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During the IPO season Francis Gaskins, editor of IPOdesktop.com & director of research for Equities.com, regularly appears on CNBC TV, Bloomberg, thestreet.com & other financial cable channels. On the day of the Visa IPO he appeared on four cable TV financial shows including Bloomberg... More
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  • May 3wk IPOs are not priced for investors, see valuation metrics 0 comments
    May 3, 2010 1:43 PM | about stocks: RYI, PLOW, CHRM, GRIN-RETIRED, ACRE
    This week’s IPOs are pretty much designed to benefit the selling shareholders & the investment bankers, and are not priced for the investors.

    Two are China deals: 

    MIE -IPOreport &

    Charm -- IPOreport

    Looks good at first, but isn’t Smile- IPOreport

    TWO REITS
    Americold Realty Trst (NYSE:ACRE)
    UPREIT-rolls assets into a new partnership to IPO, offers to pay 5% annualized rate for the March qtr
    Bail out the sponsor -- Yucaipa Am Mgt -- which completed the purchase in 2008
    Yucaipa: Founded in 1986 by Ron Burkle, the firm has completed mergers and acquisitions valued at more than $30 billion.

    ACRE also is not a good IPO for investors
    ACRE -- IPOreport

    Madison Sq Cap  (MDQu)
    New REIT for gov guaranteed mortgages

    TWO CHINA COMPANIES
    Charm Comm (NASDAQ:CHRM)
    China tv ad agency
    13% to  shareholders

    MIE Holdings (NYSE:MIE)
    China oil/gas, also offering a very small, inconsequential  payout

    THREE PRIVATE EQUITY BAILOUTS
    Douglas Dynamics (NYSE:PLOW)
    Snowplows
    51% to sholders & repay debt -- PLOW
    also expects to pay out 5%

    Smile Brands (GRIN)
    Services for dentists
    Repay preferred stock & repay debt

    Ryerson Holding (NYSE:RYI)
    Metals distribution:  notice the inconsistency between Price-to-book & price-to-tangible book, based on SEC filings
    Repay $220 'dividend' note for shareholders incurred in January 2010 & repay other debt

    ONE VERY SMALL OVER-PRICED IPO

    S&W Seed (SANWU) (units)
    Seed contractor & distributor
    20% to repay debt

    Summary valuation metrics
    Themes: IPO, IPOs Stocks: RYI, PLOW, CHRM, GRIN-RETIRED, ACRE
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