initial public offerings (IPOs) trading on American exchanges

Saturday, June 29, 2013

Ardmore Shipping files plan for $160 million IPO

Tanker company Ardmore Shipping Corp. has filed plans to raise as much as $160 million through an initial public offering.

The company, incorporated in the Marshall Islands and based in Ireland, owns a fleet of vessels for the transport of petroleum products and chemicals. Its fleet of 12 includes eight in operation and four on order with deliveries beginning Jan. 2014.


Ardmore launched in April 2010, and focuses on fuel-efficient mid-size product and chemical tankers. The company is hoping to catch the tanker market as it recovers from cyclical lows, and is betting that underyling demand will continue to grow.

The company's revenue has grown since its launch, but Ardmore has yet to turn a profit.

The tanker company is wholly owned by an affiliate of private equity firm Greenbriar Equity Group LLC.

Ardmore plans to list its shares on the New York Stock Exchange under the symbol ASC.

Friday, June 28, 2013

Coty (COTY) began trading on the NYSE on 13 June 2013

Global beauty and fragrance leader COTY celebrates its IPO with the NYSE. CEO Michele Scannavini and designer Vera Wang rang the Opening Bell.
  • 6/28/13 update - see below


Coty CEO Mr. Michele Scannavini, Executive Committee, Licensing Partners and designer Vera Wang ring the opening bell at the New York Stock Exchange to celebrate the global beauty company's IPO on June 13, 2013 in New York City.




6/28/13 update: chart 2 weeks after IPO


some of Coty brands

Thursday, June 27, 2013

CDW Corp.(CDW) began trading on the NASDAQ on 27 June 2013

CDW Corp. stock jumped early on its first day of trading after the company raised about $396 million from an initial public offering of its common stock.

The information technology company said the offering of about 23.3 million shares was priced at $17 per share, the low end of its projected $17 to $18 price range.


The stock was up 7.3 percent, or $1.24, at $18.24 this afternoon. It's trading on the Nasdaq under the "CDW" ticker symbol.

The underwriters have a 30-day option to buy up to an additional 3.5 million shares.

Vernon Hills-based CDW said in a regulatory filing that it plans to use part of the net proceeds to redeem $156 million senior subordinated notes. It intends to use $24.4 million in proceeds for a one-time payment related to the termination of a management services agreement.

The company also plans to use some of the proceeds to exercise its right under an equity clawback provision related to $175 million senior secured notes.

CDW reported 2012 net income of $119 million on revenue of $10.13 billion. In 2011, the company had net income of $17.1 million and revenue of $9.6 billion.

Wednesday, June 26, 2013

Luxoft (LXFT) began trading on the NYSE on 26 June 2013



Luxoft Holding President and CEO Dmitry Loschinin rings the opening bell at the New York Stock Exchange to celebrate the company's IPO on June 26, 2013 in New York City.



Luxoft Holding, Inc. is a provider of software development services and information technology (IT) solutions to a global client base consisting primarily of large multinational corporations. The Company’s software development services consist of critical custom software development and support, product engineering and testing, and technology consulting. The Company focuses on six industry verticals: financial services; travel and aviation; technology; telecom; automotive and transport; and energy. The Company serves large multinational corporations primarily in Western Europe and North America that rely on its IT solutions and software development capabilities for many of their mission critical systems. The Company operates through a global dedicated delivery model. It provides its services and delivers its solutions from fourteen delivery centers located primarily in CEE, including in Russia, Ukraine, Romania and Poland.

Address

Akara Bldg, 24 De Castro Street Road Town, Wickhams Cay 1 PO Box 3136
TORTOLA,
Virgin Islands (British)

Textura (TXTR) began trading on the NYSE on 7 June 2013


Textura, a Deerfield, Ill.-based company that makes web-hosted (a.k.a. “cloud”) software for contractors and construction firms, priced its IPO at the top of its range, after increasing the size of the deal twice. It then jumped 60% when the market opened, form its initial $15 to $24.

  • revenues just under $22 million, 
  • market cap under $500 million
  • at $75 million, it was still the smallest software IPO of the year so far
  • the company hits two hot themes — the housing and construction market, and the enterprise cloud software market. It also aims to not be a $22 million-revenue company for very long. It has generated sales of $15.3 million in the first six months of the year
  • By the close, the stock had retreated from its opening price and ended at $20.91, a gain of 39%. That’s good for the fifth-best U.S. IPO first-day jump so far this year overall, and the third best enterprise software debut behind  Marketo (MKTO), which makes marketing software and jumped 78% in first-day action, and Tableau Software (DATA), a data visualization company that jumped 64%.

Monday, June 24, 2013

RCS Capital (RCAP) began trading on the NYSE on 5 June 2013


RCS Capital Executive Chairman Nicholas Schorsch rings the opening bell at the New York Stock Exchange on June 24, 2013 in New York City. 


Friday, June 21, 2013

Gogo (GOGO) began trading on the NASDAQ on 21 June 2013

  • Gogo completes IPO at $17 per share, loses altitude 
  • Itasca, Illinois-based company, formerly called AirCell was founded in 1991 to provide cell phone service to aircraft.




Cole Real Estate Investments (COLE) began trading on the NYSE on 20 June 2013

20 Oct 13 update:
  • Cole Real Estate Investments Inc was acquired by American Realty Capital Properties (ARCP) for $7.2 billion to create the largest US net-leased REIT, and the 14th-largest US publicly traded REIT.
  • American Realty said the acquisition of Phoenix-based Cole would increase the size of its portfolio to 3,732 properties which are mostly retail stores. 
  • The Cole deal will add many more properties leased by corporate tenants, such as Walgreen Co WAG.N and CVS Caremark Corp (CVS.N) pharmacies, to American Realty’s current portfolio which includes Dollar General, Citizens Bank and FedEx.
  • Both companies had been nontraded REITs, with American Realty going public before Cole.

November 9, 2017: Former American Realty Capital Properties CFO Brian Block has been sentenced to 18 months in prison for his role in an accounting fraud that overstated a key metric used to evaluate the REIT’s financial performance.  [now: VEREIT, Inc. (NYSE: VER)]
*******

Cole Real Estate Investments, Inc. visited the NYSE to celebrate the REIT’s listing on the NYSE. Common shares of Cole Real Estate Investments will be traded under the ticker symbol “COLE”.


Cole Real Estate Investments, Inc. founder Chris Cole and CEO Marc Nemer ring the opening bell at the New York Stock Exchange to celebrate their recent listing on June 21, 2013 in New York City.


Friday, June 14, 2013

Portola Pharmaceuticals (PTLA) began trading on the NASDAQ on 22 May 2013

Portola Pharmaceuticals, which is developing a blood thinner and a novel reversal agent for acutely ill patients, raised $122 million in an upsized IPO by offering 8.4 million shares at $14.50, the midpoint of the $13 to $16 range. Portola commands a market cap of $491 million. The company originally set terms for a deal that would have raised $100 million at the midpoint and valued the company at a market cap of $469 million.

Portola Pharmaceuticals Inc. - South San Francisco, Calif., 6.9 million shares, priced $13 to $16, managed by Morgan Stanley and Credit Suisse. Proposed Nasdaq symbol PTLA. Business: Developing a blood thinner and a novel reversal agent for acutely ill patients.



Description

Portola Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients who has limited or no approved treatment options. The Company’s two lead programs address unmet medical needs in the area of thrombosis, or blood clots. The Company’s lead compound Betrixaban is an oral once-daily inhibitor of Factor Xa in Phase III development for extended duration prophylaxis, or preventive treatment, of a form of thrombosis known as venous thromboembolism (VTE), in acute medically ill patients. The Company’s third product candidate, PRT2070, is an orally available kinase inhibitor being developed for hematologic, or blood, cancers and inflammatory disorders. PRT2070 inhibits spleen tyrosine kinase (Syk), and janus kinases (JAK), enzymes that regulate signaling pathways.

Portola Pharmaceuticals is led by CEO William Lis

Address

270 E. Grand Avenue
SOUTH SAN FRANCISCO, CA 94080
United States
+1-650-2467000 (Phone)
+1-650-2467376 (Fax)

Website 

www.portola.com


Key stats and ratios

Q2 (Jun '13)2012
Net profit margin-830.37%15.78%
Operating margin-843.52%15.07%
EBITD margin-17.00%
Return on average assets-45.67%6.70%
Return on average equity-3013.20%-
Employees57





CDW expects to raise up to $738 million in IPO

(Reuters) — Technology products retailer CDW Corp., which was taken private by Madison Dearborn Partners LLC and Providence Equity Partners for $7.3 billion in 2007, expects to raise up to $738 million in its initial public offering, according to a regulatory filing.
Private equity-backed companies made impressive debuts earlier this year as U.S. stock markets touched record highs. But markets have since eased on concern that the Federal Reserve will soon start to wind back its stimulus policies.

Vernon Hills,Ill-based CDW, which sells products from Apple Inc., Hewlett-Packard Co. and IBM Corp., among others, said it expected its offering of 27.9 million shares, excluding underwriters option, to be priced at between $20 and $23 each.

The company would be valued at about $3.87 billion at the top end of the range. It also had about $3.3 billion of long-term debt outstanding as of March 31.

The retailer, which sells both online and through its catalog, is offering 23.3 million shares, while stockholders are selling the rest.

Chicago-based Madison Dearborn, which is selling 2.4 million shares, is cutting its stake in the company to 36.9 percent from 45.9 percent. Providence Equity is selling 2.1 million shares, reducing its stake reduce to 32.6 percent from 40.6 percent.

CDW earned $247 million, excluding items, on sales of $10.1 billion in 2012.

CDW's private-equity owners will be hoping to match the success of recent private-equity backed IPOs including those of Bright Horizons Family Solutions Inc., Norwegian Cruise Line and Boise Cascade.

Other private equity-backed companies such as oil and gas company Antero Resources Corp. and industrial distribution company HD Supply are also gearing up for IPOs this year.

J.P. Morgan, Barclays and Goldman Sachs & Co. are leading the offering from CDW, which plans to list its shares on the Nasdaq under the symbol "CDW."

Wednesday, June 12, 2013

Gigamon (GIMO) began trading on the NYSE on 12 June 2013

Gigamon, a leader in network traffic visibility solutions, visited the NYSE to celebrate the company’s IPO. CEO Paul Hooper rang the Opening Bell.





Tuesday, June 11, 2013

Coty (COTY) to price its IPO on Wed 6/12/13

Coty, the beauty-products conglomerate behind Calvin Klein perfume, Sally Hansen nail polish and Lady Gaga fragrance will price its initial public offering late Wednesday, marking its long-awaited market debut following delays last year.

The deal could raise up to $1.22 billion, including the possible sale of extra shares to underwriters. That would make it the largest U.S.-listed IPO ever for a consumer-products company, according to Dealogic.

If the offering proves a success, some of the credit will go to a U.S. IPO market that has been on a tear of late, investors say.


U.S.-listed companies and their financial backers have sold $19.6 billion in stock this year, putting the IPO market on track for one of its biggest years since the financial crisis, according to Dealogic. Just 25% of this year’s deals have priced below companies’ expectations, the lowest since 2009.

Some analysts have been lukewarm on the Coty deal. Coty is expected to fetch a price relative to its earnings that exceeds those of some other perfume and cosmetics makers. Much of Coty’s revenue comes from Europe, which remains mired in a recession, and some recent acquisitions haven’t panned out as well as hoped.


What’s more, the cash raised from the deal won’t help the company expand—all shares are being sold by owners including Joh. A. Benckiser GmbH, or JAB, which manages the investments of one of Germany’s wealthiest families, the Reimanns. Following the IPO, JAB and two other Coty owners, Berkshire Partners and Rhone Capital, will control 97.7% of the company’s voting rights.

Coty’s “valuation does not seem overly attractive,” given the company’s business mix and relatively slow sales, B. Riley & Co. analyst Linda Bolton Weiser wrote in a note to clients this week. Ms. Weiser rates the shares “neutral” and assigned them a price target of $19.

A spokesman for Coty and JAB declined to comment.

Still, people familiar with the deal say they expect Coty to price at least in line with the company’s expected range of $16.50 to $18.50 a share. At the midpoint of that range, Coty’s market value would be about $6.9 billion, according to IPO research firm Renaissance Capital.

Coty, founded in Paris in 1904, has some characteristics that have been in short supply during this year’s IPO renaissance. It would be the first consumer-products company to go public in the U.S. this year.

This year has had just one U.S. retail IPO, that of grocery-store operator Fairway Group Holdings Corp., according to Dealogic. A much greater share of the activity has come from real-estate investment trusts, with stable cash flows and high dividend payouts that have appealed to stock investors’ defensive posture and thirst for income at the start of the year.

“Consumer IPOs are a proxy for investors’ belief in rising consumer confidence,” said Michael Bauer, managing director of equity capital markets at Jefferies Group LLC, a subsidiary of Leucadia National Corp., which isn’t involved in the IPO. At the same time, he said, “there is a scarcity of high-growth consumer names.”

Coty is coming to market ahead of several other consumer IPOs in the pipeline. Organizational-housewares retailer Container Store Inc. has hired banks to pursue a potential IPO, according to people familiar with the move. Last month, Claire’s Inc., the teen-accessories chain backed by private-equity firm Apollo Global Management LLC, filed initial paperwork for an IPO, as did casual restaurant chain Noodles & Co.

If the deal prices at the high end of expectations, the company’s share price would equal about 21.6 times Coty’s expected 2013 earnings, according to people briefed on the deal. Companies’ valuations in IPOs are typically lower than already-public peers, to entice investors to a stock not yet market-tested.

Estee Lauder Cos. trades at 26 times analysts’ expectations for its 2013 earnings, according to FactSet. Avon Products Inc. trades at 20 times this year’s expected earnings, while Elizabeth Arden Inc. trades at 20, according to FactSet.

Another concern is Coty’s exposure to economically troubled parts of Europe. Weakness in demand in such areas weighed on recent sales of some of the company’s top fragrance brands, such as Adidas, Calvin Klein and Davidoff, according to regulatory filings. Coty’s revenue from Europe, the Middle East and Africa fell 3.1% in the nine months ended March 31. The region accounted for about 47% of total revenue. Coty generated $4.6 billion in revenue in its latest fiscal year, ended June 30, 2012.

Additionally, the offering is set to convert Coty’s current holders’ ownership into Class B shares conveying outsized voting rights. The structure will give the insiders a greater-than-usual amount of say, versus public shareholders, in some of the company’s future affairs.

On the plus side, Coty expects demand from a rising middle class in developing countries to aid its bottom line. The company is targeting generating more than one-third of its revenue in emerging markets five years from now, versus 23% in its 2012 fiscal year, according to regulatory filings.

“They’re in a great industry with a good product portfolio, a pretty good track record with acquisitions and a good management team,” said Laura Starr, senior research associate at Nuveen Asset Management, which runs more than $120 billion in assets. “In the near-term though, their business has slowed down a little. Some of it’s due to Europe being slow and some of it’s due to the recent acquisitions.”

As late as Tuesday, Ms. Starr and other analysts at Nuveen were still debating whether to buy shares in the IPO, she said. The prospects for beauty-products maker in the developing world are part of why Nuveen holds Coty peer Estee Lauder Inc. in its Large Cap Growth Opportunities Fund, she added.

Coty’s shares are expected to start trading Thursday on the New York Stock Exchange under the symbol COTY. Bank of America Corp. is leading the deal with J.P. Morgan Chase & Co. and Morgan Stanley.

Monday, June 10, 2013

Gogo (GOGO) sets terms for $176M IPO



Gogo Inc., which provides in-flight Wi-Fi access to airlines such as Delta and American, hopes its long-delayed IPO will get cleared by investors.

The Itasca, Illinois-based company said Monday in a filing with securities regulators that it intends to raise $165 million to $187 million by selling up to 11 million shares to the public at $15 to $17 per share.

Gogo Inc., a provider of in-flight connectivity, plans to sell 11 million shares at between $15.00 and $17.00 apiece in an initial public offering (IPO) of common stock.  


At the midpoint of the proposed range, the Itasca, Illinois-based company would raise around $176 million and command a market value of $1.38 billion.

The company offers in-flight internet connectivity and other voice, data and entertainment products and services. Its suite of connectivity services include: passenger connectivity, passenger entertainment, in-flight portal and operations-oriented communications services.

In March 2013, the company entered into an agreement with Delta Air Lines to provide Ku-band satellite connectivity services on its entire international fleet. In February 2013, Gogo Vision became available to passengers on four aircraft operated by the international carrier Scoot, which serves Singapore, Australia, China, Japan, Taiwan and Thailand. 

Gogo plans to use the net proceeds from the offering for working capital and other general corporate purposes, including costs associated with international expansion.

For the year ended December 2012, the company posted a net loss attributable to common stock of $95.64 million on revenue of $233.5 million.

The company has applied to list its common stock on the NASDAQ under the symbol "GOGO." 

Thursday, June 6, 2013

LightInTheBox (LITB) began trading on the NYSE on 6 June 2013

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. LightInTheBox CEO Alan Guo celebrates the company’s IPO at the New York Stock Exchange.
  • LightInTheBox is first 2013 Chinese IPO in U.S.





Lightinthebox Holding Co., Ltd. is a global online retail company that delivers products directly to consumers globally. The Company offers a selection of lifestyle products through www.lightinthebox.com, www.miniinthebox.com and other Websites, which are available in 17 languages. It targets lifestyle product categories. It offers products in the three core categories of apparel, small accessories and gadgets and home and garden. As of December 31, 2012, the Company had more than 205,000 product listings. It primarily conducts its operations through its Hong Kong subsidiary, Light In The Box Limited and its Peoples Republic of China subsidiary, Lanting Jishi. The Company’s product offerings include apparel, small accessories and gadgets, home and garden, electronics and communication devices, and others.

Address

Floor 1-2, Area D, Building 2 Diantong Sqr,No.7 Jiuxianqiao North Rd Chaoyang District
BEIJING, BEJ 100020
China

Saturday, June 1, 2013

Empire State Realty (ESB) approved the IPO

The New York City icon stood as the tallest building in the world from its completion in 1931 until it was surpassed by the ill fated North tower of the World Trade Center in 1972. The building was completed in less than 15 months and it came in under budget at a cost of $41 million dollars.

Initially the building struggled to break even, as it was opened at the bottom of the Great Depression and its location more than 4 blocks from Grand Central and Penn Station made it more difficult to reach than its competitors, The Chrysler Building and 40 Wall Street. In its first year the observation deck grossed $2million dollars which was as much as the rental income.

The financial turning point came in 1951 when the building was sold to Roger L. Stevens and his partnership for $51 million; at the time the largest real estate deal for a single structure in history.

A woman stops to photograph the skyline of New York across from the Empire State Building as she walks in a park along the Hudson River in Hoboken

Currently the building is owned by a by a group comprised of around 2,800 shareholders. On Wednesday the investors overwhelmingly approved the public offering. The new entity will be known as the Empire State Realty Trust and it will be a REIT that also controls 18 other properties.

The IPO has been pegged at approximately $1 billion and the majority owner of the current partnership, the Malkin family, will receive a stake in the new company valued at more than $714 million dollars.

Like any huge deal there could be the devil in the fine print. Some of the shareholders are going to court to block the transaction claiming the structure in the new deal favors the Malkin family at their expense.

The other hurdle is that the deal will take several months to close and if the current real estate market were to sour, there is no guarantee the $1 billion could be raised. Over the first four months of 2013 only about $1.1 billion has been raised via REIT’s and skeptics feel that although the building itself is valued at over $2.3 billion they might not be able to raise the money they are currently promising the shareholders.