Renaissance Cap...'s  Instablog

Three companies recently filed terms for their upcoming IPOs: Chesapeake Lodging Trust (CHSP), which plans to invest in upscale hotel properties, Patriot Risk Management (PMG), which provides workers' compensation insurance and risk transfer solutions and Ironwood Pharmaceuticals (IRWD), which develops drugs targeting therapeutic needs.

Chesapeake, which has no operating history to date, previously filed to go public and was set to begin trading on Dec. 8, 2009, along with Pebblebrook Hotel Trust (PEB). While Pebblebrook raised $350 million in its IPO, Chesapeake shelved its deal; its new terms trim the deal size by 40% (7.5 million shares at $20 instead of 12.5 million shares). The IPO is scheduled to price this Thursday, Jan. 21, along with five other companies: China Hydroelectric (CHC), Andatee Marine China Fuel (AMCF), Terreno Realty (TRNO), Symetra Financial (SYA) and Cellu Tissue Holdings (CLU).

Patriot Risk Management (PMG), which also filed terms yesterday, plans to raise $187 million by offering 17 million shares at a price range of $10-$12. The insurance company had previously filed terms on Oct. 2, 2008, offering 15 million shares at the same price range; it removed these terms on Nov. 9, 2009, several months after it was acquired by Inter-Atlantic Financial, a SPAC that went public in October of 2007. Patriot plans to list on the NYSE during the week of Feb. 1.

The third company to recently announce terms, Ironwood Pharmaceuticals (IRWD), is also slated to price that week. Ironwood, which is based in Cambridge, MA, plans to raise $250 million by offering 16.7 million class A shares at a price range of $14-$16. The early stage company has yet to develop or commercialize any products; however, its pipeline includes one Phase 3 drug candidate (linaclotide), one Phase 1 pain drug and several preclinical programs.

Recent filing activity and a full docket of upcoming deals indicate the IPO market is already poised for a healthy recovery in 2010.

Disclosure: No positions