Facebook gets a thumbs-sideways in debut
5/18/2012
While months of anticipation and hype may have helped drive Facebook's valuation over $100 billion, public investors were not so carried away. After opening at $42.05, 11% above its $38 offer price, the stock spent most of the afternoon gradually retreating, ending at $38.23, up just 0.6%. The modest start may have been unexpected, but large technology IPOs actually have a history of unexciting debuts. Of the thirteen tech companies to raise more than $1 billion since 2000, only six have gained more than one percent on their first days. More worrisome is the fact that only two are currently trading above their offer prices (excluding Freescale Semiconductor, which was taken private).
By pricing at the high end of its range, Facebook raised more than $16 billion, becoming the third largest US IPO ever, and its $104 billion valuation made it the 23rd largest company in the US by market cap. Morgan Stanley, J.P. Morgan and Goldman Sachs were the lead underwriters on the deal.
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Facebook
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TVAX Biomedical withdraws $20 million IPO
5/18/2012
TVAX Biomedical, a biotech company focused on cancer cell vacination and T cell cancer treatment, withdrew its plans for an initial public offering on Thursday, citing poor market conditions. The Lenexa, KS-based company was founded in 2004 and was looking to raise $20 million to fund clinical trials for its product candidate, TVI-Brain-1. Roth Capital was set to be the sole bookrunner on the deal.
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TVAX Biomedical
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Street research for Edgen Group expected on May 23
5/18/2012
Street research for Edgen Group, a global distributor of specialty products to the oil and natural gas markets, is expected to be released on 5/23/12. On 4/26/12, the company raised $165.0 million by offering 15,000,000 shares at $11.00, below the range of $14.00 to $16.00. Jefferies, Morgan Stanley and Citi acted as joint bookrunners on the deal.
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Edgen Group
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Street research for Acquity Group expected on May 23
5/18/2012
Street research for Acquity Group, which provides e-commerce and online marketing consulting for consumer brands, is expected to be released on 5/23/12. On 4/26/12, the company raised $33.3 million by offering 5,555,556 shares at $6.00, below the range of $8.00 to $10.00. Citi and Oppenheimer & Co. acted as joint bookrunners on the deal.
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Acquity Group
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Hardee's parent CKE files for $100 million US IPO
5/17/2012
CKE, a leading quick service restaurant company with over 3,240 locations and the owner of the Carl's Jr. and Hardee's brands, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. CKE operates 423 Carl's Jr and 469 Hardee's restaurants and franchises an additional 893 Carl's Jr and 1,452 Hardee's restaurants both domestically and internationally. CKE booked $1.3 billion in sales for the 12 months ended 1/31/2012 and had operating income of $69 million.
The once public company, which was founded in 1945, was taken private in 2010 after being acquired by Apollo Management for $649 million. The company plans to list on the NYSE under the symbol CK. No underwriters were named in the filing.
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CKE, Inc
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