Richard Branson's Virgin Money is planning its IPO in London this month, and expects to raise about £150M ($243M) from the offering.
The bank is expected to aim for a £2B valuation, and shares will be sold equivalent to about 25% of the bank's capital.
Virgin Money will also return £50M of the proceeds to the British government as part of its payment plan for the purchase of Northern Rock, a British bank that was nationalized during the financial crisis, completing its acquisition price of £1B.
Enterprise cloud storage/file-syncing leader BOX's IPO "probably won’t happen until 2015 because of volatile market conditions," Bloomberg reports. Box filed a public S-1 back in March, and was once expected to go public by this summer (if not sooner).
Market volatility, of course, didn't stop Alibaba from recently doing a blockbuster IPO. Box has been looking to soothe investor concerns about the cash burn caused by its heavy sales/marketing spend (still larger than revenue as of the 3 months ending April 30).
Box raised $150M in July at a $2.4B valuation. The funds extended the company's IPO runway. Since then, Amazon has launched a competing service, and Microsoft has aggressively slashed prices for its offerings.
After pricing its 20.6M-share IPO at $16 (the low end of a $16-$18 range), Vivint Solar (NYSE:VSLR) opened at $17.01 and is now at $16.20, up 1.3%.
The U.S. residential solar installer/electricity seller is worth $1.71B. It had cumulatively installed 129.7MW of systems as of June 30, and $547.5M in estimated nominal contracted payments (up from $223.3M a year earlier).
Redwood City, CA-based Dermira (Pending:DERM) is set for its IPO of 5.35M shares at $14 - 16. As the name implies, the clinical stage biopharmaceutical firm focuses on the dermatology space. It has three late-stage product candidates:
Cimzia, an injectable biologic tumor necrosis factor-alpha inhibitor (TNF inhibitor) for the treatment of moderate-to-severe plaque psoriasis. Cimzia is owned and marketed by Belgian biopharma firm UCB for other inflammatory diseases. Dermira signed a collaboration deal with UCB to develop Cimzia for psoriasis. It intends to commence a Phase 3 trial in 1H 2015.
DRM04, a topical small molecule anticholinergic for the treatment of hyperhidrosis. It blocks the action of acetylcholine and therefore blocks the activation of the sweat glands. Data from a Phase 2b trial should be available in 1H 2015. If successful, a Phase 3 trial will commence in 2H 2015.
DRM01, a topical small molecule sebum inhibitor for the treatment of acne. A Phase 2b clinical program, which may include more than one trial, should commence in 1H 2015.
Flint, Michigan-based Diplomat Pharmacy (DPLO) is set for its IPO of 13.3M shares at $14 - 16.
The company is the U.S.'s largest independent specialty pharmacy, founded in 1975. It focuses on specialty drugs that are typically administered on a recurring basis to treat patients with complex chronic diseases that require specialized handling and administration as part of their distribution process. It provides customized solutions for patients with cancer, MS, HIV, hepatitis, and other diseases as well as specialty infusion therapies for conditions like chronic genetic disorders (primarily hemophilia and immune globulin treatment).
The early clinical-state company develops small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer. Its lead product in tumor metabolism is CB-839, a glutaminase inhibitor currently in Phase 1. Its lead preclinical program in tumor immunology is focused on arginase inhibitors. Phase 1 activities are not expected to begin until 2016, however.
The company lost ($12.4M) in operations in 2013 and ($9.6M) in 1H 2014.
2 1/2 months after doing a successful IPO for its TerraForm Power solar project YieldCo (owns assets in the U.S., U.K., Canada, and Chile), SunEdison (SUNE +4.4%) says it has confidentially filed an S-1 for "a yieldco vehicle focused on contracted clean power generation assets in attractive, high growth, emerging markets, primarily in Asia (excluding Japan) and Africa."
SunEdison hasn't yet disclosed the size of the YieldCo's portfolio, or how much it's looking to raise. Investors are signaling their approval of the move.
After pricing its IPO at $16 (the top of a $14-$16 range), Travelport (NYSE:TVPT) opened at $17.69 and is now at $16.88, up 5.5%. The travel distribution/commerce service provider is worth $2.03B, or 0.98x 2013 sales.
Travelport had 1H14 revenue of $1.12B (+4% Y/Y), and a net loss of $25M. Long-term debt totaled $3.21B as of June 30.
Travelport Worldwide (NYSE:TVPT) raises $480M in its IPO after pricing the deal at the high end of the expected $14-$16 range, giving the company an enterprise value of $4.3B.
Blackstone (NYSE:BX) got involved in Travelport in 2006, injecting $775M of equity in a leveraged buyout, later increasing its investment to more than $800. The P-E firm later recouped nearly all of that in a dividend recap ... and then the recession hit.
Most of Blackstone's holding in TVPT was wiped out in 2011 when junior creditors took control. Today it owns 9.5% of Travelport and isn't selling any shares in the offering. The proceeds from the IPO will be used to cut debt.
After pricing its 5.36M-share IPO at $16 (above a $13-$15 range), CyberArk (NASDAQ:CYBR) opened at $25.00 and is now at $23.36, up 46%. The Israeli cybersecurity software vendor is valued at $691M, or 10.4x 2013 sales.
CyberArk had 1H14 revenue of $38.7M (+33% Y/Y), and nearly breakeven earnings. The company claims over 1,500 clients, including over 35% of the Fortune 100.
Larry Flynt is making some noise about taking his media empire public.
The founder of Hustler says an IPO could happen within 12 to 18 months at a valuation of close to $500M.
Flynt has strayed far beyond his monthly print magazine which only accounts for a small percentage of revenue. Casinos, a TV network, adults websites, and a licensing business are all under his corporate umbrella.
BDC manager Medley Management (NYSE:MDLY) prices its 6M share IPO at $18 each vs. the expected offering range of $20-$22. The expected annual dividend of $0.80 per share makes for a 4.4% annualized yield.