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May 3wk IPOs are not priced for investors, see valuation metrics

|Includes:ACRE, CHRM, GRIN, PLOW, Ryerson Holding Corp. (RYI)

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