initial public offerings (IPOs) trading on American exchanges

Thursday, April 21, 2011

Trustwave files for IPO

(Crain's) — Chicago-based credit card security company Trustwave Inc. plans to go public and raise $100 million.

The nine-year-old company — a leading maker of software that ensures merchants are in compliance with credit card companies' security standards — filed a prospectus Thursday with the U.S. Securities and Exchange Commission.
Trustwave's revenue soared 52% last year to $115 million, but it’s still not reporting a net profit. Last year’s loss was $2 million.

The IPO is being led by Morgan Stanley, J. P. Morgan Chase & Co., Barclays Capital, William Blair & Co. and BMO Capital Markets. One of Trustwave’s early investors, Richard Kiphart, is a longtime William Blair executive.

Trustwave posted revenue of $81.7 million in 2010 and net loss attributable to common shareholders of $6.4 million. In the first six months of 2011, Trustwave generated revenue of $47.8 million and a net loss attributable to common shareholders of $1.6 million. Current shareholders with more than 5% of stock are FTV Capital, MBK Ventures, DBRC Investments, First Analysis Funds and SRBA/Hallman Management Trust.

Thursday, April 14, 2011

Zipcar (ZIP) started trading on the NASDAQ on 14 April 2011

Zipcar, Inc. (Zipcar) operates a car sharing network. The Company provides over 400,000 members, also known as Zipsters, with self-service vehicles that are located in reserved parking spaces throughout the neighborhoods where they live and work.

The Company’s vehicles are available for use by the hour or by the day through its reservation system, which is available by phone, Internet or wireless mobile devices. Once the vehicle is reserved, a Zipster simply unlocks the vehicle with his or her keyless entry card (called a Zipcard) and drives away. Its all-inclusive rates include gas and insurance so Zipsters can estimate the total cost of their trips. The Company has two segments: North America and the United Kingdom. In On April 21, 2010, the Company acquired Streetcar Limited.

Tuesday, April 5, 2011

Stem cell therapy firm Aldagen withdraws plans for $80M IPO

Stem cell therapy company Aldagen is pulling back on its plans for an initial public stock offering.

The Durham, North Carolina-based company said in a Tuesday filing with the Securities and Exchange Commission that it is withdrawing its IPO plans “due to market conditions.” The company in 2009 filed a registration statement seeking to raise more than $80 million to take its compounds into mid-stage clinical trials.

It’s the second time the company has withdrawn plans for a public offering. The company previously pulled its IPO plans in 2008. The withdrawal comes a day after another Durham company, Tranzyme Pharma (NASDAQ: TZYM), began trading as a public company. Tranzyme pulled off its IPO only after cutting its stock price and increasing the number of shares in its offering.

Aldagen develops regenerative cell therapies for cardiovascular conditions. The company’s proprietary technology isolates specific adult stem cells that express high levels of the enzyme ALDH, which plays an important role in controlling the developmental state of stem cells and progenitor cells. The company believes that these cell populations have the potential for a medical breakthrough in regenerative medicine in promoting regeneration of multiple types of cells and tissue, including blood vessels.

Aldagen’s lead stem cell therapy candidates include a treatment for critical limb ischemia, a severe obstruction of the arteries that decreases blood flow to the extremities of the body. The company is also developing a treatment for ischemic heart failure, a condition in which the heart suffers from decreased blood flow and oxygen due to narrowing of the arteries. The company in January also received U.S. Food and Drug Administration clearance to begin a phase 2 study of a regenerative cell therapy for stroke patients.

Venture-capital backed Aldagen has raised more than $60 million from a syndicate of investors that includes the Aurora Funds, Intersouth Partners, Harbert Venture Partners, CNF Investments and Tullis-Dickerson.