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 [转帖]2009 U.S. IPOs Trading Above Offer Price - A Review |
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BWolfe_2001
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作者：BWolfe_2001 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
2009 U.S. IPOs Trading Above Offer Price - A Review
(RTTNews) - The U.S. IPO market, which hit rock bottom in the first-quarter of 2009, with only two successful deals, picked up over the successive quarters and appears to be on a solid recovery. According to PricewaterhouseCoopers' Transaction Services practice, 66 IPOs were completed so far this year in the U.S., eclipsing the 57 offerings of 2008 and the momentum is expected to continue into 2010.
The following are some of the IPOs of this year, which are currently trading above their offer prices.
Mead Johnson Nutrition Co. (MJN), a pediatric nutrition products maker and spin-off of Bristol-Myers Squibb Co. (BMY) went public on February 11, pricing its IPO at $24 a share. Since its IPO, the shares have appreciated 79% to close Tuesday's trade at $43. The stock was added to S&P 500 index on December 18.
Last month, Bristol-Myers, which owned 83% of Mead stock, decided to split off its holdings in Mead through stock swap in order to focus on its core BioPharma business. The exchange ratio was 0.6313 shares of Mead Johnson common stock for each share of Bristol-Myers Squibb common stock accepted in the exchange offer. The offer, which expired on December 17, was oversubscribed.
Changyou.com (CYOU), an online game developer and operator in China, which went public on April 2 pricing its IPO at $16 per share, has since gained 100% and now trades around $32. Changyou is a spin-off from Chinese web portal Sohu.com Inc. (SOHU) and is majority-owned by Sohu.
Changyou currently runs three online games and has at least three titles planned for future release. All these games are to be launched in North America, too. The company opened its U.S. subsidiary in Silicon Valley and launched its first online game in the U.S. in October.
Bridgepoint Education Inc. (BPI), a provider of postsecondary education services, which made its market debut on April 15 at a price of $10.50 per share, now, trades over $14. In the past three quarters, the company has delivered solid operational performance, thanks to an increase in student enrollment. The student enrollment is directly l<x>inked to unemployment rate.
While announcing its third-quarter results last month, Bridgepoint raised its student enrollment forecast as well as its earnings and revenue outlook well above analysts' estimates.
Bridgepoint's regionally accredited academic institutions - Ashford University and University of the Rockies - deliver their programs online as well as at traditional campuses located in Clinton, Iowa, and Colorado Springs, Colorado. In 2009, a total of 5,268 students, including 5,133 online students and 135 on-campus traditional and accelerated students, graduated from the Ashford University, compared to a total of 2,567 students last year.
DigitalGlobe Inc. (DGI), which went public on May 14 at a price of $19 per share, now, trades around $24. The satellite imagery company has easily outpaced Wall Street analysts' estimates in the first two quarters as a public company and sees growth ahead.
Last month, the company raised its full year outlook, reflecting continued momentum across its key customer segments. The imagery from DigitalGlobe's satellite -- WorldView-2, is expected to be made available to all customers on January 4, 2010.
SolarWinds Inc. (SWI), which made its stock market debut on May 20, pricing its shares at $12.50 per share, now trades around $22. Going by the name, one may mistake the company's business to be associated with solar energy sector, which in reality is not the case. The company is a provider of enterprise-class network management software.
Last month, SolarWinds offered 12 million shares of its common stock at $18.75 per share in a secondary public offering. SolarWinds' flagship Orion family of management solutions is set to be deployed by Canada'sOlympic Broadcast Media Consortium to support its unprecedented coverage of the Vancouver 2010 Olympic Winter Games (February 12-28 ).
OpenTable Inc. (OPEN), which went public on May 22 pricing its IPO at $20 per share, now, trades over $26. The provider of online restaurant
reservation system has topped analysts' estimates in the first two quarters as a public company.
Medidata Solutions Inc. (MDSO), a clinical software developer, went public on June 25, pricing its IPO at $14 a share. The shares currently trade around $15.
The company topped analysts' estimates by a significant percentage in the first two quarters as a public company. Early this month, Medidata offered 5.5 million shares of its common stock at $15.00 per share in a secondary public offering.
LogMeIn Inc. (LOGM), which went public on July 1, offering its shares at $16 each, now, trades around $20. In the third-quarter ended September 30, which was the company's first full quarter as a public company, the software maker's revenue rose 32%, while non-GAAP per share earnings were up 140%.
Last month, the company offered 3,125,000 shares of its common stock at $18.50 per share in a secondary public offering.
Invesco Mortgage Capital Inc. (IVR), a real estate investment trust, which made its market debut on July 1 at $20 per share, now, trades around $23. In the third-quarter ended September 30, which was the company's first quarter as a public firm, Invesco topped analysts' expectations. Analysts are bullish on Invesco's earnings prospects for fourth-quarter and over the last seven days, they have raised the consensus estimate by 8 cents to $0.88 per share.
Territorial Bancorp Inc. (TBNK), which went public on July 13 at $10 per share, has since returned 86% and trades over $18. In the third-quarter, which was the bank-holding company's first quarter as a public firm, profits dropped nearly 70% due to a reduction in non-interest income and an increase in non-interest expense.
Avago Technologies Ltd. (AVGO), which went public on August 6, pricing its shares at $15 each, now trades over $16. The company is a supplier of analog interface components for communications, industrial and consumer applications. For the first fiscal quarter of 2010, ending January 31, 2010, the company expects net revenue to be flat to down 3%.
Early this month, the company disclosed that Dick Chang has tendered his resignation as a member and as Chairman of the Board, effective March 4, 2010. James Diller, one of the independent directors, will serve as Chairman of the Board upon the effective date of Chang's resignation.
Lihua International Inc. (LIWA), a Chinese manufacturer of low cost, high quality alternatives to pure copper superfine and magnet wire, as well as copper rod products, went public on September 9, pricing its IPO at $4. Since the IPO, the shares have more than doubled in value and currently trade around $9.
In order to keep pace with the growing demand for copper in China, the company is actively working to increase its production capacity. In September, Lihua began production on four new proprietary high speed manufacturing lines to increase annual CCA (copper clad aluminum) wire and copper wire capacity from 18,000 tons to 25,200 tons.
Tri-Tech Holding Inc. (TRIT) went public on September 10, pricing its IPO at $6.75 per share. The shares of the Chinese water engineering, consulting, and management company have since nearly tripled and now, trade around $19.
The company is currently pursuing over 100 smaller river basin flood monitoring and forecasting systems and groundwater monitoring systems for over 100 counties across China with a market potential of approximately $145 million.
A123 Systems Inc. (AONE), a supplier of high-power lithium ion batteries, which went public on September 24, offering its shares at a price of $13.50 each, now, trades around $20.
Last week, A123 announced that it is entering into a joint venture with SAIC Motor Co. Ltd, a leading automaker in China to develop, manufacture and sell complete vehicle traction battery systems for use in hybrid electric and pure electric passenger vehicles and heavy duty truck and bus applications in the People's Republic of China.
In the new joint venture called Shanghai Advanced Traction Battery Systems Co., SAIC Motor will have a 51% stake, while A123 Systems will hold a 49% share and the management duties of the venture will be shared equally between the parties.
Talecris Biotherapeutics Holdings Corp. (TLCR), a biotherapeutic and biotechnology company, made its market debut on October 1, pricing its IPO at $19 per share. The stock now trades around $22. Talecris was spun off from German pharmaceutical giant Bayer Healthcare in 2005 and it was purchased by two private equity firms - Cerberus Capital Management and Ampersand Ventures.
In 2008, Australia'sCSL Ltd., the world's second-largest-plasma products maker, offered to acquire Talecris, which was then a private firm, for $3.1 billion. However, the deal didn't materialize as the U.S. Federal Trade Commission opposed the planned acquisition.
Last month, Talecris announced that it plans to spend $268.7 million to expand its facilities in Clayton, creating 259 new jobs over the next seven years.
The Clayton manufacturing facility produces protein therapies that are used to treat a range of diseases, including immune deficiencies, hemophilia, genetic emphysema, and a rare neurological disorder known as chronic inflammatory demyelinating polyneuropathy. Talecris has eleven approved products on the market, each of them derived from human plasma that is collected primarily from the company's 71 plasma donation centers nationwide.
Verisk Analytics Inc. VRSK) went public on October 7, pricing its IPO at $22 per share. The stock currently trades around $30. The company provides risk assessment solutions to professionals in insurance, healthcare, mortgage lending, government, risk management, and human resources.
Last month, Verisk acquired Enabl-u Technologies, which offers data management, analytics, and training services used by many leading retailers' loss-prevention operations. Excluding new acquisitions, the company foresees revenue to grow 10%-12% in the long term.
Mistras Group Inc. (MG) debuted its shares on October 8 at a price of $12.50 per share, well below the proposed price of $14-$16 a share. The shares of the engineering services company currently trade over $13.
For fiscal 2010 ending May 31, 2010, Mistras expects revenue to range between $250 million and $280 million, while analysts have a consensus revenue estimate of $269.66 million.
Vitamin Shoppe Inc. (VSI), a specialty retailer and direct marketer of nutritional products primarily in the United States, went public on October 28, offering its shares at $17 each. The shares have returned 23% since the IPO and currently trade around $21.
In the third quarter ended September 26, 2009, the company's comparable store sales increased 4.4% - marking the 16th consecutive quarter of comparable store sales growth.
Hyatt Hotels Corp. (H), an international operator of hotels, which made its market debut on November 5 at an IPO price of $25, currently trades around $30. As of September 30, 2009, the company's worldwide portfolio consisted of 415 properties.
Last week, Hyatt signed management agreements with DB Hospitality Pvt. Ltd, a real estate developer in India. Under the agreement, Hyatt will operate five new hotel properties in India, one of the world's most vibrant emerging markets, between mid-2010 and early 2014.
STR Holdings Inc. (STRI), which went public on November 6, pricing its IPO at $10 per share, currently trades around $14. The company provides high quality, superior performance solar encapsulants to the photovoltaic module industry.
The company remains optimistic that it is well positioned to capitalize on the solar industry's global expansion, including the emerging China market.
rue21 Inc. (RUE), which went public on November 13 pricing its IPO at $19 per share, currently, trades over $27. The specialty discount retailer of young men and women's casual apparel and accessories recently reported strong results for its third quarter - with net income growing 106% and net sales increasing nearly 41%. As of December 7, 2009, rue21 operated 537 store locations in 43 states. Looking ahead, the company plans to open 100 stores in 2010.
Dollar General Corp. (DG) went public on November 13, offering its shares at $21 each in the IPO. This is the second time the discount retailer is going public. Dollar General was a public firm from 1968 till July 2007 when it was acquired by private equity firm Kohlberg Kravis Roberts & Co. L.P. in a deal valued at $7.3 billion, including about $380 million of debt.
As of October 30, 2009, the company operated 8,720 stores in 35 states, primarily in the southern, southwestern, midwestern and eastern United States. Next year, Dollar General plans to open 600 additional stores and remodel or relocate another 500 stores.
It's no secret that dollar store businesses are defying the economic downturn, benefiting from a shift in consumer attitude that has embraced frugal spending. With their aisles overflowing with customers who want to stretch their shopping dollar, deep-discount retailers are replenishing their coffers.
Global Defense Technology & Systems Inc. (GTEC), which made its debut on the stock market on November 20, at IPO price of $13 per share, currently trades over $15. The company provides mission-critical technology-ba<x>sed systems, solutions, and services for national security agencies and programs of the U.S. government.
Archipelago Learning Inc. (ARCL), a subscription-ba<x>sed online education company, went public on November 20, offering shares at a price of $16.50 in the IPO. The stock currently trades around $18.
The company operates primarily in the U.S. K-12 education market, which consists of approximately 55 million students in more than 118,000 schools according to Market Data Retrieval, or MDR.
Archipelago Learning's core product called Study Island helps students in Kindergarten through 12th grade master grade-level academic standards "in a fun and engaging manner," according to the company. During the 2008-2009 school year, the company's Study Island products were utilized by approximately 8.9 million students in 21,000 schools in 50 states. The company also recently introduced its Northstar Learning product line, which offers online postsecondary programs.
For comments and feedback: contact [email protected]
作者：BWolfe_2001 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [转帖]2009 U.S. IPOs Trading Above Offer Price - A Review -- BWolfe_2001 - (15386 Byte) 2009-12-24 周四, 00:14 (1406 reads)
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