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Renaissance Capital is an IPO investment advisory firm providing pre-IPO institutional research and management of the Renaissance IPO ETF (NYSE ticker: IPO) and the Global IPO Mutual Fund (ticker: IPOSX). Through Renaissance Capital’s pre-IPO research service, investors get a hard-nosed,... More
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  • Last week sees eight companies file for IPOs
    Eight companies filed with the SEC to go public last week, three of which were Chinese companies planning to offer American Depository Shares.

    The week started off with Hirschfeld Industries (HSFD), a leading integrated provider of highly-engineered steel components for infrastructure applications, which filed on Monday to raise up to $150 million in its initial public offering. The San Angelo, TX-based company, which was founded in 1946 and booked $321 million in sales over the last 12 months, plans to list on the NYSE under the symbol HSFD. J.P. Morgan and Robert Baird are the lead underwriters on the deal.

    Concord Medical Services (NYSE:CCM) followed, filing on Tuesday to raise up to $100 million. The leading operator of radiotherapy and diagnostic imaging centers in China was founded in 2007 and booked $36 million in sales over the last 12 months. The Beijing-based company plans to list on the NYSE with Morgan Stanley, J.P. Morgan, and CICC acting as the lead underwriters on the deal.

    On Wednesday, Linkage Technologies International Holdings (BOSS), a leading provider of software solutions and IT services for the telecommunications industry in China, filed to raise up to $175 million in its IPO. The Nanjing-based company, which commenced operations in 1997 and booked $122 million in sales over the last 12 months, plans to list on the NYSE. Proceeds from the deal will be used for research and development efforts, as well as general corporate purposes. Citi and Barclays Capital are the lead underwriters on the deal.

    Online marketing company QuinStreet (NASDAQ:QNST), which delivers measurable traffic results to clients in information-intensive industry verticals, filed on Thursday with the SEC to raise up to $250 million. The Foster City, CA-based company, which was founded in 1999 and booked $275 million in sales over the last 12 months, plans to list under the symbol QNST with Credit Suisse, BofA Merrill Lynch, and J.P. Morgan acting as the lead underwriters on the deal.

    Rounding out the week were Calix Networks, Fabrinet, Ironwood Pharmaceuticals, and China Nuokang Bio-Pharmaceutical, all of which submitted their filings on Friday.

    Calix Networks (NYSE:CALX), which provides communications access systems and software that allow service providers (CSPs) to connect to their residential and business subscribers, was founded in 1999 and booked $215 million in sales over the last 12 months. The company plans to list on the NYSE under the symbol CALX and raise up to $100 million. Goldman Sachs, Morgan Stanley, and Jefferies are the lead underwriters on the deal.

    Fabrinet (NYSE:FN) provides foundry services to OEMs and sells application-specific bulk optical materials and filed to raise up to $150 million. The company was founded in 2000 and booked $392 million in sales over the last 12 months and plans to list on the NYSE under the symbol FN. Morgan Stanley and Deutsche Bank are the lead underwriters on the deal. Fabrinet had previously filed for a $250 million IPO earlier this year, but pulled the deal due to unfavorable market conditions.

    Ironwood Pharmaceuticals (NASDAQ:IRWD), which discovers, develops and intends to commercialize innovative medicines targeting therapeutic needs, filed to raise up to $173 million. The Boston-based company, which was founded in 1998 and booked $32 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol IRWD with J.P. Morgan, Morgan Stanley and Credit Suisse acting as the lead underwriters on the deal.

    In a smaller deal, China Nuokang Bio-Pharmaceutical (NASDAQ:NKBP), plans to offer 5 million ADSs, including 473,000 from selling shareholders, at a price between $10 and $12 per ADS. The company sells 14 hematological and cardiovascular pharmaceutical products and will use Jefferies as the sole underwriter on the deal. The stock is expected to list on the NASDAQ.
    Nov 23 12:06 PM | Link | Comment!
  • Two REITs submit filings for IPOs despite Aviv's recent postponement
    Chatham Lodging Trust, a recently organized company planning to operate as a REIT and invest in upscale branded hotels, filed today with the SEC to raise up to $230 million in an initial public offering. Both of today's IPO filings were in the real estate sector, which has been active recently in hopes of taking advantage of uninspiring market conditions. The Palm Beach, FL-based company, which was founded just last month and has yet to acquire any properties, plans to list on the NYSE. Barclays Capital is the sole underwriter on the deal. No pricing terms were disclosed.

    The two filings directly follow Aviv REIT's IPO postponement that was announced only yesterday. The company, which specializes in owning and acquiring skilled nursing facilities, cited poor market conditions as the primary reason behind shelving the deal.
    Nov 04 7:03 PM | Link | Comment!
  • Uninspiring performance from this week’s IPOs
    The performance of this week’s three IPOs proved to be uninspiring. 
     
    Dole Food Company (NYSE:DOLE), a leading global branded fruit and vegetable company, raised $446 million by offering 35,715,000 at $12.50, below the proposed range of $13.00 to $15.00. Goldman Sachs, BofA Merrill Lynch, and Deutsche Bank acted as lead managers on the deal. Dole opened Friday slightly below its IPO price, and slipped further throughout the day, trading down over -2%.
     
    AGA Medical Holdings (AGAM), which makes minimally invasive devices to treat heart defects and vascular diseases, raised $199 million by offering 13.75 million shares at $14.50, below the downwardly-revised range of $15.00 to $16.00.  BofA Merrill Lynch, Citi, and Deutsche Bank were the lead managers on the deal. Though AGAM had a first day return of 0.7%, it is now trading at its IPO price of $14.50.
     
    ZST Digital Networks (OTCPK:ZSTN), a Chinese TV set-top box provider, raised $25 million by offering 3.1 million shares at $8.00, the midpoint of the proposed $7.50 to $8.50 range. Rodman & Renshaw and WestPark Capital acted as lead managers on the deal. ZSTN fell -6.0% in its first day of trading Tuesday, falling lower in subsequent trading.

    However, the IPO market continues its volume pick-up with three more deals on the IPO calendar for next week.  Addus HomeCare, which provides home-based personal care, skilled nursing and rehabilitative therapies, plans to raise $60 million.  Retailer Vitamin Shoppe exepcts to raise $136 million in its IPO.  Next week's largest deal will be emerging market energy infrastructure operator AEI, which plans to raise $750 million.
    Tags: DOLE, AGAM, ZSTN, IPO
    Oct 23 2:59 PM | Link | Comment!
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