initial public offerings (IPOs) trading on American exchanges

Wednesday, May 30, 2012

Graff Diamonds pulls $1 billion IPO


HONG KONG—London-based jeweler Graff Diamonds Corp. said Thursday in a press release it has decided to postpone its $1 billion initial public offering in Hong Kong owing to adverse market conditions that hurt demand.
Graff's is the largest IPO to be withdrawn in Asia so far this year, amid a string of pulled share sales in recent days. Car dealer China Yongda Automobiles Services Holdings shelved its up to $433 million Hong Kong IPO earlier this week, while mining firm China Nonferrous Mining Corp. postponed its $313 million deal. In Singapore, M&L Hospitality Trusts called off its IPO last month. Hurting investor appetite for new listings has been the weak performance of markets amid concerns about Europe's debt crisis. Hong Kong's benchmark Hang Seng Index is down more than 10% this month.
The postponement of Graff's IPO also comes as diamond ring specialist Tiffany & Co. cut its outlook for the year, citing lower sales growth in the U.S.
"The company enjoyed high quality engagement on its business and strategy from a very broad range of prospective investors. However, consistently declining stock markets proved to be a significant barrier to executing the transaction at this time," said in the Graff's press release.
Graff had been selling its shares at HK$25 to HK$37 each, translating 18-24 times 2012 forecast earnings and valuing the company at up to US$4 billion.
The company had scheduled to price the deal Friday and to list on the Hong Kong stock exchange June 7.
Rothschild is the financial advisor on the Graff IPO, while Credit Suisse Group, Deutsche Bank AG, Goldman Sachs Group Inc., HSBC Holdings PLC and Morgan Stanley are bookrunners.

Kayak IPO delayed after Facebook flop

Kayak Software Corp. slowed its march to the stock market in one of the clearest examples yet of the fallout from Facebook Inc.'s (FB) tumultuous initial public offering.
Kayak, which runs a travel-listings website, didn't launch its "roadshow" to pitch the stock to large investors, an event that had been expected to begin around Memorial Day, people familiar with the matter said. Morgan Stanley (MS), the lead bank on the Facebook deal, also is leading the Kayak deal. With Facebook proving a disappointment for many investors, timing for the Kayak deal is uncertain now, the people said, adding that the company is assessing investors' current appetite for Internet stock deals.
"We're waiting for market conditions to meet our requirements" for an IPO, said Kayak spokeswoman Jessica Casano-Antonellis on Wednesday. She said the IPO hasn't been delayed because the company never set a time frame for its offering.
As the first significant Internet IPO expected after Facebook's debut nearly two weeks ago, Kayak was shaping up as a big test both of the IPO market and of Morgan Stanley, which has endured criticism that it overestimated demand for Facebook shares.
On Wednesday, the shares fell another 2.25% to $28.19, leaving them down more than 25% from their IPO price of $38.
The Facebook developments led Morgan Stanley's chief executive, James Gorman, to internally defend the firm's role the IPO. During a weekly strategy meeting Tuesday that was webcast to employees, he called the steep decline in Facebook's stock "disappointing." He also said malfunctions on the Nasdaq Stock Market in the opening hours of trading in Facebook caused "unprecedented confusion and disarray."
Mr. Gorman told employees to "be proud of the job your colleagues did and don't judge us based upon what happened over a couple of days."
In a sign of how important the Kayak deal is to Morgan Stanley, the firm's star technology banker, Michael Grimes, recently brought up the Facebook IPO in conversations with Kayak board members and said he stood by its execution, people familiar with the matter said. He was the main consultant to Facebook on its IPO. He also pledged to devote his full energies to Kayak in the coming weeks, the people added.
Mr. Grimes was among the individuals Mr. Gorman praised in the Tuesday meeting. In the discussion, Mr. Gorman recounted a phone call he said he received from Facebook's chief operating officer, Sheryl Sandberg, this past Friday evening. Mr. Gorman said Ms. Sandberg praised the company and offered Morgan Stanley a professional reference for its work on the deal. Facebook didn't immediately respond to a request for comment.
Kayak is expected to take the Facebook experience into account when setting its own share price, people familiar with the matter said, adding that it will likely lean toward a conservative offer price. Ms. Casano-Antonellis said "our valuation expectations haven't changed."
She added that Kayak is happy with the advice from Morgan Stanley and still plans to list on Nasdaq.

Unlike websites such as Expedia Inc. (EXPE) and Priceline.com Inc., (PCLN) Kayak for the most part doesn't itself sell airline tickets or hotel bookings. Instead, Kayak lets Web surfers search for travel options, and the company makes money when it directs people to book travel on websites of airlines, hotels or other travel services. Kayak also sells online ads.

Even before the Facebook IPO, Kayak has faced a rocky road to its IPO. Competition for online travel services is increasing, including offerings from tech giants such asGoogle Inc. (GOOG) that are making a bigger plunge into offering flight-and-vacation services.
Against the stiff competition, Kayak continues to grow. In the first three months of the year, consumers did 310 million travel searches on Kayak, according to its IPO documents, or 45% more than the same stretch in 2011. Kayak's revenue rose 32% last year to $224.5 million—less than one-fifteenth the size of publicly traded peers Expedia and Priceline. Kayak is profitable.

Kayak has had IPO documents on file for 18 months, four times longer than the average U.S. stock-market debutante, according to research firm Dealogic.

Scott Sweet, senior managing partner at IPO Boutique LLC, a Florida-based IPO advisory and research firm, said many of his retail investor clients would have likely abstained from buying into Kayak if it launched now after they feel burned in Facebook. "A lot of people are saying they will wait to see the next IPO work before they step in again," Mr. Sweet said. "So there is going to be a freeze for a while."

Separately, London-based jeweler Graff Diamonds Corp. said Thursday it has decided to postpone its $1 billion initial public offering in Hong Kong owing to adverse market conditions that hurt demand. Graff's deal is the largest IPO to be withdrawn in Asia so far this year, amid a string of pulled deals in recent days.

Sunday, May 27, 2012

Disappointing May for IPOs : only 10 companies went public

With no initial public offerings firmly scheduled for this week, it should be the second-lowest month so far this year based on the number of deals that were priced, after January's paltry three. In May 2011, 18 companies went public.
The month's bright spot was the amount of money raised: $18.52 billion, thanks to the $16 billion-plus from the Facebook deal. The month's total is the highest dollar amount since November 2010, when $21 billion was raised, thanks to a megadeal from General Motors Co., according to Ipreo.
Six of May's debuts were priced below their expected ranges. Although all but one—propylene producer PetroLogistics LP(PDH) —notched first-day gains, the majority were minor. Only two, benefits administrator WageWorks Inc. (WAGE) and Ignite Restaurant Group Inc., closed up more than 15%. Six rose less than 10%, the minimum deemed a suitable first-day "pop."
More than half of the 15 most-recent IPOs were below their offering prices through Friday, compared with only four of the top 15 last month at this time, according to Ipreo, a market-intelligence firm. That includes the two largest deals in May by dollars raised: private-equity firm Carlyle Group LP (CG) and Facebook, which were down 2.2% and 16%, respectively, from their IPO prices. It is hard to say how Facebook's performance will affect the IPO market beyond likely damping enthusiasm for social-media deals in the near term. The week before the Memorial Day weekend and the two weeks that follow tend to be slow for IPOs in the U.S., and the broader stock market has trended down this month, making it harder to interest investors in new public companies.
Two IPOs were postponed last week, citing market conditions, but they were small offerings without much sizzle to their stories.
Looking ahead, one company plans to start its investor meetings, or "roadshow" on Tuesday, according to Brad Hammond, president of NetRoadshow Inc., an Atlanta company that operates websites on which prospective IPOs hold online investor presentations and which is open to retail investors. But even he won't know which company that is until Tuesday; it registers using a code name.

Friday, May 25, 2012

As Facebook falls, IPO pullback begins

(MarketWatch) — Corsair Components Inc., which makes computer storage memory and gaming products, and Tria Beauty Inc., whose laser-hair removal and esthetic products are likely to been seen in late-night infomercials, might be as diametrically opposite as two companies can be.


However, by Thursday, the two companies had one thing in common: Both had postponed their initial public offerings in the wake of the now-controversial debut of Facebook Inc. (NASDAQ:FB)  
“Corsair and Tria postponed their offerings and that doesn’t surprise me in the least,” said Scott Sweet, senior managing partner with IPO Boutique. “Who would have predicted a week ago that the biggest debacle in IPO history was about to go down?”
Normally, it wouldn’t be such a big deal for such small-cap companies to pull back from going public. Sweet said both Corsair and Tria would likely have had to drastically cut their proposed price ranges if they had gone ahead with their offerings.
Corsair had earlier said it hoped to sell almost 7 million shares at between $12 and $14 each, while Tria set a range of $13 to $15 a share for the 4.6 million shares it had intended for its public stock offering.
But while both companies simply cited the generic “market conditions” reason for their delays, the fact that the postponements came during a week of ongoing fallout over Facebook’s IPO suggests that big changes may be in the works regarding what type of companies will have the fortitude to test the public market’s appetite for investing in IPOs. 
The line of companies looking to go public hasn’t completely shrunk. Since late March, IPO filings have come from the likes of ServiceNow, which does software-as-a-service, Reval Holdings, a cloud-computing software company, and online legal services provider LegalZoom.com. Reval’s lead underwriter is Bank of America/Merrill Lynch (NYSE:BAC)  , while ServiceNow and LegalZoom have Morgan Stanley (NYSE:MS)   — which led Facebook’s IPO — as their lead underwriter.
Network-security technology company Palo Alto Networks, which filed to go public on April 6, also has Morgan Stanley as its lead underwriter. Analysts have pointed to Palo Alto Networks, which specializes in information security for enterprises, as candidate for a solid IPO.
Click to Play


Officials from Palo Alto Networks refused to comment on whether the debacle surrounding Facebook over the last week has altered any of their IPO plans.
That debacle involves Facebook’s less-than-stellar opening day performance, followed by what has been a decline of more than 16% from the company’s $38-a-share IPO price. It also includes the Nasdaq’s botched handing of the IPO out of the gate, and now, lawsuits against Facebook and its lead underwriters, including Morgan Stanley, over information that might not have been shared with potential investors.
“There are going to be some more lasting effects,” said Kris Tuttle, director of research at Soundview Funds. “For one, individuals were largely out of the market, and this cements that trend.”
Sweet, of IPO Boutique, said that of the 187 companies that he says have filed the necessary documents to go public, “It should be noted that there is not a single IPO in the pipeline that has set pricing terms.” Sweet also noted that IPO pricings typically slow down around the Memorial Day holiday week in the U.S.
“Whether its tech, consumer goods, or oil, there’s not likely to be anything going on for a couple of weeks,” Sweet said.
James Krapfel, equity analyst with Morningstar Inc., agreed that regardless of the type of company involved, IPO activity is likely to slow down considerably over the coming months, due to several factors, not the least of which is a typically slower overall business environment in the summer.
“It’s partly due to the Facebook fiasco,” Krapfel said. “But also because the weaker stock market will make it increasingly difficult for lower quality companies, which constitute the majority of IPO backlog, to successfully price their shares.”

Facebook (FB) - one week later


Thursday, May 24, 2012

Some Big Firms Got Facebook Warning


Capital Research & Management wanted to buy into the Facebook (FC) initial public offering. But days before the IPO, an underwriting bank on the deal warned the big investment firm about Facebook’s dimming revenue prospects.
The Los Angeles firm, armed with information from a May 11 “roadshow” meeting with underwriters and Facebook, along with similar estimates of its own, slashed the number of shares it intended to buy. The night before trading began, a Capital Research manager told a banker at Morgan Stanley (MS) the lead underwriter, that the deal’s pricing was “ridiculous,” according to a person familiar with the situation. Some Capital Research fund managers didn’t buy into the IPO at all, say people familiar with the matter.
Jennifer Kohne received no such warning. The 52-year-old retired medical-device salesperson in St. Louis bought 3,000 Facebook shares Friday at $42 through an online brokerage and now sits on losses of $30,000 based on Wednesday’s closing price of $32. “We don’t get the information that these institutional fund managers are getting,” she says. “We’re at a disadvantage.”

Zynga Defends Acquisition


The San Francisco-based company on Thursday plans to announce an agreement with animation studio DreamWorks Animation SKG Inc. to place additional advertising in the game. Zynga believes it's the start of new revenue-generating possibilities that will justify the controversial acquisition.
Zynga, known for developing some of the most popular games played by Facebook Inc. users, has seen its stock fall by nearly half in the past two months. One factor is the company's dependence on Facebook, whose own growth and valuation has come into question since its initial public offering Friday. But the decline began around the time of its March 21 purchase of "Draw Something" creator OMGPOP Inc.
The $183 million deal, though not expensive by many measures, was Zynga's largest to date and came when the game may have hit at least a temporary peak.
"Draw Something," which is a bit like Pictionary, asks players to make sketches that illustrate words and have others guess what they drew. It had been downloaded 50 million times in its first 50 days, making it one of the fastest growing games to date.
Players posted images of their drawings on Facebook and Twitter, where the game quickly garnered a following. At peak times, players were creating 3,000 drawings per second, helping to push it to the top of Apple Inc.'smobile application store's rankings as the most downloaded game, as well as its highest grossing.
But the excitement around the game appears to have quickly worn off. As of Tuesday, "Draw Something" had slipped to the 18th top paid app on Apple's App Store, and the 23rd highest grossing. And although Zynga hasn't said how many people play the game, the number of people who log into it using Facebook has fallen by nearly half from a high of about 14.5 million per day when the company was purchased to roughly 7.6 million on Tuesday, according to market researcher AppData.

Wednesday, May 23, 2012

Facebook looks to switch listing to NYSE


Facebook Inc. (FB) is looking to move its listing to the New York Stock Exchange in the wake of its rough $16 billion initial public offering on the Nasdaq exchange, according to media reports Wednesday. 

NYSE Euronext  (NYX) , which runs the New York Stock Exchange, reportedly denied it's discussed a listing-switch with the social-media company.

Facebook's trading debut was delayed by 30 minutes, with Nasdaq OMX Group (NDAQ) later saying problems getting trade confirmations to brokers were caused by previously undiscovered software glitches. The Securities and Exchange Commission and the Financial Industry Regulatory Authority are conducting their own reviews of the launch of Facebook's shares

Pandora Media Q1 Loss Widens, But Tops Views, Shares Up



Shares of Pandora Media Inc. (P) rose ten percent in extended trading on Wednesday after the internet radio company reported a loss and revenues that were better than what analysts' expected.

The Oakland, California-based company's net loss for the the quarter widened to $20.2 million from $9.1 million last year. But, on a per share basis, loss narrowed to $0.12 from $0.61 last year on a higher share count.

Excluding special items, adjusted net loss for the quarter was $14.7 million or $0.09 per share, compared to $4.3 million or $0.03 per share last year.


On average, 20 analysts polled by Thomson Reuters expected loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items. Revenues for the first quarter grew 58 percent to $80.8 million from $51.0 million last year.

Advertising revenues for the quarter rose 62 percent, while subscription and other revenues increased 38 percent year-over-year. Analysts estimated revenues of $74.34 million for the quarter. Looking forward to the second quarter, Pandora expects adjusted loss in a range of $0.03 to $0.05 per share, and revenues of $99 million to $101 million.

Analysts currently estimate loss of $0.03 per share on revenues of $99.91 million for the second quarter. The company improved its full-year 2013 financial outlook. Pandora now expects adjusted loss in a range of $0.07 to $0.11 per share, and revenues of $420 million to $427 million.

Previously, Pandora anticipated adjusted loss in the range of $0.11 to $0.16 per share on revenues of $410 million to $420 million. Analysts currently estimate loss of $0.17 per share on revenues of $415.87 million for the full year.

P closed Wednesday's trading at $10.35, up $0.37 or 3.71% on a volume of 3.5 million shares. The stock further gained $1.02 or 9.87% in after-hours trading.

Tuesday, May 22, 2012

Facebook (FB) - 3rd day of trading (22 May 2012)

Facebook is adding a lot more new ads to their pages, while their stock keeps sliding on its 3rd day of trading.



Monday, May 21, 2012

Michael Kors (KORS) is a buy


  • earnings 12 June 2012
** daily **
** weekly **

Facebook (FB) - second day of trading (21 May 2012)




  • Tiger Global upped the number of shares it will sell to 23.4 million, from 3.4 million.
  • Mail.ru upped its planned sale to 19.6 million from 11.3 million.
  • Accel Partners now plans to sell 49 million shares, up from 38.2 million.
  • DST Group will sell 45.7 million shares, up from 26.3 million.
  • Goldman Sachs will sell 28.7 million shares, up from 13.2 million.
  • Greylock will sell 7.6 million shares, up from 7 million.
  • Peter Thiel will sell 16.8 million shares, up from 7.7 million



Friday, May 18, 2012

Facebook (FB) started trading on the NASDAQ on 18 May 2012

 
IPO price: $38
  • FB sold 421 million shares Thursday at $38 after bumping up the price range from the original $28 to $35 per share. 
  • The stock began trading above $42 Friday morning and came under pressure in the afternoon, spending much of the final half hour just above $38 before finishing at $38.23. (The stock traded as high as $44 in the private market in March.) Without reported support from the deal underwriters, the shares might have fallen below $38 in what would have been a big embarrassment for Facebook and Wall Street.








Monitors in Times Square on May 18 showed the news of Facebook trading on the Nasdaq.

Spectators waited outside the Nasdaq stock exchange for Facebook's share price to be posted during its debut on May 18.



Zynga (ZNGA), Groupon (GRPN) and LinkedIn (LNKD) volatility stays elevated as shares trade lower after Facebook (FB) IPO.

  • Zynga June put option implied volatility is at 107, September is at 87; above its 19-week average 68. 
  • Groupon June put option implied volatility is at 146, July is at 132 above its 26-week average of 57. 
  • LinkedIn June put option implied volatility is at 64, July is at 58; compared to its 26-week average of 62.

Monday, May 14, 2012

Millennial Media (MM) - profile

Millennial Media is the second-largest mobile advertising platform company. Millennial Media technology, tools and services help developers maximize their advertising revenue. 

  • 14 May 2012: Millennial Media (MM) slumped 9.1 percent to $14.05. The company forecast sales in 2012 will be no more than $176 million, falling short of the average analyst estimate of $202.8 million.
  • In February 2012, its platform reached over 300 million users worldwide, including approximately 140 million users in the United States. 
  • More than 30,000 apps are enabled by their developers to receive ads delivered through its platform, and the Company can deliver ads on over 7,000 different mobile device types and models. 
  • Its platform is compatible with all major mobile operating systems, including Apple iOS, Android, Windows Phone, Blackberry and Symbian. 
  • In February 2012, it processed over 45 billion ad impressions. 
On May 6, 2011, the Company acquired 100% interest of Condaptive, Inc.

The Company’s technology and data platform, known as MYDAS, determines in real-time which ad to deliver.

Millennial Media offers audience reach, targeting capabilities and the opportunity to deliver interactive and engaging ad experiences to consumers on their mobile connected devices. The Company’s developer base includes mobile Web publishers, such as CBS Interactive and The New York Times, and app developers, such as Zynga, Rovio and Pandora, as well as other developers, such as UberMedia and Gogii. Its advertiser clients include advertising agencies and brands, including 23 of the top 25 national advertisers as ranked by Advertising Age magazine, or Ad Age, based upon United States ad. During the year ended December 31, 2011, approximately 10% of the Company’s revenue was derived from outside of the United States.

Address

2nd Floor, Suite, Signature Building 2400 Boston Street
BALTIMORE, MD 21224
United States

Bought GRPN before earnings (today after market close)


After hours: Groupon (GRPN) rallied 13% to $13.23. The company posted a first-quarter profit of 2 cents a share, exceeding the average analyst estimate of 1 cent. The Chicago-based company also forecast revenue in the second quarter will be as much as $590 million, beating the $558.7 million projected by analysts.




** weekly **


Facebook - profile

Facebook is nothing less than a stunning force in marketing. Founded just 7 years ago in a college dorm room, the site now boasts over 750 million active users worldwide (Source: Wikipedia). In the U.S., the site is projected to boast over 150 million users next year (that’s almost half of all Americans!).


  • 5/14/12 : The social network raised its price range to $34 to $38 a share, resulting in a target valuation of up to $104 billion.
  • With a valuation of $65 billion, co-founder and CEO Mark Zuckerberg's 24% stake is worth more than $15 billion, by far the largest stake in the company. Several other early employees and investors also have multibillion-dollar stakes in Facebook.
  • DST, of Russia, and the Silicon Valley venture capital firm Accel Partners each own 10% of the company, with each stake now worth $6.5 billion.
  • Facebook co-founders Dustin Moskovitz and Eduardo Saverin own stakes of 6% and 5%, respectively worth $3.9 billion and $3.25 billion. Sean Parker, an early investor and former executive of the original Napster music service, owns 4%, worth $2.6 billion. Peter Thiel, who founded PayPal and now runs a hedge fund, owns 3%, or $1.95 billion.


Facebook is the world’s largest social network, with over 500 million users. Facebook was founded by Mark Zuckerberg in February 2004, initially as an exclusive network for Harvard students. It was a huge hit: in 2 weeks, half of the schools in the Boston area began demanding a Facebook network. Zuckerberg immediately recruited his friends Dustin Moskovitz and Chris Hughes to help build Facebook, and within four months, Facebook added 30 more college networks.

The original idea for the term Facebook came from Zuckerberg’s high school (Phillips Exeter Academy). The Exeter Face Book was passed around to every student as a way for students to get to know their classmates for the following year. It was a physical paper book until Zuckerberg brought it to the internet.

With millions more users, Friendster attempted to acquire the company for $10 million in mid 2004. Facebook turned down the offer and subsequently received $12.7 million in funding from Accel Partners, at a valuation of around $100 million. Facebook continued to grow, opening up to high school students in September 2005 and adding an immensely popular photo sharing feature the next month. The next spring, Facebook received $25 million in funding from Greylock Partners and Meritech Capital, as well as previous investors Accel Partners and Peter Thiel. The pre-money valuation for this deal was about $525 million. Facebook subsequently opened up to work networks, eventually amassing over 20,000 work networks. Finally in September 2006, Facebook opened to anyone with an email address.

In the summer of 2006, Yahoo attempted to acquire the company for $1 billion dollars. Reports actually indicated that Zuckerberg made a verbal agreement to sell Facebook to Yahoo. A few days later when Yahoo’s stock price took a dive, the offer was lowered to $800 million and Zuckerberg walked away from the deal. Yahoo later offered $1 billion again, this time Zuckerberg turned Yahoo down and earned instant notoriety as the “kid” who turned down a billion. This was not the first time Zuckerberg turned down an acquisition offer; Viacom had previously unsuccessfully attempted to acquire the company for $750 million in March, 2006.


For more than a year, the fastest growing demographic on Facebook in the U.S. has been adults ages 45-55. Today, seventy-two percent of Facebook’s users are between 25 and 54 - with nearly equal distribution among all consumer age groups (Source: Socialmediatoday).

Are you ready for this jaw-dropper? That means 93% of adult U.S. Internet users are on Facebook (Source: Hubspot).



Not only that, but U.S. consumers aren’t just dabbling around Facebook occasionally. They’re devouring it daily. A study last year showed that half of all Facebook users admitted they check it every day, often multiple times. And the Bureau of Labor Statistics estimates the average user spends more than 11 hours per month on the site.

That makes Facebook the biggest “time sink” on the Internet.

According to eMarketer, Facebook continues to entrench itself into consumer’s daily lives through diversification. No longer is the site primarily for keeping up with who is in a relationship with whom. What started as a “play” social network, eMarketer says, “has evolved into an all-purpose destination that is beginning to replace e-mail, instant messaging, video-sharing, gaming, and other activities that were otherwise scattered across unconnected venues.”

Considering these stats, it’s no wonder that around 80% of all businesses have by now created a Facebook page. In fact, a brand new Duke University survey of 249 U.S. Chief Marketing Officers indicated that, on average, they plan to dramatically increase use of social media over the next five years.

Facebook’s competitors include MySpace, Bebo, Friendster, LinkedIn, Tagged, Hi5, Piczo, and Open Social.

Mark Zuckerberg
Chairman and CEO, Facebook

Mr. Zuckerberg, or 'Zuck,' as he's known to friends and family, launched Facebook from his Harvard dorm room in 2004.

He soon dropped out of school and moved to Palo Alto, Calif., to focus his full attention on the company.

Upon the initial public offering, he will be one of the richest people in the world, on paper.

Mr. Zuckerberg owns 533.8 million shares.

Accel Partners
Led by Partner Jim Breyer

In one of the most storied bets by a venture-capital firm, Accel took a chance on Facebook in 2005 with a $12.7 million investment at a $93 million valuation.

Mr. Breyer kicked in $1 million of his own money and joined the board.

Accel owns 201.4 million shares.


Dustin Moskovitz
Co-Founder, Facebook

A college roommate of Mr. Zuckerberg and eight days younger, Mr. Moskovitz also dropped out of Harvard and moved to Palo Alto to focus fully on Facebook.

He left the company in 2008 to launch Asana, the maker of a Web-collaboration tool.

Mr. Moskovitz owns 133.7 million shares.

DST Global
Led by Founder Yuri Milner

Russian investor Mr. Milner, who founded and leads DST Global, wooed Mr. Zuckerberg in 2009 with a major investment in the social network.

DST Global made subsequent investments in Facebook, as well as investments in other high-profile Web start-ups such as Groupon, Twitter and Zynga.

DST Global owns 131.3 million shares.

Friday, May 11, 2012

Edwards Group Limited (EVAC) started trading on the NASDAQ on 11 May 2012


  • On 19 August 2013 it was announced that Edwards had been wholly acquired by Atlas Copco Compressors, becoming the Vacuum Solutions division of Atlas Copco. and Geert Follens was appointed Divisional president. The acquisition was completed in January 2014.

United Kingdom, May 10, 2012 (GLOBE NEWSWIRE) -- Edwards Group Limited (Nasdaq:EVAC) ("Edwards") announced today that it has priced its initial public offering of 12,500,000 American Depositary Shares ("ADSs") at $8.00 per ADS. The ADSs will begin trading on The NASDAQ Global Select Market on May 11, 2012 under the ticker symbol "EVAC."



The underwriters have been granted an option to purchase up to 1,875,000 additional ADSs from specified selling shareholders in the offering, which include entities affiliated with members of Edwards' board of directors.

Edwards intends to use the net proceeds it receives from the offering to repay in part the term loans under its first lien credit agreement. Edwards will not receive any proceeds from the sale of the ADSs, if any, by the selling shareholders.

 Barclays Capital Inc., Goldman, Sachs & Co. and Deutsche Bank Securities Inc. are the book-running managers for the offering. RBC Capital Markets, LLC, Piper Jaffray & Co. and Lazard Capital Markets LLC are the co-managers for the offering. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from the prospectus department of Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: +1 888 603-5847 or email: Barclaysprospectus@broadridge.com; from Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, phone: 1-866-471-2526 or email: prospectus-ny@ny.email.gs.com; or from Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, phone: 1 800 503-4611 or email: prospectus.CPDG@db.com.

About Edwards 
 Edwards is a leading manufacturer of sophisticated vacuum products and abatement systems and a leading provider of related value-added services for the manufacture of semiconductors, flat panel displays, LEDs and solar cells and a leader in vacuum technology for industrial, pharmaceutical, chemical, scientific, process, glass coating and food packaging industries as well as a wide range of R&D applications. Edwards has over 3,300 full-time employees and over 600 temporary workers operating in approximately 30 countries worldwide engaged in the design, manufacture and support of high technology vacuum and exhaust management equipment.

Proofpoint ( PFPT) started trading on the Nasdaq on 20 April 2012





Customers Bancorp : Sidhu says IPO pulled because of investors



Customers Bancorp, led by former Sovereign Bank CEO Jay Sidhu, has put off a stock offering. The Wyomissing, Pa., company said the decision was based on market conditions. 

 May 10--It only took Jay S. Sidhu, chairman and CEO of Customers Bancorp, two days to realize that he wasn't going to get the price he wanted from institutional investors for the bank's proposed initial public stock offering.

Customers Bancorp, Wyomissing, told the Securities and Exchange Commission Tuesday that the bank was withdrawing its pending $115 million IPO.

Last week, Keefe, Bruyette & Woods, underwriters, had priced the IPO at $13 to $15 a share. Sidhu said the investors told him that they wouldn't pay $13 a share, saying they could not value the stock higher due to trouble in the European markets. It didn't help that U.S. financial stocks fell during the two days as well.

We called on 20 different investment houses in New York and Boston over two days and there was a lot of interest, but at a certain price, Sidhu said. We weren't willing to accept that price, so I said let's postpone it. I don't see major improvement on the markets.

After Sunday, Customers Bancorp would have been required to supply new information to the SEC. The SEC doesn't track IPOs that are withdrawn, a spokeswoman said. The next opportunity to pursue an IPO would have been in July, and Sidhu said he didn't expect the turmoil in the world markets to be much better by then.

It was a quick decision to pull the IPO so it would not dilute the stock of existing (private) shareholders, Sidhu said. John S. Walker, finance professor of the College of Business at Kutztown University and a chartered financial analyst, said the decision to pull the IPO based on the sentiment of the institutional investors indicated that they are looking at the current earnings per share, two previous years of losses (because of acquisition costs) and the assumption of future growth in the community bank sector, which is filled with uncertainty. Evidently, they felt the $13 to $15 a share was too rich, Walker said. Sidhu said the bank will raise money privately as it has done since he took over the former New Century Bank in 2009. We're not desperate for capital, Sidhu said. We're a strong bank with lots of capital. We'll focus on raising private capital over the next two or three months. Sidhu said he doesn't expect Customers Bancorp to re-enter the IPO market before next year.

A spokesman for Keefe, Bruyette & Woods said he would not comment.

IPO market shows signs of life



By Matt Krantz, USA TODAY
Investors knew it would take awhile before the IPO market shook off the tech wreck. But not 12 years.
That's how long, though, it's taken for the initial public offering market to show signs of life after the dot-com IPO boom and subsequent spectacular bust.
After being almost comatose for years, the IPO market has hosted 63 deals this year and is expected to launch nine more this week, which would be the best start to a year since 2000, says Renaissance Capital. Add to that the biggest-ever technology IPO in Facebook -- which is expected next week -- and 2012 looks like the year IPO investors' bruises from the 2000 debacle may finally fade.
There's a huge pipeline of IPOs, says Kathy Smith of Renaissance Capital. There's lots to choose from for investors.
Even some entrepreneurs say the reception their IPOs are getting exceeded their expectations. It's a surprise how much demand and interest there was for the IPO of Infoblox, says CEO Robert Thomas. Shares of Infoblox, which helps companies find patterns in corporate data, jumped 33% their first day of trading in April.
The recovery of the IPO market has profound meaning not just for investors in newly public companies, but for the U.S. economy and all its participants. Since the stock market is a main pool of capital that allows companies to fund their expansion, grow and ultimately hire, a robust IPO market is critical to keeping money moving into new ideas. Venture capitalists, too, need a robust IPO market to allow them to cash in on their winners so they can move on to fund the next big idea.
The IPO market is regaining its swagger thanks to a bevy of fortunate coincidences working in concert to give investors the courage to step in and buy.
The strong stock market is perhaps the first prerequisite for an IPO recovery. The value of the Dow Jones industrial average, Standard & Poor's 500 index and Nasdaq composite index has roughly doubled from the low in 2009, notched during the financial crisis. Furthermore, the market's relative tranquility this year is a big help, says Renaissance's Smith. When investors are jittery about huge swings in the stock market, it's difficult for them to feel comfortable putting their money at risk on some of the potentially most volatile stocks available.
The resurgence of the IPO market coincides, too, with a second coming of Internet companies. As was the case in the last IPO boom, investors are dazzled by the seemingly endless opportunity of Internet companies. It was a social-networking stock, Theglobe.com, that kicked off the last IPO boom in 1998. Today, eyes are on big Internet and social-networking companies such as Facebook, Groupon and LinkedIn.
Not deja vu all over again
While the role of tech in both the IPO boom of today and the one ending in 2000 may be notable, IPO observers note that this renaissance is a different animal. Not only are the companies coming public much more seasoned than they were then, investors are much more skeptical.
The only thing in common between then and now is the word IPO, says John Fitzgibbon of IPOScoop.com.
Specifically, some of the key differences in the IPO market today from the boom time are that this time the deals are:
Still a far cry from the level of 2000. Having 63 completed deals so far is notable, since it's been years since that many companies have gotten out of the gate this early in the year. And the number of IPOs through April 2012, 58, is the highest during the first four months since 2000. Even so, the deal volume this year pales next to the activity in 2000, when more than 150 IPOs started trading at this point. And this year's IPO activity through Wednesday is a smidgen below the 66 completed IPOs through this point in May 2007, the last time IPO activity spiked higher before hitting rock bottom in 2008.
Coming from companies with better fundamentals. The companies coming public are much older and more financially sound than they were in 2000. Nearly 70% of the companies coming public today are profitable, Renaissance Capital says, while in 2000 just 30% of the companies with IPOs were making money. Additionally, companies coming public this year have been in business 26 years on average, which is twice the age of the average company making its debut in 2000. The bar is much higher, says Francis Gaskins of IPOdesktop.com.
Happening in a different marketplace. Large institutional investors, such as mutual funds and pension funds, drive the IPO market now as they did then. But in 2000, individual investors played a much more important role on the margins, says Gaskins. While individuals provided buying support for some household-name IPOs at first, such as Groupon, companies must now win over skeptical large investors who demand adequate returns. The market is very selective, he says.
Meanwhile, many of the smaller investment banks that were aggressive in bringing smaller companies public are gone now, as are some significant larger players, Fitzgibbon says. Firms including Alex. Brown, Montgomery Securities, Donaldson Lufkin & Jenrette, Lehman Bros. and Bear Stearns have vanished.
Subject to heavy discounting. Investors were battling each other to get IPO shares in 2000. Such intense interest caused the average IPO in 1999 to soar 72% on its first day. Many of those investors wound up overpaying and suffered losses as a result. Today, however, IPO prices are being slashed to lure in enough investors. The average IPO has gained 16% the first day. And more than 40% of IPOs have seen their share prices drop below their initial expected range, Renaissance says. That's the most discounting that has been done in the past 10 years, which is as long as Renaissance has tracked the data.
There is price sensitivity now, says Thomas of Infoblox, who took another tech company, NetScreen, public in 2001. Companies and their underwriters are pricing their IPOs at a level that may not attract speculators willing to pay top dollar, and flip, but investors willing to hold the shares longer term, he says.
Less reliance on a single industry. Roughly 60% of the IPOs in 1999 and nearly half in 2000 were tech or Internet-related, says Jay Ritter, professor of finance at the University of Florida. This year, 33% are, Renaissance says. While that's still a healthy percentage of the deals, there are also 23% from energy and 13% from financials.
Just the beginning?
Optimists say the IPO recovery might just be getting started. The current state of the IPO market resembles 1998, Fitzgibbon says, which was when leading companies such as eBay were testing the IPO market. If top companies go public this year, hold onto their gains and make investors money, expect investment bankers to keep feeding the fire, he says.
There's a huge backlog of companies that have been waiting for precisely this moment and are ready to pounce, Smith says. Demand only continues to mount as investors make money on IPOs. The FTSE Renaissance US IPO Index, which tracks the performance of IPOs for the two years following their first-day closing price, is up 10% this year. That's a solid return, topping the Standard & Poor's 500 index's 7.7% gain.
Some are skeptical, though, that the IPO market can ever return to its heights of 2000. The 152 yearly average number of IPOs from 2000 through 2010 is well below the average of 420 from 1990 through 1999 and even the average 266 from 1960 through 1969, Ritter says.
There have been systemic changes in the ways companies' founders seek to cash in their fortunes, Ritter says. Rather than incurring the costs of going public, many smaller companies see being bought by giants as the end game, Ritter says.
Different kind of bubble?
Selling to a rival can be more profitable, because it saves the smaller company the expense of building its own administrative capabilities, such as a legal department or human resources unit, he says.
Instagram, the online photo software company Facebook bought this year for $1 billion, is an example of a company that might have gone public in another era. There's a bubble, but it's not in the public market, Gaskins says.
Even so, the public markets can offer prices other companies cannot pay or are unwilling to pay, making the IPO still a big draw, Renaissance's Smith says.
If companies continue to successfully go public, it's only a matter of time before others will follow, Fitzgibbon says.
The good stuff has to really get rolling. If they make it, the competitors come, and that's when the market really gets going.
(c) Copyright 2012 USA TODAY, a division of Gannett Co. Inc.

Friday, May 4, 2012

Tilly's (TLYS) began trading on the NYSE on 4 May 2012

Tilly's is an American retail clothing company that sells a wide assortment of branded apparel, accessories, shoes, and more. 

  • Founded: 1982
  • Headquarters: Irvine, California
  • Number of locations: 222 (December 2017)
  • Founders: Hezy Shaked, Tilly Levine
  • tillys.com




Tilly’s raised more than expected Thursday in its initial public offering and begins trading today on the New York Stock Exchange.

President and CEO Daniel Griesemer, Co-founder and Chief Strategy Officer Hezy Shaked, Co-founder Tilly Levine, and CFO Bill Langsdorf.