This Week's IPOs: DuPont Fabros Technology, Maxcom Telecommunications, Noah Education Holdings, Rodman & Renshaw Capital Group, SoundBite Communications, Trans1 Inc.

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Includes: BAXS, DFT, MKTSQ, MXT, NED, SDBT
by: Abbi Adest

There are six IPOs on tap for this week: DuPont Fabros Technology (NYSE:DFT) a leading owner, developer, operator and manager of wholesale data centers; Maxcom Telecommunications (NYSE:MXT) a Mexican integrated telecommunication services operator; Noah Education Holdings (NYSE:NED), a Chinese provider of interactive education content; Rodman & Renshaw Capital Group Inc. (NYSEARCA:RODM), a boutique investment bank focused on life science PIPEs and private placements; SoundBite Communications (NASDAQ:SDBT), a leading provider of on-demand automated voice messaging solutions; TranS1 (TSON), a company that develops and commercializes minimally invasive devices to treat degenerative disc disease.

All quotations are from the companies' most recent S-1 filings with links provided.

DUPONT FABROS TECHNOLOGY (DFT)

Business Overview (from prospectus)

We are a leading owner, developer, operator and manager of wholesale data centers. Our data centers are highly specialized, secure facilities used by our tenants—primarily national and international technology companies, including Microsoft, Yahoo! and Google—to house, power and cool the computer servers that support many of their most critical business processes. We lease the raised square footage and available power of each of our facilities to our tenants under long-term triple-net leases, which contain annual rental increases. As used in this prospectus, the phrase “wholesale data center,” or “wholesale infrastructure,” refers to specialized real estate assets consisting of large-scale data center facilities provided to tenants under long-term leases.

Offering: 30.5 million shares at $19.00 - $21.00 per share. Net proceeds of approximately $560.3 million will be used to repay debt, fund land purchases, to purchase property interests from certain of the company's contributors and for working capital.

Lead Underwriters: Lehman Brothers, UBS Investment Bank

Financial Highlights:

Operating revenue for the year ended December 31, 2006 was $54.8 million. This compares to $25.7 million for 2005, an increase of $29.1 million, or 113.2%... Operating expenses for the year ended December 31, 2006 were $30.2 million. This compares to $15.9 million for 2005, an increase of $14.3 million, or 89.9%... Net income for the year ended December 31, 2006 was $0.8 million, compared to $2.3 million for the prior year...

MAXCOM TELECOMMUNICATIONS, INC. (MXT)

Business Overview (from prospectus)

We are an integrated telecommunication services operator providing widespread services to residential and small- and medium-sized business customers in four Mexican metropolitan markets, which consist of Mexico City, Puebla, Queretaro and Toluca and selected service in other markets. From December 31, 2002 to December 31, 2006, we achieved growth from 125,231 voice lines in service to 269,598 (a compound annual growth rate of 21.1%) while also reducing our churn level from 3.0% to 1.6% during this same period. We generated revenues of U.S.$155.4 million (Ps.1,678.6 million) and a net loss of U.S.$2.6 million (Ps.28.2 million) during 2006 and revenues of U.S.$99.7 million (Ps.1,075.5 million) and a net loss of U.S.$1.6 million (Ps.16.8 million) in the first six months of 2007. We provide a wide range of services including local and long-distance voice, data, high speed, dedicated and dial-up Internet access, public telephony and Voice over Internet Protocol telephony, and offer attractively priced service bundles. We also offer cable television and mobile voice service through resale and capacity leasing agreements with third parties. We recently launched multichannel television service over our own network, using Internet Protocol video transmission.

Offering: 12.1 million shares at $15.50 - $17.50 per share. Net proceeds of approximately $151.3 million will be used for general corporate purposes, including repayment of debt, investment in subsidiaries, working capital, repurchases of stock or the financing of possible acquisitions or business opportunities.

Lead Underwriters: Morgan Stanley

Financial Highlights:

Our net revenues increased 40.2%, from Ps.1,197.1 million in 2005 to Ps.1,678.6 million in 2006... Our operating costs and expenses increased 29.5% from Ps.1,179.7 million in 2005 to Ps.1,527.6 million in 2006... Selling, general and administrative expenses increased Ps.98.2 million, or 20.2%...

NOAH EDUCATION HOLDINGS (NED)

Business Overview (from prospectus)

We are a leading provider of interactive education content in China. We develop and market interactive, multimedia learning materials mainly to complement prescribed textbooks used in China’s primary and secondary school curriculum, covering subjects such as English, Chinese, mathematics, physics, chemistry, biology, geography, political science and history. We deliver our content primarily through handheld digital learning devices, or DLDs, into which our content is embedded or subsequently downloaded at over 8,500 points of sale, approximately 2,000 download centers, or through our website, www.noahedu.com. In addition, we sell electronic dictionaries, or E-dictionaries. In July 2007, we began offering after-school tutoring programs as we build upon our experience and brand to capture more market opportunities in the supplemental education market.

Offering: 9.8 million shares at $9.80 - $11.80 per share. Net proceeds of approximately US$ 84.1 million will be used to fund expansion into complementary businesses such as tutoring and test preparation services, including possible acquisitions; to enhance branding and sales channels; to fund the development of educational content and diversification of delivery platforms; to fund research and development efforts; and for working capital and general corporate purposes.

Lead Underwriters: Deutsche Bank, CIBC World Markets

Financial Highlights:

Net revenue increased 41.3% in fiscal 2007 from fiscal 2006 [from RMB 393,039,000 in 2006 to RMB 555,225,000 in 20007]... cost of revenue increased 52.7% from RMB 174,584,000 in 2006 to RMB 266,566,000 in fiscal 2007... Gross profit increased 32.1 % from RMB 218,455,000 in 2006 to RMB 288,659,000 in 2007.

RODMAN & RENSHAW CAPITAL GROUP, INC. (RODM)

Business Overview (from prospectus)

We are a full service investment bank dedicated to providing investment banking services to companies that have significant recurring capital needs due to their growth and development strategies, along with research and sales and trading services to institutional investor clients that focus on such companies.

Offering: 8.0 million shares at $5.00 - $7.00 per share. Net proceeds of approximately $43.4 million will be used general corporate purposes, which may include, among other things: (i) expanding the company's presence in the biotechnology sector; (ii) continue expansion into new sectors; (iii) strategic acquisitions; and (iv) expanding merchant banking and asset management businesses.

Lead Underwriters: Sandler O'Neill, Fox-Pitt Kelton

Financial Highlights:

Net income for the year ended December 31, 2006 was $16.5 million compared to $4.5 million for the year ended December 31, 2005, representing an increase of $12.0 million, or 266%... Revenues in 2006 increased by $34.7 million, or 118%, to $64.0 million from $29.3 million in 2005... Total expenses for 2006 were $44.4 million compared to $24.4 million for 2005, an increase of $20.0 million, or 82.0%.

SOUNDBITE COMMUNICATIONS (SDBT)

Business Overview (from prospectus)

SoundBite Communications is a leading provider of on-demand automated voice messaging, or AVM, solutions. Using a web browser, organizations can employ our service to initiate and manage customer contact campaigns for a variety of collections, customer care and marketing processes. Our service is designed to help organizations increase revenue, enhance customer service and retention, and secure payments by improving their customer contact processes. Our service is designed to improve a contact center’s efficiency by increasing the productivity of contact center agents and facilitating the use of “agentless” transactions.

Offering: 6.0 million shares at $12.00 - $14.00 per share. Net proceeds of approximately $54.8 million will be used to repay debt, for working capital and for general corporate purposes.

Lead Underwriters: Cowen & Company, Thomas Weisel

Financial Highlights:

In 2006, revenue increased $12,621,000 to $29,069,000 from $16,448,000 in 2005... Cost of revenues increased $4,538,000 to $9,505,000 in 2006 from $4,967,000 in 2005... Operating expenses increased $9,239,000 to $19,445,000 in 2006 from $10,207,000 in 2005.

TRANS1 INC. (TSON)

Business Overview (from prospectus)

We are a medical device company focused on designing, developing and marketing products that implement our proprietary minimally invasive surgical approach to treat degenerative disc disease affecting the lower lumbar region of the spine. Using this TranS1 approach, a surgeon can access discs in the lower lumbar region of the spine through a 1.5 cm incision adjacent to the tailbone and can perform an entire fusion procedure through a small tube that provides direct access to the degenerative disc. We developed our TranS1 approach to allow spine surgeons to access and treat degenerative lumbar discs without compromising important surrounding soft tissue. We believe this approach enables fusion procedures to be performed with low complication rates, short procedure times, low blood loss, short hospital stays, fast recovery times and reduced pain. We have developed and currently market in the United States and Europe two single-level fusion products, AxiaLIF and AxiaLIF 360°. In addition, we have developed and currently market in Europe a two-level fusion product, AxiaLIF 2L, which has not yet been cleared in the United States. All of our products are delivered using our TranS1 approach.

Offering: 5.5 million shares at $12.00 - $14.00 per share. Net proceeds of approximately $64.5 million will be used for sales and marketing initiatives to support the commercialization of existing and any future products; to support research and development activities, clinical trials and obtaining necessary regulatory approvals.

Lead Underwriters: Lehman Brothers, Piper Jaffray

Financial Highlights:

Revenue increased from zero in 2004, to $1.5 million in 2005 and to $5.8 million in 2006... Cost of revenue increased from zero in 2004, to $386,000 in 2005 and to $1.6 million in 2006... Research and development expenses increased from $1.8 million in 2004, to $2.4 million in 2005 and to $4.2 million in 2006.

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