Energy-related IPOs Dominate the Calendar

albena
30 Nov, -0001
New York City

There are six deals on this week

Mucinex maker Adams Respiratory Therapeutics ((ARXT)) made its stock market debut on Thursday, showing the second-best opening day performance so far in 2005. Shares rose 40 % to $23.74 in morning Nasdaq trading from their IPO price of $17 per share. The company gained 51.5% at the close of its first trading day.

The pharmaceutical company priced 7.95 million shares at $17 each on Thursday, above the expected range of $14 - $16, raising $135.2 million. The company also sold about 850 thousand additional shares above the originally planned 7.1 million. 5.697 million shares were issued by Adams Respiratory, while 2.253 million were sold by certain selling stockholders, including Chai Trust Company, LLC, the Perseus-Soros BioPharmaceutical Fund, Tullis-Dickerson & Co., Talon Opportunity Fund, Marquette Venture Partners and Merrill Lynch Ventures. The company has granted to the underwriters a 30-day option to purchase up to an additional 1.192 million shares to cover over-allotments. Merrill Lynch and Morgan Stanley led the deal's underwriting.

The company's shares closed at $26.41 on Friday, up 55.4% from the offer price.

Another successful opening was made by Diamond Foods ((DMND)). The company jumped nearly 24% in its market appearance on Thursday, as it became a publicly traded company after 93 years. The company priced its 6.0 million shares at $17 Wednesday night, well above its planned $14 - $16 range, raising $102 million. The company increased the number of shares from 5.33 million due to a strong demand. Merrill Lynch, Piper Jaffray and Harris Nesbitt were the lead managers on the deal.

The company gained 22.65% to close at $20.85 on Friday, slightly below its closing price the first trading day.

Intimate apparel designer, Maidenform Brands ((MFB)), priced 12.8 million shares at $17 in its debut on Friday, above its proposed range of $14-$16. Late Wednesday the company increased the number of shares from planned 10 million. Maidenform is the first company in months to price above its range while increasing the shares. 9.4 million shares, almost three-quarters of the offering, were sold by insiders. UBS Investment Bank, CS First Boston and Goldman Sachs managed the deal.

The company’s shares closed up 16.76% at $19.85 on Friday, the day of its market debut.

Hittite Microwave ((HITT)), a designer of high performance integrated circuits, priced its 4.5 million shares at $17 on Friday, up from its proposed range of $14 to $16. Shareholders offered 1.8 million of the shares. Lehman Brothers was the lead underwriter on the deal.

The company's shares closed at $19.45 on Friday, up 14.41% from the offer price.

A rural telecom provider, Consolidated Communications ((CNSL)), priced its 15.67 million shares at $13 per share on Friday, 13% below its proposed value. CS First Boston and Citigroup managed the deal.

The company's shares closed at $13.79 on Friday, up 6.08% from the IPO price.

Genco Shipping and Trading ((GSTL)), a drybulk shipper in the Asia Pacific region, priced its 11.8 million shares at $21 per share on Friday, below its proposed range of $24-$27. Jefferies and Morgan Stanley were the lead underwriters on the deal.

The company's shares dropped 0.62% to close at $20.87 Friday.

IPOs scheduled to debut the week of July 25, 2005:

Superior Well Services ((SWSI)), an oil services company, said a week ago that it will be offering 5.0 million shares within a price range of $11-$13 per share in a bid to raise $215 million. Insiders will be selling 3.8 million shares. KeyBanc Capital will act as the lead underwriter on the deal.

ITC Holdings ((ITC)), an operator of US electricity transmission, said a month ago that it will be offering 2.5 million new shares and shareholders will be offering 10 million secondary shares, within a price range of $19-$21, in a bid to raise $250 million. Lehman Brothers, CS First Boston and Morgan Stanley will act as the lead managers on the deal.

Pike Electric Corp. ((PEC)), an electricity distributor in the U.S., said the previous week that it will be offering 13.5 million shares within a price range of $14 - $16 per share, in a bid to raise $503 million. Insiders will be selling 3.5 million shares. Citigroup and J.P. Morgan will act as the lead underwriters on the deal.

Advanced Life Sciences ((ADLS)), a drug-developer, said a month ago that it will be offering 4.5 million shares within a price range of $11 - $13 per share, in a bid to raise $192 million. CE Unterberg Towbin will act as the lead underwriter on the deal.

Alon USA Energy ((ALJ)), a petroleum refiner, said a week ago that it will be offering 8.5 million shares within a price range of $14 - $16 per share, in a bid to raise $653 million. CS First Boston, Deutsche Bank and Lehman Brothers will manage the deal.

Golf Galaxy ((GGXY)), a specialty retailer, said the previous week that it will be offering 3 million shares, in addition to 333k planned to sell by shareholders, within a price range of $11 - $13. Piper Jaffray and William Blair will act as the lead underwriters on the deal.