initial public offerings (IPOs) trading on American exchanges

Saturday, April 12, 2014

Zoe's Kitchen (ZOES) began trading on the NYSE on 11 April 2014


Zoe's Kitchen, Inc. is a restaurant serving Mediterranean dishes delivered with Southern hospitality. The Company offers a differentiated menu of Mediterranean cuisine with several Southern staples; extending Southern hospitality with personality, including food delivered to the table; providing an inviting, cosmopolitan, casual-chic environment in its restaurants; and delivering a catering experience for business and social events. The Company’s menu offers meals made from scratch generally using produce, proteins and other ingredients that are preservative and additive-free, including its appetizers, soups, salads, and kabobs. In addition to its Company-owned restaurants, the Company grants licenses (franchises) to qualified franchisees to construct and operate Zoes Kitchen restaurants within specified protected areas throughout the United States. As of February 24, 2014, the Company operates 111 restaurants in 15 states.


PLANO, TX 75024
United States

Key stats and ratios

Q4 (Dec '13)2013
Net profit margin-10.80%-3.19%
Operating margin-5.50%0.85%
EBITD margin-7.41%
Return on average assets-11.56%-3.53%
Return on average equity-38.33%-10.49%

Friday, April 11, 2014

Barracuda Networks (CUDA) : 5-month performance

Control4 (CTRL) : 9-month performance

MacroGenics (MGNX) : 6-month performance

LDR Holding (LDRH) began trading on the NASDAQ on 9 October 2013


LDR Holding Corporation is a global medical device company focused on designing and commercializing novel and surgical technologies for the treatment of patients suffering from spine disorders. The Company’s primary products are based on its VerteBRIDGE fusion and Mobi non-fusion platforms, both of which are designed for applications in the cervical and lumbar spine. The Company’s VerteBRIDGE products are designed around its plating technology that enables surgeons to implant VerteBRIDGE devices with direct visualization of the disc and to affix the devices to the vertebrae from inside the spinal disc space. The Company’s Mobi non-fusion platform is highlighted by Mobi-C, a cervical disc replacement device with a patented mobile bearing core that is designed to replicate the natural anatomical movement of the spine by facilitating independent bending and twisting similar to a healthy disc.


Suite 200, 13785 Research Boulevard
AUSTIN, TX 78750-1873
United States

Key stats and ratios

Q4 (Dec '13)2013
Net profit margin-47.24%-25.03%
Operating margin-2.83%-2.08%
EBITD margin-1.52%
Return on average assets-58.92%-26.66%
Return on average equity-341.85%-118.87%

Voxeljet (VJET) : 6-month performance

Phillips 66 Partners (PSXP) began trading on the NYSE on 23 July 2013

Just over 16.4 million common units in the partnership were released in the IPO. The public will collectively hold a nearly 23% limited partner interest in the enterprise, or as much as 26% if the offering's underwriters fully exercise their option to purchase 2.46 million additional units.

The company is a limited partnership created earlier this year by downstream oil concern Phillips 66 (NYSE: PSX) . In the words of its parent, Partners was formed to "own, operate, develop, and acquire primarily fee-based crude oil, refined petroleum product, and natural gas liquids pipelines and terminals and other transportation and midstream assets." Partners is a spinoff of a spinoff; Phillips 66 was carved out of energy major ConocoPhillips (NYSE: COP) and made its market debut in 2012.


Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines and terminals and other transportation and midstream assets. The Company’s initial assets consist of the three systems, which include Clifton Ridge crude system, Sweeny to Pasadena products system and Hartford Connector products system. A refined petroleum product pipeline, terminal and storage system extending from Phillips 66’s Sweeny refinery in Old Ocean, Texas, to its refined petroleum product terminal in Pasadena, Texas, and ultimately connecting to the Explorer and Colonial refined petroleum product pipeline systems and other third-party pipeline and terminal systems.
The company was founded in 2013 and is headquartered in Houston, Texas.


3010 Briarpark Drive
United States

Thursday, April 10, 2014

Enova planning an IPO

IPO: Nov. 13, 2014
Founded: 2004 
HQ: Chicago, Illinois
Enova International Inc., the leading online payday lender in the U.S., is on course for a tax-free spinoff later this year that would establish a publicly traded headquarters company based in Chicago.

Fort Worth, Texas-based Cash America Inc., which owns Enova, announced today that its board has authorized management to explore a spinoff of Enova. If it decides to go forward, Cash America expects to complete the spinoff in late 2014 or early 2015, according to the disclosure with the Securities and Exchange Commission.

Enova CEO David Fisher, former CEO of Chicago online brokerage OptionsXpress, would continue to lead Enova once the separation occurs, Cash America said.

Enova employs more than 1,100 in the Chicago area, most of them downtown, and generated $766 million in revenue last year.

The fast-growing company makes loans online to borrowers, often with tarnished credit, who have pressing short-term cash needs. It operates in the U.S., Great Britain, Australia and Canada.
Cash America operates storefront pawn shops all over the U.S.


In a release, Cash America CEO Daniel Feehan said: “We now think that pursuing a separation of the businesses and management teams into two discrete companies is potentially very beneficial to the operating activities and ongoing strategy of each business. . . .The move would allow Enova to optimize its performance and provide greater flexibility to pursue its own e-commerce expansion opportunities.”

Cash America emphasized that there was no assurance the spinoff would occur, citing the potential for “external events beyond the control of Cash America and Enova.”

Regulatory scrutiny is a particular risk for Enova. The federal Consumer Financial Protection Bureau is probing online lending and late last year ordered Cash America to pay $19 million in fines and refunds due mainly to issues at Enova.

Cash America attempted to spin off Enova in 2012 in a $500 million initial public offering but withdrew it when market conditions for IPOs worsened.

Ally Financial (ALLY) began trading on the NYSE on 10 April 2014

  • The former mortgage unit of GM had its IPO today -- Ally Financial Inc. (ALLY) -- the largest IPO of 2014 so far.
Ally Financial Inc. (ALLY) shares fell 1.6% to $24.57 a share on Thursday during its first trading day after pricing its initial public offering at $25 a share. The offering price came in at the low end of the auto-loan company's $25 to $28 range. Ally has offered 95 million shares for sale. At the $25 price, the IPO hoped to raise $2.38 billion of capital for the U.S. Treasury Department, which wound down its remaining 37% stake in Ally after its $17.2 billion bailout of the company in 2008-2009. Ally shares are trading on the New York Stock Exchange with the ticker ALLY.

The IPO is considered the largest initial public offering this year and was underwritten by Citigroup Inc. (C ), Goldman Sachs Group & Co. (GS) , Morgan Stanley (MS) and Barclays PLC (BCS) .

Citi Traders Thomas Ferrigno (L ) and Christopher Fuchs await the IPO of Ally Financial on the floor of the New York Stock Exchange April 10, 2014.

Ally said it wants to increase its loans to used-car buyers to 50% from around 20% currently. Used-car loans also carry higher risk than new-car loans, and that raises a red flag for anyone who recalls how the flood of cheap money to subprime borrowers nearly collapsed the economy in 2008.

Others, including Ally, aren’t so concerned about another financial crisis, especially in the auto-loan business, where car sales and profit margins on subprime loans have both been going up.

There’s another interesting stat to back this view. According to a recent study by TransUnion, people are more likely to default on their credit cards or even their mortgage before they’ll miss a car payment. The reason? They need their car to get to work – or look for work.

CDW (CDW) : 10-month performance

Tuesday, April 8, 2014

La Quinta prices IPO at $17 a share

La Quinta Holdings priced its initial public offering below the expected price and plans to sell more shares than anticipated, according to media reports late Tuesday. The hotel chain plans to offer just under 38.3 million shares at $17 a share, Bloomberg News reported. La Quinta was expected to price 37.2 million shares between $18 and $21 a share.

American Realty Capital Healthcare Trust (HCT) began trading on the NASDAQ on 7 April 2014

Biocept (BIOC) : 2-month performance

Monday, April 7, 2014

Gigamon (GIMO) shares drop on cut outlook

Gigamon (GIMO)  shares fell 24% to $19.92 on moderate volume after the network data traffic technology firm said it expects revenue of $31 million to $31.5 million, down from its previous outlook of $34 million to $35 million, after an expected emerging-markets transaction did not materialize.

chart before the after-hours drop

Analysts surveyed by FactSet expect earnings of 1 cent a share on revenue of $34.8 million.

Gigamon priced its initial public offering at $19 a share back in June.

Saturday, April 5, 2014

Twitter (TWTR) : 5-month performance

Ares Management files for $100 million IPO

  • The Ares IPO is the latest in a boom that began in 2007 when the Blackstone Group (BX) raised a staggering $4 billion in its offering. Since then, other heavy hitters including Kohlberg Kravis Roberts (KKR),  Apollo Management (APO), and the Carlyle Group (CG) have also gone public.
  • Apollo shares have jumped 70% since going public in 2011, while KKR has soared 130% since its 2010 IPO. Carlyle, which went public in 2012, is up more than 60% from its offering price.

Ares Management filed to raise $100 million in the largest initial public offering of an alternative-asset manager in almost two years.

The figure is a placeholder used to calculate fees and may change. Los Angeles-based Ares oversees $74 billion in credit and private equity assets, and plans to use the proceeds from the IPO to repay debt, according to yesterday’s filing.

Michael Arougheti, president of private equity firm Ares Management

At the $100 million amount, the IPO would be the biggest of a private-equity firm since Carlyle Group LP (CG) raised $671 million in May 2012. Stock prices of Ares’ private-equity peers are surging: Blackstone Group LP (BX) reached a record high this month, while Apollo Global Management LLC has more than doubled over the last two years.

BX monthly chart

Two other alternative-asset management firms are also weighing IPOs. TPG Capital, which has about $59 billion in assets, would consider going public, the firm’s founding partner David Bonderman said in February. Barry Sternlicht, the chairman and chief executive officer of Starwood Capital Group LLC, has spoken with banks as he prepares to sell shares of the property-investment firm, a person familiar with the matter said Feb. 18.

Founder Salaries

Ares oversees $10 billion of private equity, $9 billion in real estate and $55 billion in direct lending and tradable credit, the filing showed. The company posted $478.7 million in fee revenue last year, an increase of 43 percent from the prior year, the filing showed.

Ares paid co-founders Tony Ressler, Michael Arougheti, David Kaplan and Bennett Rosenthal salaries of $1.8 million each last year, according to the filing. The firm didn’t disclose the carried interest, or share of investment profit, allocated to the executives or the units they will own after the IPO.

Following the offering, Ares will be considered a partnership limiting common stockholders’ voting rights and their ability to remove or elect directors of the general partnership, the filing showed.

JPMorgan Chase & Co. and Bank of America Corp. are managing the sale, the document shows. Ares listed 13 banks in its prospectus, including Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. The company intends to apply to list its shares on the New York Stock Exchange under the symbol ARES, the filing shows.

Friday, April 4, 2014

Virtu Financial's postponed IPO

"After having executed hundreds of thousands of trades [of U.S. stocks] worth hundreds of billions of dollars, we can, with great confidence, acknowledge the fact those mudcat bottom-feeders have used technology to steal tens of billions of dollars from unsuspecting market participants," says Steve Previs, a longtime equity-sales trader at Mint Partners, a leading London agency brokerage and an independent division of BGC Partners.

On the record, most major institutional investors are rather more restrained in their views of high-frequency trading, even though they're the ones who are paying the tab when they have to pay a higher price to buy a block of stock, or get a lower price when they're selling. That's through what Schneiderman termed "latency arbitrage," a fancy way of describing how HFT firms get a peek at orders a few milliseconds early.

Vincent Viola is the former Chairman of the New York Mercantile Exchange (NYMEX) and is one of the nation's foremost leaders in electronic trading. He is currently the Chairman and CEO of Virtu Financial. Mr. Viola started his career in the financial services industry on the floor of the New York Mercantile Exchange and rose to be Vice Chairman (1993-1996) and Chairman (2001-2004).

Is this front-running? Is it illegal? That's to be decided by the various investigations (and, as our colleague Steve Sears suggests, likely class actions, which inevitably follow any loss, no matter how dubious the basis). In the court of public opinion, for what that's worth, HFT has gotten a bad name.

For some reason, the initial public offering of Virtu, the first firm specializing in electronic trading, was postponed last week with the road show for prospective investors about to get under way. Virtu's S-1 SEC registration statement already had become one of the best-read regulatory documents in recent times. Not least because it shows how profitable the business has been, with the preliminary prospectus listing just one losing trading day out of the 1,238 from Jan. 1, 2009, through Dec. 31, 2013—a statistic that has had the Street abuzz.

Virtu attributes this extraordinary record to its stringent risk controls, a claim that HFT critics might dispute. Be that as it may, it's clear that the company's chief executive, Vincent Viola, is a master trader. He's the ex-head of the New York Mercantile Exchange (now owned by the CME) and a graduate of West Point and Brooklyn Tech (one of New York's three elite special high schools). His Virtu stake would be worth about $2 billion, if the initial offering comes off as planned.

Viola isn't selling any shares in the planned IPO. But going public would give him a chance to "monetize" his stake in the future, to use the buzzword popular among private-equity types who have been cashing in their investments via the strong IPO market. He also draws no salary and receives no equity options, although he's in line for a raise after the company goes public—to $1 a year.

In addition, Viola and his wife have put their East Side mansion, just off Fifth Avenue, up for sale at $114 million, which would be a record price for a New York City property. They paid about $20 million for the 40-foot-wide, 16,000- square-foot manse, and invested a few bucks in improvements, including expanding the basement for a swimming pool. Viola also has been a buyer of other assets, notably the Florida Panthers hockey team, for $240 million.

Viola, the trader extraordinaire, stands to cash in on two of the biggest bull markets ever—the boom in financial markets and Manhattan real estate. Could that be a sign of a peak?

The Financial Times noted on Friday that, long before the Lewis book shone a light on high-frequency trading, HFT's revenue from U.S. stocks actually has been declining steadily since 2009. Virtu, for its part, stands to gain from the growing electronic trading in other markets, notably credit derivatives.

GrubHub (GRUB) began trading on the NYSE on 4 April 2014

  • GrubHub shares up 31% on 1st day of trading

CEO Matthew Maloney of GrubHub rings the opening bell at The New York Stock Exchange on April 4, 2014 in New York City

People dressed in food-themed costumes walk on the floor of the New York Stock Exchange to celebrate the IPO of GrubHub.

GrubHub co-founders Mike Evans, left, and Matt Maloney, right, pictured inside the company's headquarters.

GrubHub's debut is among the best of recent Chicago-area tech IPOs. Arlington Heights-based Paylocity Holding Corp., which went public March 13, enjoyed a 41 percent jump on the first day. Textura Corp., based in Deerfield, had a 39 percent opening-day bounce when it went public in June.

CEO Matt Maloney, who founded the company a decade ago with Mike Evans, led the coast-to-coast road show over the past two weeks. Investors quickly warmed to GrubHub's story and the company's potential to disrupt a large old industry.

As an e-commerce company, GrubHub often has been overshadowed by Groupon Inc. Although they are two of the highest-profile companies in the recent emergence of Chicago's startup tech scene, they took very different paths.

Andrew Mason, who was a coder at Chicago e-commerce company InnerWorkings, dropped out of grad school at University of Chicago to start Groupon with InnerWorkings founder Eric Lefkofsky. The daily-deal idea exploded, and Groupon briefly became one of the nation's hottest tech companies before stumbling. Though it topped $1 billion in revenue, Groupon wasn't profitable when it went public in 2011 and still isn't. Today, Groupon's market value is about $5.3 billion, less than what Google Inc. offered to buy the company nearly four years ago.

Messrs. Evans and Maloney were coders at After launching the company, Mr. Maloney went back to University of Chicago to get an MBA. They built the company slowly and ended up merging with rival Seamless before attempting an IPO. While the combined company had $170 million in revenue last year, it had a profit of $4.2 million. GrubHub has been profitable for three years, according to its prospectus.

Thursday, April 3, 2014

Largest U.S. IPOs of the first quarter

According to Renaissance Capital, the U.S. initial public offering market had the most first-quarter activity since 2000, with 64 firms raising a total of $10.6 billion. First-quarter activity in 2013 had 31 deals raising $7.6 billion total.

In terms of size, Santander Consumer USA was the largest U.S. deal of the quarter ($1.8 billion), followed by Rice Energy ($924 million) and EP Energy ($704 million).

Renaissance noted that the top 10 IPOs by deal size returned an average of 10%, below the average of all deals (25.3%). Oil and gas driller RSP Permian had the highest return at 48.2%, while helicopter service provider CHC Group had a -26.1% return from its IPO.

Not all companies looking to go public are feeling so bold about their prospects. Virtu Financial, a high-frequency trading firm, disclosed in its prospectus that it lost money on just one day in nearly five years, an achievement that not even Goldman Sachs can claim. But it has postponed its coming IPO. until at least later this month as it waits for the furor stirred up by Michael Lewis’s latest book, “Flash Boys,” to quiet down, according to people briefed on the matter.

GrubHub Inc.'s IPO promises to be a nice payday for insiders.

4/3/14 update :
  • GrubHub Inc. is going public at $26 per share, above the target of $23 to $25 per share set earlier this week, according to a securities filing.
  • At $26 per share, the Chicago-based company will have a total market value of $2.1 billion and will raise about $104 million.
  • GrubHub is set to start trading on Friday, April 4, 2014 on the New York Stock Exchange under the symbol "GRUB".

The online food-ordering business said this morning it expects to offer 7 million shares at $20 to $22 a share — but GrubHub itself is only selling 4 million shares, raising about $76 million and giving the company an overall market value of $1.7 billion.

Matt Maloney, chief executive officer and co-founder of GrubHub.

The rest are being offered by insiders, including CEO Matt Maloney, who plans to sell 475,200 shares. Assuming GrubHub gets $21 per share — and it may well get more if the IPO market remains hot — that's nearly $10 million for the 38-year-old founder.

It's about 19 percent of his holdings, and he'll still have 2.1 million shares, or 2.7 percent of the stock after the IPO, according to the prospectus. So it's not as if he's cashing out completely.

The insider sales could be a reflection of GrubHub's small float, or the amount of a company's stock available for trading on the open market. The company is selling just 5 percent of its stock to the public, which could create short-selling headaches later, as Groupon saw when it sold just 6 percent of its shares in its IPO. Including the insider sales, GrubHub will have a float of about 9 percent.

But it's a potential red flag to investors when insiders want to sell at the same time they're asking the public to buy — but before it's clear retail investors will make money. It's also a reflection that GrubHub and its partner, Seamless, have accumulated a lot of mouths to feed in their long route to an IPO, and those investors have waited a long time for a payday. GrubHub is a 10-year-old company; Seamless, which already has been bought and sold once, was founded in 1999.

“They must feel pretty confident the IPO is going to do well,” said Tim Loughran, a finance professor at University of Notre Dame, who studies IPOs. “The fact that the market is letting them do it, is an indication that the IPO is going to be successful and have a nice first-day pop.”

The company declined to comment.

The biggest selling shareholder in GrubHub's IPO is Spectrum Equity Associates, which is selling 669,745 shares, worth about $14.1 million. Spectrum was an investor in Seamless, the food-delivery company that GrubHub merged with last year to bulk up enough to go public.

Boston-based Spectrum still will be the largest investor in GrubHub after the IPO and its sale — with about 10.6 percent of the stock.

Other sellers include GrubHub's early Chicago backers, Origin Ventures and Leo Capital Holdings. Chicago-based Origin plans to sell 229,225 of its 4.6 million shares, a slice worth about $4.8 million, but will retain a 5.6 percent stake in GrubHub. Northbrook-based Leo Capital plans to sell 248,798 shares of its 2.7 million shares, a cut worth about $5.2 million. Other sellers include Warburg Pincus, funds affiliated with Goldman Sachs and Thomas H. Lee Partners, which are selling 5 percent of their respective holdings.

Rice Energy (RICE) began trading on the NYSE on 24 January 2014


Rice Energy Inc. (Rice Energy) is an independent natural gas and oil company. The Company is engaged in the acquisition, exploration and development of natural gas and oil properties in the Appalachian Basin. The Company focused on creating shareholder value by identifying and assembling a portfolio of low-risk assets with economic profiles and leveraging its technical and managerial expertise to deliver industry results. It holds approximately 43,351 pro forma net acres in the southwestern core of the Marcellus Shale, primarily in Washington County, Pennsylvania. The Appalachian Basin, which covers over 185,000 square miles in portions of Kentucky, Tennessee, Virginia, West Virginia, Ohio, Pennsylvania and New York. As of December 1, 2013, The Company owned and operated 25 miles of high-pressure gathering pipelines on our Marcellus Shale acreage in Washington County, Pennsylvania.


Suite 301, 171 Hillpointe Drive
United States

Key stats and ratios

Q3 (Sep '13)2012
Net profit margin-142.20%-71.12%
Operating margin-169.82%-59.26%
EBITD margin--7.25%
Return on average assets-17.43%-7.23%
Return on average equity-40.64%-20.91%

Wednesday, April 2, 2014

Rubicon Project (RUBI) began trading on the NYSE on 2 April 2014

Digital ad firm Rubicon Project's stock jumped 34% in its Wednesday debut, kicking off what could be a strong Q2 IPO market following the biggest Q1 since 2000. "Things appear to be going well," Rubicon (RUBI) CEO Frank Addante said in a midday phone interview from New York. The IPO is "just one milestone" for Rubicon as it eyes a big slice of the $100 billion online ad market, said Addante.

  • A technology company on a mission to automate the buying and selling of advertising.
  • RUBI’s Advertising Automation Cloud features applications for digital advertising sellers.
  • Compare with Rocket Fuel (FUEL).

Rubicon Project CEO Frank Addante, right, and Chief Operating Officer/CFO Todd Tappin are all smiles after ringing the opening bell at the NYSE on Wednesday.

Rubicon stock closed at 20.09 after rising as high as 21.20, up 41%. It opened up 17% at 17.50 at 9:59 a.m. ET on the New York Stock Exchange, according to data from IPO Boutique.

Rubicon late Tuesday priced at 15, the low end of its expected range of 15 to 17. The company sold 5.4 million shares, raising $81 million. Insider shareholders sold another 1.4 million shares for $21 million, the company said.

"We're about building value for our shareholders over the long term, and that's our focus," said CFO and Chief Operating Officer Todd Tappin, who rang Wednesday's opening bell.

Addante and Tappin have helped take companies public before — Tappin as CFO of paid-search company Overture and Addante as chief technology officer of online ad company L90. Those companies both listed on the Nasdaq exchange. Rubicon opted for the NYSE because many of its clients list there, so Rubicon executives saw it as a way to "be alongside them," Tappin said.

Google Competitor
Founded in 2007, Rubicon has developed a technology platform that clients use to automate their ad buying. As an ad platform, it at times competes with Google, Addante says, but he points out the two also partner on some advertising.

Rubicon works with more than 700 website publishers — including major media companies such as Dow Jones and Tribune Co. — connecting them with companies that advertise more than 100,000 brands.
Rubicon is able to connect its ad-buyer clients to 97% of all Internet users via its exchange, the company said in regulatory filings.

The Los Angeles-based company reported 2013 revenue of $83.8 million, up 47%, but its net loss doubled to $13.5 million.

Rubicon rival Rocket Fuel (FUEL) priced its IPO last September at 29 and closed its first day at 56.10. But that stock has since fallen. It closed Wednesday at 40.99, down 3.5%.

Rubicon was able to price only at the low end of its expected range, perhaps because of the pallid performance of Rocket Fuel's stock, Gaskins says.

"If you look at the December quarter, RUBI has a better price-to-loss ratio than FUEL, and it's got good top-line growth," Gaskins said. "But I think the people who own Rocket Fuel will want to play the whole segment, and they're buying Rubicon too."

Rubicon underwriters have an option to buy an additional 1 million shares within 30 days, which could raise another $15 million.


The Rubicon Project, Inc. is a global technology company that focuses to automate the buying and selling of advertising. The Company’s Advertising Automation Cloud is a scalable software platform that powers and optimizes a marketplace for the real time trading of digital advertising between buyers and sellers. Its advertising automation cloud features applications for digital advertising sellers, including Websites, applications and other digital media properties, to sell their advertising inventory; applications for buyers, including demand side platforms (DSPs), ad networks and advertising agencies, to buy advertising inventory, and an exchange over which such transactions are executed. Its advertising automation cloud incorporates machine-learning algorithms, data processing, high volume storage, detailed analytics capabilities, and a distributed infrastructure.


United States