also has a revenue problem: the March 2013 quarter revenue is expected to be down 2%-3% from

Based in San Mateo, CA, Marketo (MKTO) scheduled a $73 million IPO with a market capitalization of $429 at a price range mid-point of $12, for Friday, May 17, 2013.

Four other new IPOs are scheduled for this week. The full IPO calendar is here.

• S-1 filed May 6, 2013
• Manager, Joint Managers : Goldman, Sachs; Credit Suisse
• Co Managers: UBS; Canaccord Genuity; Raymond James; JMP Securities

SUMMARY

MKTO provides a cloud-based marketing software platform, similar to Eloqua, which was recently acquired by Oracle for $871 million. MKTO's subscription dollar retention rate was 100% for each of 2011 and 2012. VC firms own 83% pre-IPO and are not sellers on the IPO.

VALUATION

Notice that MKTO's price-to-earnings is the same as what Oracle paid for Eloqua. Relative to that transaction, MKTO is priced at a price-sales and price-to-book value discount.

Based in Seattle, WA, Tableau Software (DATA) scheduled a $176 million IPO with a market capitalization of $1.4 billion at a price range mid-point of $24.50, for Friday, May 17, 2013.

Four other new IPOs are scheduled for this week. The full IPO calendar is here.

• S-1 filed May 6, 2013
• Manager,Joint Managers:Goldman, Sachs; Morgan Stanley
• Co Managers:Credit Suisse;J.P. Morgan; UBS; BMO Capital; JMP Securities

SUMMARY

Data believes it is "democratizing" the use of business analytics software.

On a year-over-year basis DATA's sales increased 82% in 2011, 106% in 2012 and 60% in the March '13 quarter. DATA had been making marginal profits which turned in to loss for the March '13 quarter, because sales & marketing jumped to $24 million from $11 million.

VALUATION

DATA is priced at a price-to-sales premium to QLIK (a direct competitor mentioned in the S-1 filing), but DATA's March qtr sales

Based in Overland Park, KS, Tallgrass Energy Partners, LP (TEP) scheduled a $287 million IPO with a market capitalization of $891 million at a price range mid-point of $22, for Tuesday, May 14, 2013.

Four other new IPOs are scheduled for this week. The full IPO calendar is here.

• S-1 filed May 6, 2013

• Manager, Joint Managers: Barclays; Citigroup; BofA Merrill Lynch; Deutsche Bank Securities

• Co Managers: Credit Suisse; Morgan Stanley; RBC Capital Markets; Wells Fargo Securities; Baird

SUMMARY

TEP provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States.

TEP is a spin-off of a $3.1 billion acquisition by TheTallgrass Group from Kinder Morgan Energy Partners, L.P. (NYSE: KMP), in November, 2012. The Tallgrass Group is based in Overland Park, KS

Excess cash generated
TEP generated excess cash of $6.1 million over the minimum expected distribution

Five new IPOs are scheduled for the week of May 13th. The full IPO calendar is here.

Note: UBIC, Inc. (UBIC) & Trade Street Residential (TSRE) both trade on secondary markets and are not true IPOs. They are listed on some IPO calendars, however.

Here's a listing of this week's new IPOs, ranked by size of IPO.

Midstream gas LP: Tallgrass Energy Partners, LP (TEP)

Based in Overland Park, KS, Tallgrass Energy Partners, LP scheduled a $287 million IPO with a market capitalization of $891 million at a price range mid-point of $22, for Tuesday, May 14, 2013.

TEP provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions of the United States.

TEP is a spin-off of a $3.1 billion acquisition by TheTallgrass Group from Kinder Morgan Energy Partners, L.P. (NYSE: KMP), in November, 2012. The Tallgrass Group is based in Overland

Based in New Orleans, LA, First NBC Bank Holding (NBCB) scheduled a $100 million IPO with a market capitalization of $414 million at a price range mid-point of $24, for Friday, May 10, 2013.

Nine other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-1 filed April 30, 2013.
• Manager, Joint Managers: Sander O'Neill; Keefe, Bruyette & Woods
• Co Managers: Sterne Agee; FIG Partners; Monroe Financial Partners

Summary
NBCB is the largest bank by assets headquartered in New Orleans, which is fast growing. Based on the December 2012 year, the P/E is 14, based on the reported net income. The P/E is 22.9 adjusting for taxes, but NBCB is getting tax benefits from government programs.

Articles
March 2013
New Orleans reached 81 percent of pre-Katrina population in 2012, Census figures show.

February 2013
New Orleans is a smaller

Based in Pittsburgh, PA, TriState Capital Holdings (TSC) scheduled a $65.6 million IPO with a market capitalization of $320 million at a price range mid-point of $11.5, for Thursday, May 9, 2013.

Nine other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-1 filed April 24, 2013
• Manager, Joint Managers: Stephens; Keefe, Bruyette & Woods (A Stifel Company); Baird
• Co Managers: Macquarie Capital

SUMMARY
TSC is a regional bank that has achieved comparatively rapid organic, internal growth. Its rate of top line revenue growth, however, has slowed.

Comparing the 2012 year with 2011, total interest revenue grew only 9% and but profits were up 47%., and net interest income was up 21% But comparing the March 2013 quarter with the March 2012 quarter we find the net interest income is up only 8% and profits were up only 3%. That

Based in Durham, NC, Quintiles Transnational Holdings (Q) scheduled a $750 million IPO with a market capitalization of $4.9 billion at a price range mid-point of $38 for Friday, May 10, 2013.

9 other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-1 filed April 26, 2013
• Manager, Joint Managers: Morgan; Barclays; J.P. Morgan
• Co Managers: Citi; Goldman; Wells Fargo; BofA Merrill Lynch; Deutsche; Baird; William Blair Jefferies; Guggenheim Securities; Piper Jaffray; Raymond James; RBC Capital; UBS

SUMMARY
Q is the world's largest provider of biopharmaceutical development services and commercial outsourcing services.

It's the biggest company in the sector, but it's a low gross margin service business, with 25% gross margins.

Q has a balance sheet that's weakened by paying out lots of dividends, resulting in a negative net worth of $879 million. But in Q's case it doesn't matter

Based in Southlake, TX, Emerge Energy Services LP (EMES) scheduled a $150 million IPO with a market capitalization of $464 million at a price range mid-point of $20, for Thursday, May 9, 2013.

Nine other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-1A filed April 30, 2013
• Manager, Joint Managers: Citigroup/ BofA Merrill Lynch/ JPMorgan/ Wells Fargo Securities
• Co Managers: Stifel/Baird/PNC Capital Markets/Wunderlich Securities.

SUMMARY

EMES is a growth-oriented limited partnership recently formed by management and affiliates of Insight Equity to own, operate, acquire and develop a diversified portfolio of energy service assets. Operations are organized into two service oriented business segments:

• 65% of EBITDA - Sand, which primarily consists of mining and processing frac sand, a key component used in hydraulic fracturing of oil and natural gas wells; and

• 35% of EBITDA - Fuel Processing and Distribution,

Based in Moorpark, CA, PennyMac Financial Services (PFSI) scheduled a $200 million IPO with a market capitalization of $2.3 billion at a price range mid-point of $18, for Thursday, May 9, 2013.

Nine other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-1 filed April 29, 2013
• Manager; Joint Managers: Citi; BofA Merrill Lynch; Credit; Goldman
• Co Managers: Barclays; J.P. Morgan; Morgan; Wells Fargo

SUMMARY
PFSI is a mortgage packager and reseller and also has a management fee revenue stream from PennyMac Mortgage Investment Trust (PMT), which has a market capitalization of $1.48 billion.

MARCH QUARTER A DISAPPOINTMENT
Net income decreased by $2.6 million in the quarter ended March 31, 2013, as compared to the quarter ended December 31, 2012, from $57.9 million to $55.3 million.

This was due to the effect on net gain on mortgage loans held

Based in Scottsdale, AZ, American Residential Properties (ARPI) scheduled a $303 million IPO with a market capitalization of $707 million at a price range mid-point of $22, for Thursday, May 9, 2013.

Nine other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-11A filed April 26, 2013
• Manager, Joint Managers: Morgan; BofA Merrill Lynch; FBR; Jefferies
• Co Managers: Raymond James; Zelman Partners

SUMMARY
ARPI is a late entrant into the single family home REIT business. The bankers are trying to price ARPI compared with Silver Bay RealtyTrust (SBY), which IPO'd December 13, 2012, at $18.50 and is up 3%.

The apparent publicly held leader in the field, however, is Spirit Realty Capital (SRC), which IPO'd September 19, 2012, at $15 and is up 42%.

The problem with pricing in comparison with SBY vs SRC is that in the last month

Based in Petaluma, CA, Cyan (CYNI) scheduled an $88 million IPO with a market capitalization of $486 million at a price range mid-point of $15, for Thursday, May 9, 2013.

Nine other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-1 filed April 25, 2013
• Manager Joint Managers: Goldman; JPMorgan
• Co Managers: Jefferies; Pacific Crest Securities.

SUMMARY
CYNI pioneered innovative carrier-grade networking solutions that transform disparate and inefficient legacy networks into open high-performance networks.

Revenues are increasing at a fast clip: up 85% in the March 2013 quarter compared to March 2012. But one customer accounted for 47% of revenue, and that customer indicates they will be reducing their purchases.

At the same time CYNI's losses are increasing. If revenue growth decreases and losses increase it's not a pretty picture for CYNI. Gross profit is low for a high-tech business,

Based in San Diego, CA, Receptos (RCPT) scheduled a $71 million IPO with a market capitalization of $257 million at a price range mid-point of $15, for Thursday, May 9, 2013.

Nine other IPOs were scheduled for the week of May 6th. The full IPO calendar is here.

• S-1 filed April 25, 2013
• Manager, Joint Managers: Credit Suisse; Leerink Swann; BMO Capital
• Co Managers: Wedbush PacGrow Life Sciences.

SUMMARY

RCPY is a biopharma still in stage 2 clinical trials with a long road ahead. RCPY lost $18 million in 2012 and has no product sales, but does have collaboration revenue.

Glossary

CONCLUSION
Pass on the RCPY IPO.

BUSINESS
RCPY is a

Based in Virginia Beach, VA, Armada Hoffler Properties (AHH) scheduled a $175 million IPO with a market capitalization of $333.5 million at a price range mid-point of $12, for Wednesday, May 8, 2013.

10 other IPOs are scheduled for the week of May 6th. The full IPO calendar is here.

• S-11A filed April 6, 2013
• Manager, Joint Managers: Baird; Raymond James; Stifel
• Co Managers: Oppenheimer, BB&T Capital, Janney Montgomery Scott, Wunderlich

SUMMARY

Post IPO AHH plans on paying a dividend of $.63 per share, which is 5.25% on an annualized basis at the price range mid-point of $12.

However, 47% of AHH's proforma 2012 revenue came from general contracting. There has never been a REIT in history with such a high revenue percentage coming from general contracting.

Also, the price-to-tangible book value is too high, at 5.9.

Ten new IPOs are scheduled for the week of May 6th. The full IPO calendar is here.

TW O BIOPHARMA

Quintiles Transnational Holdings (Q)

Based in Durham, NC, Quintiles Transnational Holdings scheduled a $750 million IPO with a market capitalization of $4.9 billion at a price range mid-point of $38 for Thursday, May 9, 2013.

Q is the world's largest provider of biopharmaceutical development services and commercial outsourcing services. It's the biggest company in the sector, but it's a low gross margin service business, with 25% gross margins.

Receptos (RCPT)

Based in San Diego, CA, Receptos scheduled a $71 million IPO with a market capitalization of $257 million at a price range mid-point of $15, for Thursday, May 9, 2013.

RCPY is a biopharma still in stage 2 clinical trials with a long road ahead of them. RCPY lost $18 million in 2012 and has no product sales.

THREE

Based in Plymouth, MN, BioAmber (BIOA) scheduled a $128 million IPO with a market capitalization of $294 million at a price range mid-point of $16 for Friday, May 3, 2013.

BIOS is one of five new IPOs scheduled for the week of April 29. The full IPO calendar is here.

• S-1 filed April 12, 2013.
• Manager, Joint Managers: Credit Suisse
• Co Managers: Société Générale; Barclays; Pacific Crest Securities.

Summary
BioAmber converts renewable feedstocks into chemicals that are replacements for petroleum-derived products. BIOA generated $15 million in sales for 2012, but lost $39 million. BIOA also expects to sell 43% of itself on the IPO, which is an high percentage and may limit future financing opportunities.

Four other companies that process renewable feedstocks to make substitutes for petroleum-based products have all traded down since their IPOs: Amyris Inc (AMRS), Gevo, Inc. (GEVO), KiOR Inc (KIOR) and Solazyme Inc

Based in Cyprus with main offices in Moscow, 117587, RU, QIWI plc (QIWI) scheduled a $204 million IPO with a market capitalization of $884 million at a price range mid-point of $17 for Friday, May 3, 2013.

QIWI is one of five new IPOs scheduled for the week of April 29. The full IPO calendar is here.

• F-1A filed April 19, 2013
• Manager, Joint Managers: J.P. Morgan, Credit Suisse
• Co Managers: Baird, RenCap, William Blair.

Summary
QIWI is a payment processing company with significant growth in the reloadable debit card and mobile wallet segments. The "wallet" segment accounted for 30% of the business and grew 80% in 2012 vs. 2011. The other segments grew 14% in 2012 vs. 2011.

100% of the IPO proceeds are to selling shareholders for 23% of the company -- this is a negative.

QIWI targets the cash-based market in Russia, which

Based in New York, NY, ING U.S. (VOYA) scheduled a $1.45 billion IPO with a market capitalization of $5.8 billion at a price range mid-point of $22.50, for Thursday, May 2, 2013.

VOYA is one of five new IPOs scheduled for the week of April 29. The full IPO calendar is here.

• S-1 filed April 16, 2013
• Manager, Joint Managers: Morgan Stanley; Goldman; Citi; BofA Merrill Lynch; Credit Suisse; Deutsche Bank; J.P. Morgan.
• Co Managers: ING; Barclays; RBC Capital; SunTrust Robinson Humphrey/ Evercore/ Keefe, Bruyette & Woods; Raymond James; Sandler O'Neill; Wells Fargo; BNP PARIBAS; BNY Mellon; COMMERZBANK; HSBC; Mediobanca; Piper Jaffray; Ramirez; Williams Capital.

Summary
VOYA is an investment, life insurance spin-off, carve-out of Dutch-based ING, which has a market capitalization above $30 billion.

Earnings were positive in 2012, and trailing 12-months P/E multiple is 12.5, based on the income allocated to VOYA.

Benefits and expenses

Based in Chandler, AZ, Insys Therapeutics (INSY) scheduled a $68 million IPO with a market capitalization of $287 million at a price range mid-point of $17, for Thursday, May 2, 2013.

INSY is one of five new IPOs scheduled for the week of April 29. The full IPO calendar is here.

• S-1 filed April 19, 2013
• Manager, Joint Managers: Wells Fargo Securities, JMP Securities
• Co-Managers: Oppenheimer & Co.

SUMMARY
INSY is a generic drug company whose products help reduce chemo and cancer pain. INSY lost $24 million in 2012 but expects to turn a $750,000 profit for the March 2013 quarter on almost $11 million in sales.

Glossary

Observations
Annualizing INSY's expected March