To begin with, six IPOs were priced last week, according to Securities and Exchange filings. They raised $1.75 billion.
Besides the high-profile MetroPCS, Simcere Pharmaceutical (NYSE: SCR) and Superior Offshore International (NASDAQ: DEEP) were priced. Bankers also managed to slip three “blank check” offerings into the marketplace. On Friday, all closed above their initial offering prices.
{mosgoogle}The MetroPCS and Superior Offshore deals were priced above their original filing ranges. Each performed well in the aftermarket.
MetroPCS priced 50 million shares at $23 each on Wednesday evening. That was above the filing range of $21 to $23 per share. The deal closed on Friday at $28.55, up $5.55, or 24.1 percent above its offering price.
Superior Offshore priced 10.17 million shares at $15 each on Thursday. That was above the filing range of 8.67 million shares at $14 to $16 each. The deal closed on Friday at $17.54, up $2.54, or 16.9 percent above its offering price.
Simcere Pharmaceutical priced 15.6 million shares at $14.50 each on Thursday evening. That was on the high end of its $12.50- to $14.50-per-share filing range. The deal closed on Friday at $15.30, up 80 cents, or 5.52 percent above its offering price.
In the Wings
Besides their fruitful week at the IPO racetrack, bankers were feeding the pipeline and the calendar as well.
Seven companies announced proposed pricing terms. They are looking to raise $1.75 billion. A couple might be on some IPO professionals’ “most wanted” list:
- JMP Group (NYSE: JMP proposed), the San Francisco-based investment banking and asset management firm, filed to price 7.9 million shares at $10.50 to $12.50 each.
- TomoTherapy (NADSAQ: TTPY proposed), a Madison, Wisconsin-based developer of a versatile radiation system used to treat a variety of cancers, filed to price 10.9 million shares at $15 to $17 each.
Another eight companies filed plans to go public. They are looking to raise $1.41 billion. That increased the number of deals that have been filed since January 1 to 78 IPOs with expected proceeds of $15.3 billion. Here’s one that might be on some IPO professionals’ “most wanted” list:
- Airvana (NASDAQ: AIRV proposed), a Chelmsford, Massachusetts-based provider of network infrastructure products for mobile broadband services, filed for an IPO to raise $75 million.
Turning to this week, bankers are planning to price as many as nine deals. They are aiming to raise $1.54 billion.
Note:
Ocean Power Technologies (NASDAQ: OPTT proposed), a Pennington, New Jersey-based company developing a technology to generate electricity from ocean waves, is NOT included among this list of week’s IPOs.
The deal is included on the secondary calendar.
Its underlying shares are presently traded on the AIM of the London Stock Exchange under the symbol “OPT.” On Friday, it closed at £11.50 per share (as adjusted to give effect to a one-for-10 reverse stock split to be effected before the offering), or about US$23 per share.
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