initial public offerings (IPOs) trading on American exchanges

Wednesday, June 29, 2011

Ally to Record $100 Million Cost on Mortgages

Ally Financial Inc., the auto and home lender that got a $17.2 billion bailout, will record a second-quarter cost of about $100 million to cover losses suffered by trusts that bought its mortgages. The firm also got subpoenas from U.S. investigators relating to home loans.
The cost will help cover losses on insured mortgages where insurers later canceled the policies because “they believe certain loan underwriting requirements have not been met,” Detroit-based Ally said today in a filing. The mortgages had been sold to trusts, which packaged them into securities to sell to bond investors.
“These payments resulted from a review of securitized mortgages as to which mortgage insurance was rescinded, although no claims have been made against us to date with respect to these mortgages,” Ally said in the filing.
The disclosure was contained in an update to the prospectus, initially filed in March, for the company’s planned public share offering. The share sale has been delayed until equity markets improve, a person familiar with the plans said earlier this month.
Ally, 74 percent owned by the U.S. Treasury Department, also said in the filing that it has received subpoenas from the U.S. Department of Justice and the Securities and Exchange Commission relating to how it handled mortgages.
The DOJ subpoena “includes a broad request for documentation and other information in connection with its investigation of potential fraud” tied to the origination or underwriting of home loans, the company said.

Google+ challenges Facebook in social networking

Online search giant Google has launched a new social networking website in its latest attempt to take on Facebook, which now claims more than 500m users.  Google+ allows individuals to share photos, messages and comments but also integrates the company's maps and images into the service.

It also aims to help users easily organise contacts within groups.


But some analysts say Google has simply reproduced features of Facebook while adding a video chat function.

Google, which handles roughly two out of every three internet searches in the US, has taken several stabs at Facebook in recent years.

But its previous efforts ended in failure, with both Google Wave and Google Buzz proving unpopular with users.

New functions
The company is now boasting that four features in Google+ could help make the company a permanent player in social networking:
  • Circles - a functionality that allows individuals to place friends into groups, allowing users to share different forms of content with targeted clusters of friends
  • Hangouts - live multi-user video conferencing that permits friends to drop in and out of live group conversations
  • Huddle - group instant messaging
  • Sparks - a feature that connects individuals on the network to others with common interests.
  • The current version of Google+ has only been released to a small number of users, but the company has said it soon hopes to make the social network available to the millions of individuals that use its services each day.

Ally to Record $100 Million Cost on Mortgages


Ally Financial Inc., the auto and home lender that got a $17.2 billion bailout, will record a second-quarter cost of about $100 million to cover losses suffered by trusts that bought its mortgages. The firm also got subpoenas from U.S. investigators relating to home loans.
The cost will help cover losses on insured mortgages where insurers later canceled the policies because “they believe certain loan underwriting requirements have not been met,” Detroit-based Ally said today in a filing. The mortgages had been sold to trusts, which packaged them into securities to sell to bond investors.
“These payments resulted from a review of securitized mortgages as to which mortgage insurance was rescinded, although no claims have been made against us to date with respect to these mortgages,” Ally said in the filing.
The disclosure was contained in an update to the prospectus, initially filed in March, for the company’s planned public share offering. The share sale has been delayed until equity markets improve, a person familiar with the plans said earlier this month.
Ally, 74 percent owned by the U.S. Treasury Department, also said in the filing that it has received subpoenas from the U.S. Department of Justice and the Securities and Exchange Commission relating to how it handled mortgages.
The DOJ subpoena “includes a broad request for documentation and other information in connection with its investigation of potential fraud” tied to the origination or underwriting of home loans, the company said.

Saturday, June 25, 2011

Chinese stocks lose their luster in US markets

High-flying shares in Chinese companies have come crashing to the ground recently, amid a flurry of accounting scandals and a crackdown by US regulators.
Less than two months ago, US investors were eagerly buying shares in Renren (RENN), a social-networking company dubbed the "Facebook of China," and other firms that seemed poised to benefit from China's rapid economic growth.
Renren's shares jumped 29 percent on the day of its initial public offering (IPO) on the New York Stock Exchange in May. Then they sank, closing at just $7.03 on Friday, down to about half of their IPO price of $14.

Of the 12 Chinese companies that have debuted on US exchanges this year, only two are trading above their IPO prices, according to data from Morningstar, an investment research company.
"The drumbeat out of China right now is that certainly there's an air of fraud and of different sets of numbers for Chinese reporting versus US reporting," said Bill Buhr, an analyst with Morningstar.
"It basically is spooking investors. I think they assume that where there's smoke, there's fire," he added.
The fallout threatens even firms which have not been tainted by accusations of wrongdoing, such as search engine Baidu, which closed at $117.68 on Friday, a drop of nearly 25 percent from its intraday high of $156 in April.
"Is This the China Bubble Bursting?" asked a recent headline in The Wall Street Journal.
The most recent Chinese company to fall under a cloud is Harbin Electric, whose stock has plunged more than 40 percent since Thursday, when a research firm accused it of falsifying documents.
Harbin Electric, a machinery maker listed on the NASDAQ, has denied the accusations.
The Securities and Exchange Commission has halted trading of several Chinese firms this year, accusing them of violations like keeping two sets of books or failing to disclose that their auditors had quit.
Last week, the SEC said it was probing two more firms -- China Intelligent Lighting and Electronics and China Century Dragon Media -- for submitting "materially misleading and deficient offering documents."
"It will be difficult for Chinese IPOs to go forward in the US until the managements of companies decide to improve their operational and financial disclosure," said Linda Killian, a principal at Renaissance Capital, which researches the IPO market.
Many of the Chinese companies being probed by the SEC listed on US exchanges through "reverse mergers," a controversial technique in which a firm seeking to go public acquires a publicly traded shell company.
Financial reporting requirements are not as stringent for reverse mergers as they are for traditional IPOs, and the SEC issued a warning about the practice earlier this month, which singled out several Chinese firms.
"Given the potential risks, investors should be especially careful when considering investing in the stock of reverse merger companies," Lori Schock, an SEC official, said in a statement.
Other factors have also harmed Chinese IPOs, such as rising inflation in China, tighter capital requirements for Chinese banks and civil unrest in smaller Chinese cities, said Killian of Renaissance Capital.
As the craze for Chinese IPOs has waned, commentators such as stock-market guru Jim Cramer have turned their attention away from China's strong growth prospects and towards its weak record on corporate governance.
"There's very little corporate governance, informal auditing, and of course, the prospect of government intervention since, remember, it's still officially a communist country," Cramer said on CNBC television.

BlueArc Corp revives $100 mln IPO plans

(Reuters) - BlueArc Corp, which shelved its plans to go public nearly three years ago in the midst of the financial crisis, filed with U.S. regulators on Friday to raise up to $100 million in an initial public offering.

The company, which sells networked storage systems to businesses, told the U.S. Securities and Exchange Commission that JPMorgan, BofA Merrill Lynch and Credit Suisse were spearheading the underwriting of its offering.

BlueArc did not reveal the number of shares it plans to sell or their expected price.

In 2007, the company filed for an IPO of up to $103.5 million and counted the now-bankrupt Lehman Brothers as one of its underwriters.

The company said it intends to list its common stock either on Nasdaq or on the New York Stock Exchange under the symbol "BLRC."

The San Jose, California-based company has been posting losses since 2003 and expects this trend to continue, according to its regulatory filing.

It also does not expect to pay dividends in the foreseeable future.

The company counts Meritech Capital, Crosslink Capital and Morgenthaler Venture Partners as some of its stakeholders.

LipoScience files for $86M IPO

Raleigh, North Carolina-based LipoScience has filed with securities regulators plans to raise up to $86.2 million in an initial public stock offering. It’s the second time LipoScience has flirted with a public stock offering. The company filed IPO plans in 2001, only to withdraw them in 2002 due to market conditions. 

But recent market conditions have improved; LipoScience’s IPO would follow the Durham company Tranzyme Pharma‘s (NASDAQ: TZYM) $48 million public offering in April.

LipoScience plans to use proceeds from its stock offering to expand its sales and marketing and fund continued R&D for new tests to supplement an already commercialized blood test to gauge the risk of cardiovascular disease. LipoScience is targeting the cholesterol testing market, which represents an estimated 75 million tests each year in the United States.
Last year, LipoScience recorded more than 6 million orders for its lipoprotein test and the company reports that from 2006 to 2010, test orders have increased at a compound annual growth rate of approximately 30 percent. That growth has been helped by insurance industry acceptance of the test. The NMR LipoProfile test is covered by a number of payors including Medicare, TRICARE, WellPoint, United HealthCare and several Blue Cross Blue Shield affiliates.

“We plan to significantly increase our geographic presence across the United States to expand market awareness and penetration of the NMR LipoProfile test, with the goal of ultimately becoming a clinical standard of care,” the company said in the filing.

LipoScience’s proprietary blood test counts the number of lipoprotein particles in a blood sample in order to gauge cardiovascular risks. LipoScience’s patented technology uses nuclear magnetic resonance to test for lipoproteins, which the company says are a better measure of cardiovascular risk than cholesterol levels.

The testing technology was developed at North Carolina State University by biochemistry professor James Otvos, who is now the company’s chief scientific officer.Otvos founded LipoScience in 1994 and by 1999, the company had developed tests to sell to clinicians and diagnostic laboratories. Investors in the company include Durham, North Carolina-based Pappas Ventures and Three Arch Partners, a Bay Area venture firm.

When LipoScience pulled its IPO plans nine years ago, the company’s revenue was $18.5 million. According to LipoScience’s most recent filing, the company generated $39.3 million in 2010 revenue. The company turned a profit of $4.3 million last year. But the filing notes that although LipoScience recorded profits in 2009 and 2010, it incurred a $500,000 loss in the first quarter of 2011. The company does not expect to be profitable this year or in coming years as it expands its growth strategy for its NMR LipoProfile test and develops new diagnostics. The company is also developing tests for diabetes and other diseases.

LipoScience expects that its latest diagnostic device should raise the market potential for its blood tests even more. Right now, blood samples using LipoScience’s tests must be sent to the company’s Raleigh headquarters to complete the testing because it’s the only facility with the proper equipment. But the company has developed a machine, called Vantera, that will allow institutions or laboratory testing facilities to complete that testing at their own sites. Vantera has already been site tested at a number of facilities across the country, including the Mayo Clinic and the Cleveland Clinic. LipoScience plans to file with the U.S. Food and Drug Administration for 510(k) clearance on Vantera by the end of this year.

North American Financial files for $300M IPO

North American Financial Holdings Inc., a company formed in late 2009 to acquire distressed and failing banks in the Southeastern U.S., said on Friday that it is preparing a $300 million initial public offering.

  • Credit Suisse, BofA Merrill Lynch, Goldman Sachs to underwrite the offering
  • Company, led by the former vice chairman of Bank of America Corp , R Eugene Taylor
  • Operates 82 branches in Florida, North and South Carolina and had a net interest income of $32.8 million for the quarter ended March 31

Former Bank of America Corp. Vice Chairman R. Eugene Taylor is the holding bank's CEO. He teamed up with other former Bank of America executives and a veteran Morgan Stanley research analyst in the wake of the financial crisis with plans to scoop up failed banks in Federal Deposit Insurance Corp. auctions and buy other troubled banks.

North American Financial, which is based in Miami, said in a filing with the Securities and Exchange Commission that it intends to create a "mid-size regional bank" in the South.

Using $900 million raised in private stock sales to investors, the group has already acquired five bank chains and said it is in the middle of buying a sixth. North American intends to reorganize all the different banks under a "Capital Bank"-branded chain.

The IPO's proceeds will go toward more bank acquisitions.

North American said that counting the sixth bank acquisition, it has $7.2 billion in total assets, $4.4 billion in loans and $5.5 billion in total deposits.

Non-performing loans were $262.8 million as of March 31

Chip Company ClariPhy Plans IPO

ClariPhy Communications Inc., which makes high-speed optical networking signal processors, plans to eventually go public, according to Reza Norouzian, vice president of world wide sales and business development.

Norouzian declined to discuss the timing, but said an IPO was "not far away."

"We believe that we're one of the few semiconductor companies left that have a very strong possibility of an IPO exit," Norouzian said. "We're very focused and committed to getting there."

ClariPhy was founded in 2004 and is headquartered in Irvine, California. It has about 105 employees, Norouzian said.

The company announced that it had raised $14 million in new financing this week and plans to hire between 30 and 40 people in the next 12 months, the majority of them engineers. The financing round was led by Nokia Siemens Networks.

Friday, June 24, 2011

Aspen Aerogels files for IPO of up to $115 mln

(Reuters) - Aspen Aerogels Inc filed with U.S. regulators on Friday to raise up to $115 million in an initial public offering.

The company, which makes aerogel insulation products, told the U.S. Securities and Exchange Commission that Goldman Sachs and Morgan Stanley would be underwriting its offering.

Northborough, Massachusetts-based Aspen said it counts ExxonMobil, Petrobras, Shell and Dow Chemical as customers for its insulation products.


The company, which did not disclose the number of share it intends to sell or their expected price, said it would use proceeds of the offering to fund construction of additional manufacturing capacity.

The company more than tripled its revenue between 2006 and 2010, but has not posted a profit in that period. For the quarter ended March 31, 2011, it posted a loss of $64.1 million on revenue of $12.3 million.

Aspen said it intends to apply to list its stock on the New York Stock Exchange under the symbol "ASPN."

Thursday, June 23, 2011

Clovis Oncology files for a $150 million IPO

BOULDER - Biopharmaceutical company Clovis Oncology Inc. expects to raise $150 million in an initial public offering, the company announced Thursday in a filing with the U.S. Securities and Exchange Commission.

Stock pricing terms were undisclosed in the SEC registration filing.

The Boulder-based company is developing three lead anti-cancer drug products for which it holds global marketing rights. Clovis has applied to be a part of the Nasdaq Global Market stock exchange under the symbol CLVS, according to the SEC filling. J.P. Morgan and Credit Suisse are the lead financial institutions associated with the deal.

Clovis Oncology was founded in April 2009 by former executives of Pharmion Corp., including Patrick Mahaffy, the company's chief executive. Pharmion was bought by Summit, New Jersey,-based Celgene Corp. in 2008 after developing oncology products in the United States and Europe.

Current Clovis investors include New Enterprise Associates venture capital and private equity firm with offices in Washington, D.C. and Menlo Park, California; and Pfizer Inc. (NYSE: PFE) biopharmaceutical company in New York City.

Latest Filings


North American Financial Holdings, Inc.06/23/11
Memorial Production Partners LP06/23/11
Clovis Oncology, Inc.06/23/11
LipoScience, Inc.06/23/11
PetroLogistics LP06/21/11
Imperva, Inc.06/17/11
Ubiquiti Networks, Inc.06/17/11
Oaktree Capital Group, LLC06/17/11
Enphase Energy, Inc.06/15/11
CafePress Inc.06/10/11

Tuesday, June 21, 2011

Carlyle to pick JPM, Citi, CS for IPO

As it prepares to go public, the Carlyle Group has picked three banks — JPMorgan Chase, Citigroup and Credit Suisse — to lead its pending initial public offering, people briefed on the matter told DealBook on Friday.

The three banks were among the more than half-dozen to march to Carlyle’s Manhattan offices earlier this week to pitch themselves for lucrative roles in the offering, the latest by a private equity giant.

JPMorgan is expected to be named first in the list of book runners, in the much-coveted “lead-left” position, one of these people said. The bank served as one of the lead book runners for Apollo Global Management’s offering earlier this year.

Others that had sought to win the mandate included Goldman Sachs, an early front-runner that was lead-left on the offerings, including those of Apollo and the Fortress Investment Group.

Citigroup was one of the joint book runners for the Blackstone Group’s IPO in 2007, alongside Morgan Stanley.

Carlyle is expected pick additional book runners that will help canvas potential shareholders in the coming weeks.

The buyout giant may seek to formally file for an initial offering in the third quarter, allowing it to actually go public by the end of the year, these people said. But the timing is dependent on market conditions.


Carlyle hopes to file its IPO prospectus with the U.S. Securities and Exchange Commission in the third quarter, sources previously told Reuters.

Carlyle will join rivals Blackstone Group LP (BX), Kohlberg Kravis Roberts & Co (KKR) and Apollo Global Management as publicly traded private equity companies.

Private equity firms saw the value of their portfolio companies diminish and their ability to strike new deals evaporate after the credit crisis. However, the outlook for selling portfolio companies and making deals has improved.

Publicly traded shares can help a company give incentives to employees and provide a currency for acquisitions.

Monday, June 20, 2011

Ubiquiti Networks files to raise up to $200M in IPO


Ubiquiti Networks Inc. filed plans with the U.S. Securities and Exchange Commission to raise up to $200 million in an initial public offering.

The broadband wireless technology company did not disclose pricing, how many shares it plans to offer, or details of the IPO timing. Net proceeds are to be used for working capital and general corporate purposes.

The San Jose-based company is looking to list its common stock on the NASDAQ Global Market under the ticker symbol "UBNT."

It had $31.6 million in net income for nine months ending March 31, 2011, on $130.3 million in revenue, according to the filing. It reported a loss of $14.8 million on $96.7 million in revenue in the same period the year before.

Palo Alto-based growth equity firm Summit Partners LP has a pre-IPO stake of 37 percent in the company.
Underwriters include UBS Securities LLC, a subsidiary of Switzerland's UBS AG(NYSE:UBS) and Raymond James & Associates Inc. (NYSE:RJF).

Saturday, June 18, 2011

Qihoo 360 Technology (QIHU) - profile

Qihoo 360 Technology Co. Ltd. provides Internet and mobile security products in the People's Republic of China.

  • Qihoo 360 Technology Co. was founded in 2005
  • based in Beijing, the People's Republic of China.
  • Ticker QIHU [NYSE]
  • Industry: Internet Service Providers

Its principal products include 360 Safe Guard, an Internet security product for Internet security and system optimization; 360 Anti-Virus, an anti-virus application to protect users' computers against trojan horses, viruses, worms, adware, and other forms of malware; and 360 Mobile Safe, a security program for the Google Android, Apple iOS, and Nokia Symbian smartphone operating systems.

The company's platform products comprise 360 Safe Browser, a Web browser; 360 Personal Start-up Page, a default homepage of 360 Safe Browser and a key access point to popular and preferred information and applications; 360 Application Store, a key access point to securely obtain and manage software and applications; and 360 Safebox, a solution that protects users against thefts of personal account information. It also provides online advertising services, including online marketing services and search referral services; and Internet value-added services comprising the operation of Web games developed by third-parties, remote technical support, and cloud-based services.

The company was formerly known as Qihoo Technology Company Limited and changed its name to Qihoo 360 Technology Co. Ltd. in December 2010.

Friday, June 17, 2011

Bankrate (RATE) began trading on the NYSE on 17 June 2011

  • Bankrate was founded in 1976 by Robert K. Heady as a print publisher of the "Bank Rate Monitor."
  • Today, Bankrate, Inc.'s online network includes Bankrate.com as well as CreditCards.com, Caring.com, Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, ThePointsGuy.com, Bankrate.com.cn, CreditCards.ca, NetQuote.com, CD.com, Walla.by and Quizzle.
In June 2011, Bankrate raised a total of $300 million in gross proceeds with a successful Initial Public Offering on the New York Stock Exchange.
    In December 2011, Bankrate priced a secondary offering of 12.5 million shares at $17.50 per share.


    The company sold 20 million shares for $15 each, raising $300 million. It had planned to sell shares for $14 to $16 each. Based on 100 million shares outstanding at the time of the IPO, Bankrate now has a market value of around $1.5 billion.

    That means Apax Partners, which acquired Bankrate via Ben Holding S.a.r.l. for $571 million in 2009, has more than doubled its investment.

    Pershing Square Capital considering an IPO

    William A. Ackman, the head of Pershing Square Capital Management, one of the most closely watched hedge fund managers, is weighing whether to raise capital for a new fund through an initial public offering, according to people briefed on the matter.
    Mr. Ackman is planning to raise billions of dollars for a closed-end fund that would be listed on an exchange, one of these people said, adding that the plans were not complete. The firm itself would not go public.
    AR magazine reported earlier that Mr. Ackman was considering an IPO. for a new fund. A spokeswoman for Pershing Square declined to comment.
    Still, Mr. Ackman has been vocal about his desire to find a more permanent base of capital. In his most recent letter to investors, Mr. Ackman wrote that a more stable capital base would allow him to invest more freely, without the worry that money could be withdrawn during times of distress. That, in turn, he contends, would allow him to produce greater returns since he would no longer have to keep money sidelined in case investors want it back.
    The successful creation of a public fund could inspire other hedge funds to follow suit, given Mr. Ackman’s influential reputation in the industry.
    So-called sticky money has become something of an obsession for hedge fund managers. Some funds lost billions of dollars when investors demanded their money back during the financial crisis, forcing them to sell into the market’s downward spiral. The funds that tried to block the withdrawals — a controversial practice known as gating — only created ill will among their investors.
    As a result, some hedge fund managers, who normally prize the private nature of their business, are increasingly turning to the public markets to work around the problem.
    Philip Falcone, the embattled chief of Harbinger Capital Partners, bought a publicly traded shell company to hold certain investments. Brevan Howard and CQS Management, two British hedge funds, have created publicly listed funds to invest.
    And a few hedge funds have gone public, including Och-Ziff Capital Management and the Fortress Investment Group. Those firms did not publicly raise money for investing, however.
    Other hedge funds have spurned public solutions and have instead demanded that investors sign contracts that prevent them from pulling their money for a certain number of years, though that has been a tough sell since the financial crisis. Many funds are insulated because much of the money in their fund belongs to employees, who are less likely to withdraw their investments in a panic.
    In the case of Mr. Ackman, only about 10 percent of the assets he invests belong to him and his employees.
    His possible plan for a public fund comes at a time of impressive returns at the firm, which currently oversees some $10 billion. An activist investor, he takes large stakes in public companies then agitates for change. That strategy has produced annual average gains of 20 percent since 2004.
    At 45, Mr. Ackman is no stranger to the limelight, cultivating a public persona that radiates both boyish charm and classroom smart aleck. He frequently takes his campaigns to the media, calling on management to make changes to their businesses and fighting for seats on the corporate boards. He took home $390 million last year, AR magazine estimated.
    Mr. Ackman is a concentrated investor, ignoring the popular consensus on the importance of diversification by putting his money into just eight to 10 positions at a time. Investing a small amount in numerous companies is a strategy for those who do not know what they are doing, he has said.
    Among Mr. Ackman’s most lucrative trades was the mall operator General Growth Properties, which he began investing in during the depths of the financial crisis. Mr. Ackman argued that its rich portfolio of properties, like the Tysons Galleria in Northern Virginia and Water Tower Place in Chicago, were worth far more than what the market thought.
    From the start, he loudly and publicly urged the company to file for bankruptcy, which it did in April 2009. He then lent the company $375 million to continue operating in bankruptcy, which granted him more say in matters.
    Eventually, he pushed the company to split in two and became chairman of a spinoff containing some of the properties the company considered undervalued. The flagship company, meanwhile, emerged from bankruptcy last year and the share price skyrocketed. On Thursday, the company’s shares closed at $15.94. Mr. Ackman bought his stake in the company for less than $1 a share.
    At a conference late last year, Mr. Ackman said the trade was “the best bet of my life.”
    But his losses are often as public as his wins.
    In 2007, Mr. Ackman formed a $2 billion special fund for an investment in one specific company: Target. He mounted a public campaign, hoping to unlock value by pushing the company to sell its credit card receivables business and the real estate under its stores. The company conceded on certain points but remained defiant, a posture that ended in a bitter showdown that Mr. Ackman lost when he failed to get enough shareholder votes to unseat members of the company’s board.
    One of his most recent victories came this week. Last October, the money manager disclosed a significant stake in J. C. Penney, which back then was trading below $30. On Thursday, the stock, which rose sharply earlier in the week on news that Ron Johnson of Apple would be its next chief executive, closed at $34.27.
    Mr. Ackman has a paper profit of more than $450 million on his shares as a result.

    Thursday, June 16, 2011

    Pandora : drops 23.88% on 2nd day of trading

    Pandora shares fall 23.88% after IPO rally. The Oakland, Calif.-based Internet radio service, the latest technology start-up to go public, is expected to continue to lose money over the next couple of years as it works to build up its business and revenue base, analysts say.


    Pandora Media Inc., the Internet radio company, is valued almost as highly as traditional U.S. station owners combined even after its shares plummeted on their second day of trading.
    The chart below compares Pandora’s capitalization as of yesterday with the total value of 10 radio-station operators.  The group includes CC Media Holdings Inc., the owner of Clear Channel Communications Inc., as well as Citadel Broadcasting Corp. and Cumulus Media Inc., Citadel’s would-be buyer.
    Pandora, based in Oakland, California, had a market cap of $2.12 billion after tumbling 24 percent to $13.26 yesterday. The industry valuation was $2.23 billion.
    “The issue with Pandora is: How far will it fall?” Francis Gaskins, president of IPODesktop.com, told Bloomberg Television yesterday in an interview. “I just don’t see a floor right now in that stock.” Rich Greenfield, an analyst at BTIG LLC, set a $5.50 estimate for the next 12 months when he started
    coverage with a “sell” rating yesterday.
        
    Beasley Broadcasting Group Inc., Emmis Communications Corp., Entercom Communications Corp., Radio One Inc., Saga Communications Inc., Salem Communications Corp. and Spanish Broadcasting System Inc. were included with CC Media, Citadel and Cumulus in calculating the industry’s value.
       
    CBS Corp., whose radio unit generates less than 10 percent of the company’s revenue, and Sirius XM Radio Inc., a satellite broadcaster, were excluded. Their market values as of yesterday were $17 billion and $7.66 billion, respectively.

    Russia’s Global Ports plans $750-million IPO

    Russia’s Global Ports is seeking up to $750-million (U.S.) from an initial public offering of shares in London, a source close to the deal said, the latest Russian firm to raise funds from capital markets.

    The company, a unit of private transportation and infrastructure holding group N-Trans, said it would issue $100-million of new shares and N-Trans would sell an unspecified number of existing shares to deliver a free float of 25 per cent.

    A source close to the deal said analysts had calculated a “fair value” for the company of around $3-billion, meaning a total of $750-million could be raised from the IPO if investors agree on the sums.

    “There will be a significant secondary component to the offering, although the public market will determine the final valuation,” the source said.

    The company, which controls around 30 per cent of Russia’s container ports market, said it will invest the net proceeds from the sale of the new and existing shares in its ports operation.


    Russian companies have raised $3.4-billion from IPOs in 2011 to date, compared with around $5.5-billion during the whole of last year.

    The standout deal was the blockbuster $1.4-billion Nasdaq IPO of Russia’s most popular search engine Yandex last month, but there have been more cancellations than successes as investors remain wary of perceived risks surrounding Russian firms.

    The Global Ports announcement came as French luxury goods firm Moncler cancelled plans for a stock-market float after investment company Eurazeo agreed to buy a 45 per cent stake.

    Fashion house Prada is pushing ahead with its long-held IPO plans, setting a price range that could fetch up to $2.6-billion in Hong Kong.

    Global Ports could become a third successful IPO from the N-Trans company following the floats of freight operator Globaltrans Investment and road and bridge operator Mostotrest.

    Mostotrest raised $388-million in Moscow last November, although the shares have since lost ground.

    Global Ports said its revenue grew by 61 per cent to $122.9-million in the first quarter of this year, while earnings before interest, tax, depreciation and amortization more than doubled to $67.3-million.

    The Russian container ports market has grown by 18.6 per cent on an annual basis since 2000 and is expected to continue at a similar rate, the company said, citing Drewry Shipping Consultants.

    Global Ports hired Deutsche Bank, Goldman Sachs, Morgan Stanley and Troika Dialog as joint organizers of the offering.