initial public offerings (IPOs) trading on American exchanges

Friday, August 31, 2012

Zynga to lose two vice presidents amid stock tumble

Zynga Inc. (ZNGA) vice presidents Bill Mooney and Brian Birtwistle have departed, following other top managers amid slowing sales and a stock decline at the biggest maker of social games on Facebook Inc. (FB), a person with knowledge of the matter said. 

Mooney, a vice president of studios who was general manager of the popular “FarmVille” game, and Birtwistle, a vice president of marketing, resigned this week, said the person, who asked not to be identified because the departures aren’t public.

Chief Executive Officer Mark Pincus has been unable to prevent defections as the company’s stock-price decline erodes the value of equity used to compensate staff. The CEO recently told employees they would receive option grants to help make up for a 71 percent slump in shares since Zynga’s December initial public offering. Investors are shunning the stock on signs that growth is slowing.

Five other managers who exited this month include Mike Verdu, Zynga’s former chief creative officer, who left to start his own company.

Zynga, founded by Pincus in 2007, has experienced lower turnover than other technology companies, Dani Dudeck, a spokeswoman for Zynga, wrote in an e-mailed statement.

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ZNGA vs GRPN vs FB  - 6-month chart

Saturday, August 25, 2012

Manchester United (MANU) - 2 weeks after IPO


Early Facebook investors who sold stock in Facebook IPO

Facebook Inc. sold 180 million of its shares in its initial public stock offering in May. Another 241.2 million came from existing stockholders, including the company's earliest investors and CEO Mark Zuckerberg. Except for Zuckerberg, those stockholders were eligible to sell additional shares — up at 271 million combined — starting last Thursday.

Facebook co-founder Dustin Moskovitz, who shed 900,000 shares of Facebook in recent days, didn't sell any stock in the IPO. 

Here's a look at early Facebook Inc. investors who did sell stock:
  1. James Breyer and Accel Partners, where he's a partner; Year invested in Facebook: 2005; Number of shares sold in IPO: 57.7 million at $38 each.
  2. DST Global Ltd. and affiliates, a London-based investment firm focused on Internet companies, founded by Russian investor Yuri Milner; Year invested in Facebook: 2009 and late 2010; Number of shares sold in IPO: 45.7 million at $38 each.
  3. Mark Zuckerberg; Number of shares sold in IPO: 30.2 million at $38 each.
  4. Goldman Sachs and affiliates, investment bank and one of the IPO's underwriters; Year invested in Facebook: 2011; Number of shares sold in IPO: 24.3 million at $38 each.
  5. Tiger Global Management, New York-based investment firm; Year invested in Facebook: Undisclosed; Number of shares sold in IPO: 19.1 million at $38 each.
  6. Mail.ru Group Ltd., Russian Internet company; Year invested in Facebook: 2009; Number of shares sold in IPO: 19.6 million at $38 each.
  7. Peter Thiel, managing partner at The Founders Fund and PayPal co-founder; Year invested in Facebook: 2004; Amount invested: $500,000; Number of shares sold in IPO: 16.8 million at $38 each.; Number of shares sold after lock-up expiration on Aug. 16: about 20 million at $19.27 to $20.69 each on Aug. 16 and 17.
  8. Greylock Partners, Silicon Valley venture capital firm and affiliates; Year invested in Facebook: 2006
    Number of shares sold in IPO: 7.6 million at $38 each.
    Meritech Capital Partners, venture capital firm focused on late-stage investments
    Year invested in Facebook: 2006; Number of shares sold in IPO: 7 million at $38 each.
    Microsoft Corp.; Year invested in Facebook: 2007; Amount invested: $240 million; Number of shares sold in IPO: 6.6 million at $38 each.
  9. Elevation Partners, private equity firm focused on media and technology and affiliates
    Year invested in Facebook: Undisclosed; Number of shares sold in IPO: 4.6 million at $38 each.
    Mark Pincus, Zynga Inc. CEO; Year invested in Facebook: 2004; Number of shares sold in IPO: 1 million at $38 each.

    Reid Hoffman, co-founder of LinkedIn Corp. and affiliates; Year invested in Facebook: 2004; Number of shares sold in IPO: 942,784 at $38 each.
Source: Facebook Inc. and Associated Press research

Sunday, August 19, 2012

Chefs' drops $54.3 million on Ohio meat and seafood



Since it went public a year ago, Ridgefield-based The Chefs' Warehouse Inc., has been putting its money to use through acquisitions, including a $54.3 million purchase of Ohio-based Michael's Finer Meats this week.

Chefs' Warehouse went public in July of last year, raising net proceeds of $63.1 million. After using the money to strengthen its balance sheet, executives have been aggressively cracking open new markets and dropping new products into Chefs' pantry, making three purchases since the initial public offering and four in a little more than a year, when the $9 million June 2011 purchase of Harry Wils and Co., is included.

Michael's is expected to contribute 6 to 8 cents annually to diluted earnings per share. The Ohio meat and seafood purveyor has annual revenue of about $80 million, Chefs' reported earlier this week.
Shares in Chefs' have been on a five-day winning streak since the announced Michael's acquisition, moving from $14.42 at the beginning of the week to closing at $15.68 on Friday. Overall, however, Chefs' shares have not reclaimed the highs of last year, when they were trading at more than $16 in August.

We are excited to have Michaels join the Chefs' Warehouse family, said Chris Pappas, Chefs' CEO and chairman, in a news release. Michael's will complement our existing product offerings and significantly enhance our capabilities in center-of-the-plate categories.



CHEF - 1 year chart
Michael's, founded in 1968, provides specialty cuts of meat and seafood to restaurants, country clubs, hotels and casinos in Ohio, Indiana, Illinois and western Pennsylvania.
The other two acquisitions made since the IPO, brought significant distribution business across the country, but were small in revenue. Provvista, based in Oregon, had annual revenues of about $17 million, when Chefs' announced the deal in November. Praml International in Las Vegas, commanded a sales price of more than $19 million, according to U.S. Securities and Exchange Commission filings from April.

Saturday, August 18, 2012

Trulia Files $75 Million IPO



The online real estate market is about to get a little more crowded, as Trulia has filed to go public in hopes of raising as much as $75 million. 

Trulia, which competes in the online real estate space alongside Zillow (Z) , intends to list on the New York Stock Exchange under ticker “TRLA,” according to the company’s S-1 filing. “From 2007 to 2011, our revenue grew from $1.7 million to $38.5 million, which represents a compounded annual growth rate of approximately 119 percent,” the company noted in its filing. For the six months ending June 30, 2012, Trulia recorded $28.99 million in revenue, up from $16.25 million in the year-ago period.

The company had a net loss of $6.155 million in 2011, up from $3.84 in 2012. JPMorgan Chase (JPM) and Deutsche Bank (DB) are the lead underwriters on the deal.

Friday, August 17, 2012

Facebook stock lockup to expire


Facebook investors cash out

  • Facebook's stock price plumbed a new low Thursday as early investors were freed to sell some of their stakes. 
  • CEO Mark Zuckerberg is no longer brushing off concern, acknowledging to employees for the first time that the selloff could be "painful."


SAN FRANCISCO - Beginning Thursday, Facebook's early investors and a few directors will be able to sell stock they own in the company as a lock-up period barring them from doing so begins to expire.

Thursday marks 90 days after Facebook's initial public offering. That's when early investors who were selling stockholders in the IPO get to sell their shares, according to regulatory filings. Other shareholders, such as many Facebook employees, will be able to sell beginning in October. The last lockup deadline expires next May, a year after Facebook's IPO.

Facebook's hotly anticipated IPO landed with a thud on May 18. After pricing at $38, the stock closed at $38.23 on its first trading day and has not seen that price since.

Shares in premarket trading fell nearly 2 percent, or 40 cents, to $20.80. If that holds, the stock will open Thursday at a 45 percent discount to the IPO price just three months ago.

In all, 271 million shares will become eligible for sale this week, according to Facebook's regulatory filings. Firms ranging from Accel Partners to Goldman Sachs, Zynga CEO Mark Pincus and Facebook board members James Breyer, Peter Thiel and Reid Hoffman are among those free to sell stock they own. Microsoft Corp., an early Facebook investor, is another one, though it's unlikely to because of partnerships it has with Facebook.

There are currently 421 million Facebook shares available for public trading.



Hi-Crush Partners (HCLP) started trading on the NYSE


  • Hi-Crush Partners IPO rises after price cut
  • Producer of sand for hydraulic fracturing gains 18%

Hi-Crush Partners L.P. (HCLP, $20.00, +$3.00, +17.65%) stock gained on its first day as a public company Thursday. The producer of premium monocrystalline sand which is used to improve the recovery of oil and gas during hydraulic fracturing drilling had opened at $17, flat with its initial public offering price.


Its offering is faring better than a similar deal for frac sand producer U.S. Silica Holdings Inc. (SLCA, $12.92, +$1.10, +9.31%), which declined nearly 6% on its debut in February and was recently trading below its IPO price of $17 a share.

Blyth, Inc. Announces Filing of Registration Statement for Initial Public Offering of ViSalus


GREENWICH, Conn., Aug. 16, 2012 /PRNewswire/ -- Blyth, Inc. (NYSE: BTH) today announced that ViSalus has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a potential initial public offering (IPO) of its Class A common stock. The registration statement has been filed by FVA Ventures, Inc., which will be renamed ViSalus, Inc. in connection with the IPO. ViSalus is a direct-to-consumer, personal health product company offering a suite of branded weight- management products, nutritional supplements and energy drinks to customers in the United States and Canada through a network marketing model, which is a form of direct selling.
Following the IPO, Blyth will continue to own over 50% of ViSalus' common stock. The number of shares to be offered and the price range for the offering have not yet been determined. A portion of the shares to be offered in the IPO will be issued and sold by ViSalus, and a portion will be sold by certain stockholders of ViSalus.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the SEC), and is available on the SEC's website at www.sec.gov, but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted before the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Jefferies & Company, Inc. will act as book-running manager for the offering. The initial public offering will be made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933. When available, a copy of the prospectus may be obtained from Jefferies & Company, Inc., Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, by email at Prospectus_Department@Jefferies.com, or by telephone at +1-877-547-6340.
Blyth, Inc., headquartered in Greenwich, CT, USA, is a direct to consumer business focused on direct selling and direct marketing channels. We design and market home fragrance products and decorative accessories, as well as weight management products, nutritional supplements and energy drink mixes. These products are sold through Direct Selling from the home party plan method and network marketing. The Company also designs and markets household convenience items and personalized gifts through the catalog/ internet channel, as well as tabletop lighting and chafing fuel for the foodservice trade. The Company manufactures most of its candles and chafing fuel and sources nearly all of its other products. Its products are sold direct to the consumer under the PartyLite(R), Two Sisters Gourmet by PartyLite(R) and ViSalus Sciences(R) brands, to consumers in the catalog/Internet channel under the As We Change(R), Miles Kimball(R), Exposures(R), Walter Drake(R) and Easy Comforts(R), and to the Foodservice industry under the Sterno(R), Ambria(R) and HandyFuel(R) brands. In Europe, Blyth's products are also sold under the PartyLite brand.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially, including but not limited to, the possibility that the initial public offering will not be completed in the anticipated time frame or at all, including as a result of regulatory, market or other issues; the potential for the disruption of either Blyth's or ViSalus' businesses as a result of the initial public offering; and the other risks described in the Risk Factors section of the registration statement filed today by FVA Ventures, Inc. and the information included in subsequent filings by FVA Ventures, and the Risk Factors section of Blyth's Annual Report on Form 10-K for the year ended December 31, 2011, as updated by subsequent Quarterly Reports on Form 10-Q. Blyth expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based. Blyth expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
SOURCE Blyth, Inc.
Originally published by Blyth, Inc..

Angie's List has never earned a profit


From USA TODAY - 08.14.2012

By Tony Cook, The Indianapolis Star
After 17 years, Angie's List has never earned a profit -- a fact that CEO Bill Oesterle wears like a badge.
Sometimes, I start my investor presentations with that, he said. When you think about that, it's not easy to do. Losing money for 17 years is hard. You have to continue to find people to supply the capital to you.
The Indianapolis-based company, which provides ratings and reviews of home repair, health care and auto services to paying subscribers on its website, took its appetite for capital -- and the growth opportunities it afforded -- to Wall Street last year.
Its initial public offering on Nasdaq in November was considered a success. Shares of Angie's List shot up 25% on the first day of trading, raising $114 million in that single day.
The company's shares closed at $13.29 Monday, slightly above its IPO price of $13. That's better than many other Internet-services companies that went public during the IPO boom of the past 18 months. Social-networking giant Facebook and online coupon leader Groupon, for example, have seen their stock plummet 43% and 62%, respectively.
(Investors) like the management team, they like the growth rate -- that's why they are holding onto stock despite lack of profit, said Sameet Sinha, an analyst with B. Riley in San Francisco.
But in the three quarters since the IPO, the firm has yet to earn a profit.
Last month, Angie's List posted a second-quarter loss of $23.4 million, up 45% from a year earlier. The losses stemmed primarily from $27.6 million in marketing expenses that helped fund a national advertising campaign intended to break into smaller markets and more deeply penetrate larger ones such as New York City and Los Angeles.
Those efforts are at the heart of the company's strategy. They seem to be working.
Angie's List has more than 1.5 million subscribers, which has driven a nearly twofold increase in advertising revenue from service providers. In all, the company brought in a record $36.5 million in revenue last quarter, beating analyst expectations.
Those growth figures have been enough to keep Angie's most important new customer -- Wall Street -- happy, for now.
But for all its growth, Angie's List continues to lose money. After its earnings report last month, most analysts adjusted their full-year forecasts to reflect even larger losses than previously anticipated. The continuing lack of profitability raises questions about the company's business model. After 17 years, how will Angie's List turn a profit? Will it be soon enough to satisfy investors?
Most analysts expect the company to turn its first profit by the fourth quarter of 2013. By then, Angie's List will have been on the stock exchange for two years, and its big marketing spends should be yielding results.
That's what we are expecting, said Yun Kim, an analyst for ThinkEquity in New York. If that doesn't happen, investors will react negatively.
Signs of investor impatience are emerging.
If Angie's List misses profit expectations late next year, investors could begin walking away.
Despite the analysts' expectations, Oesterle said the company is resolved to continue taking advantage of growth opportunities at the expense of short-term profits. That's the promise he and co-founder Angie Hicks made to investors in the run-up to the IPO, he said.
We are going to continue to invest in acquiring households and service companies so long as the unit economics continue to work, he said. That means that the cost of acquiring individual households leads to substantially greater return in the long run.
That growth strategy is based on a simple -- but unproven -- premise: If Angie's List slows its marketing growth, existing customers will stick around.
A big test for Angie's List will come when it begins to scale back marketing. That's something Oesterle said the company will do only when it runs out of markets where it can grow or runs out of capital for expansion.
The question is whether Wall Street is willing to be patient.
In an effort to reassure investors, Angie's List regularly releases data comparing the company's older and newer markets to demonstrate that the older markets are more profitable.
In a recent phone call with analysts, Hicks, who oversees marketing for the company that bears her name, said that when the company has dialed back marketing in the past, the effect tended to be on new acquisitions, rather than renewals.
Oesterle said he and Hicks are confident their key investors are on board with their game plan and willing to wait on a big return.
(c) Copyright 2012 USA TODAY, a division of Gannett Co. Inc.

Thursday, August 16, 2012

U.S. Silica Holdings (SLCA) started trading on the NYSE in Feb 2012

Frac sand producer U.S. Silica Holdings Inc. (SLCA, $12.92, +$1.10, +9.31%), which declined nearly 6% on its debut in February and is still trading below its IPO price of $17 a share.


Sunday, August 12, 2012

Lehman-owned apartment giant Archstone files for IPO of up to $100 mln



  • Expects to qualify as REIT
  • Will list on NYSE under symbol "ASN"
  • Citigroup and JP Morgan to underwrite IPO 
 (Reuters) - Archstone Inc, the apartment owner and developer owned by Lehman Brothers Holdings Inc, filed with U.S. regulators on Friday to raise up to $100 million in an initial public offering.

Archstone has been cited as one as the primary causes behind Lehman's historic failure. Lehman and Tishman Speyer acquired publicly traded Archstone Smith, one of the largest owners of U.S. apartments, through a $23.7 billion leveragedbuyo ut in 2007. Lehman, Bank of America Corp (Symbol : BAC) and Barclays Plc (Symbol : BCS) provided $6.4 billion in secured financing with Lehman contributing 47 percent, or more than $3 billion. As real estate values fell and credit began to dry up, Archstone could not repay some of its loans. Its lenders ended up with the company in 2010, with Lehman owning 47.3 percent and the banks a combined 53 percent.

Friday, August 10, 2012

Manchester United (MANU) started trading on the NYSE on 10 August 2012


Manchester United Executives ring the Opening Bell




Experience Square outside of the Exchange has become a soccer field for the day.



A general view of the Manchester United facade before the IPO at the New York Stock Exchange on August 10, 2012 in New York City. 


Del Frisco (DFRG) started trading on the NASDAQ on 27 July 2012



Del Frisco's IPO Celebration - 8.6.12





Natural Grocers by Vitamin Cottage (NGVC) started trading on the NYSE on 25 July 2012

Natural Grocers by Vitamin Cottage lists IPO on the New York Stock Exchange. Chairman and Co-President Kemper Isely rings the Opening Bell.





Thursday, August 9, 2012

Manchester United (MANU) prices at $14 a share, below IPO range

Manchester United Ltd. (MANU) priced 16.7 million shares at $14 a piece for its initial public offering late Thursday.

That's well below the expected range of $16 to $20, but many analysts thought that range too high in the run-up to the offering. Half the proceeds will go to help paying down Man United's sizable debt and the other half will go to the owners of the team, the Glazer family.

Manchester United fans hold up a protest banner before a homefield soccer match.

Underwriters will also have the option of selling up to an additional 2.5 million shares with those proceeds going to the Glazers. The stock will begin trading Friday on the NYSE. While the IPO will still go ahead on Friday, the anti-Glazer crowd will at least have something to crow about – late Thursday, the club said it was pricing its shares at $14 each, below the $16-$20 range the owners were hoping for.

 What has so outraged fans – aside from the continued Glazer ownership, of course – is that the Americans have backtracked on a promise that all the money raised from a stock listing would go to pay down the roughly $650 million debt the club carries from their leveraged purchase of the team. The new plan will see only half the money used to pay down the debt, leaving the rest for Malcolm Glazer and his sonsto feast on. This isn’t the only way the owners will benefit: As the Guardian points out, the listing will put a clear value on the club should they wish to sell, one that, even at a lower share price, is considerably more than the rumored offers of about $1.6 billion they have received in the past couple of years.

FB : key Facebook executives exit at critical time



Since its poorly received IPO in May, the social-networking company has lost a handful of top-ranking executives. 

The latest defections came last week, when Ethan Beard, who is responsible for developing relationships with top app makers, and Katie Mitic, platform marketing director, announced pending departures. Jonathan Matus, mobile platform marketing manager, also is leaving.

The announcements come after the high-profile exits of chief technology officer Bret Taylor in June to start his own company, and Open Graph product manager Carl Sjogreen last month.

The loss of key mobile and marketing personnel, on the heels of a $157 million second-quarter loss, won't help Facebook shares, which have drooped to $20.72 -- nearly half of their $38 starting price. Questions about its online and mobile advertising business have led to a drop in the company's initial valuation to $43.5 billion, from $100 billion.

Shares may further decline when Facebook's first lockup period for stock ends Aug. 17, allowing employees and early investors to sell some of their shares. The talent drain underscores intense competition for employees in Silicon Valley, and the temptation for workers -- even those at Facebook -- to flirt with start-ups, where they can wield more influence, says social-media analyst Greg Sterling.

Start-up junkies get restless after a few years, says Sterling, noting that fledgling companies offer bigger potential salaries and greater long-term stock payoffs. This is not a time to lose top talent. That is Facebook's challenge.

We're fortunate to have many, many talented people join the company each week, and we believe this will serve us well over the long run, Facebook spokesman Larry Yu said in a statement.

But stock options don't appear to be enough to keep employees rooted at Facebook.

Beard worked at Facebook more than four years, and most of his stock options have likely vested. Four years is the customary amount of time for options to fully vest at Silicon Valley companies. Mitic has been at Facebook only two years; Matus, one.

Both are likely to have received stock before Facebook's IPO. It's possible they're betting Facebook's stock will not rise so steeply the next year or two that they'd be leaving serious cash on the table.


Wednesday, August 8, 2012

Zynga COO Resigns


Shares of online games purveyor Zynga (ZNGA) are down 5 cents, or 1.6%, at $2.90 after the company this evening said in a Securities & Exchange Commission filing that its chief operating officer, John Schappert, resigned, effective immediately. The company said “Mr. Schappert’s resignation from the Board was not tendered in connection with any disagreement [...]



Zynga chief operating officer John Schappert speaks at a Zynga event in San Francisco

Zynga shares (ZNGA) fell 2.1 percent to $2.95 at the close in New York. The stock has dropped 71 percent since the company’s initial public offering on Dec. 15, when it sold shares at $10 each.


Bloomin' Brands (BLMN) started trading on the NASDAQ on 8 August 2012

Bloomin' Brands Inc. (BLMN), a leading casual dining restaurant company and owner of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar and Roy's visited the NASDAQ MarketSite in Times Square in celebration of its initial public offering which occurred today, August 8, on The NASDAQ Stock Market.





Tuesday, August 7, 2012

Eloqua (ELOQ) started trading on the NASDAQ on 2 August 2012

Eloqua (ELOQ), a provider of B2B marketing automation and Revenue Performance Management solutions, visited the NASDAQ MarketSite in Times Square to celebrate its initial public offering (IPO) on The NASDAQ Stock Market.