With ten deals scheduled on the IPO calendar this week, the IPO market should expect to see a flurry of activity. If all ten deals price as expected, it will be the busiest week so far this year. Nine IPOs were completed during the week of February 6th. There haven't been 10 IPOs in one week since December of 2010.
In a sign that investors are again looking to the IPO market, two deals expected this week have increased their terms.
Millennial Media, the second largest mobile advertising platform in the US, increased the price range for its upcoming IPO on Tuesday. The Baltimore, MD-based company now plans to raise $122 million by offering 10.2 million shares (10% insider) at a price range of $11.00 to $13.00. The company's previous price range was $9.00 to $11.00. At the new midpoint, the proceeds from the IPO would be 20% greater than previously expected. Millennial Media, which was founded in 2006 and booked $104 million in sales in 2011, plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman Sachs and Barclays are the joint bookrunners on the deal.
Annie's, which is a leading organic and natural packaged food company known for its mac-n-cheese, raised the proposed deal size for its upcoming IPO on Monday. The Berkeley, CA-based company now plans to raise $85 million by offering 5 million shares (81% insider) at a price range of $16.00 to $18.00. The company had previously filed to offer 5 million shares (79% insider) at a range of $14.00 to $16.00. At the mid-point of the revised range, Annie's will raise 13% greater proceeds than previously anticipated. Annie's, which was founded in 1989 and booked $135 million in sales for the 12 months ended 12/31/2011, plans to list on the NYSE under the symbol BNNY. Credit Suisse, J.P. Morgan are the lead underwriters on the deal.
Two companies with ties to the cleantech industry also plan IPOs this week. Luca Technologies Inc., which uses biotechnology to create and produce coalbed methane (natural gas), plans to raise $102 million. Enphase Energy, which is a leading provider of microinverter solutions for the solar industry, expects to raise $80 million.
Rounding out this week's list of deals are e-commerce site CafePress, natural gas transporter GasLog, loan provider Regional Management, industrial manufacturer Rexnord Corporation, and healthcare communications provider Vocera. Merrimack Pharmaceuticals, which postponed its IPO in February, is back on the calendar for this week as well.
The IPO market has shown recent strength. The FTSE Renaissance US IPO Index is up 20.4% year-to-date.
