The following IPOs are expected to price this week:
Enerkem (NRKM), which has developed a process that converts municipal waste into cellulosic ethanol, plans to raise $131 million by offering 7.3 million shares at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Enerkem would command a market value of $534 million. Enerkem, which was founded in 2000, booked $3 million in sales over the last 12 months. The Montreal, Canada-based company plans to list on the NASDAQ under the symbol NRKM. Goldman, Sachs & Co., Credit Suisse and BMO Capital Markets are the joint bookrunners on the deal.
Infoblox (BLOX), which provides software-based appliances that automate network control for enterprises, plans to raise $98 million by offering 7.5 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Infoblox would command a market value of $662 million. Infoblox, which was founded in 1999, booked $152 million in sales over the last 12 months. The Santa Clara, CA-based company plans to list on the NYSE under the symbol BLOX. Morgan Stanley, Goldman, Sachs & Co. and UBS Investment Bank are the joint bookrunners on the deal.
Luca Technologies (LUCA), which uses biotechnology to create and produce coalbed methane (natural gas), plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies would command a market value of $352 million. Luca Technologies, which was founded in 2003, booked $1 million in sales over the last 12 months. The Golden, CO-based company plans to list on the NASDAQ under the symbol LUCA. Citi, Piper Jaffray and Raymond James are the joint bookrunners on the deal.
Midstates Petroleum Company (MPO), an oil and natural gas E&P with 92 producing wells in Louisiana, plans to raise $408 million by offering 24.0 million shares at a price range of $16.00 to $18.00. At the midpoint of the proposed range, Midstates Petroleum Company would command a market value of $1.1 billion. Midstates Petroleum Company, which was founded in 1993, booked $209 million in sales over the last 12 months. The Houston, TX-based company plans to list on the NYSE under the symbol MPO. Goldman, Sachs & Co., Morgan Stanley and Wells Fargo Securities are the joint bookrunners on the deal.
Proofpoint (PFPT), which provides on-demand data protection solutions to large and mid-sized enterprises, plans to raise $68 million by offering 6.2 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Proofpoint would command a market value of $404 million. Proofpoint, which was founded in 2002, booked $82 million in sales over the last 12 months. The Sunnyvale, CA-based company plans to list on the NASDAQ under the symbol PFPT. Credit Suisse and Deutsche Bank Securities are the joint bookrunners on the deal.
SandRidge Mississippian Trust II (SDR), a trust formed by SandRidge to own oil and natural gas wells in the Mississippian formation, plans to raise $520 million by offering 26.0 million shares at a price range of $19.00 to $21.00. At the midpoint of the proposed range, SandRidge Mississippian Trust II would command a market value of $995 million. SandRidge Mississippian Trust II was founded in 2011. The Austin, TX-based company plans to list on the NYSE under the symbol SDR. Morgan Stanley, Raymond James, BofA Merrill Lynch and Citi are the joint bookrunners on the deal.
Splunk (SPLK), which provides software for large scale data collection and analysis, plans to raise $162 million by offering 13.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Splunk would command a market value of $1.3 billion. Splunk, which was founded in 2003, booked $121 million in sales over the last 12 months. The San Francisco, CA-based company plans to list on the NASDAQ under the symbol SPLK. Morgan Stanley, Credit Suisse, J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal. Please note: Splunk increased its price range on 4/16/12. The previous range was $8-10.
Tumi Holdings (TUMI), which designs premium travel and business luggage, briefcases and accessories, plans to raise $300 million by offering 18.8 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, Tumi Holdings would command a market value of $1.1 billion. Tumi Holdings was founded in 1975. The South Plainfield, NJ-based company plans to list on the NYSE under the symbol TUMI. Goldman, Sachs & Co., Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.
Last week, there were 4 IPO pricings. Forum Energy Technologies (FET), a global products and services provider for the oil and natural gas industries, was the week's winner, ending up 8% from its IPO price.