The following IPOs are expected to price this week:
Chesapeake Lodging Trust, a specialty REIT planning to acquire upper upscale hotel properties, plans to raise $250 million by offering 12.5 million shares at a price of $20.00 per share. At the mid-point of the proposed range, Chesapeake Lodging Trust will command a market value of $301.4 million. Chesapeake, which was founded in 2009, has no operating history to date. The Fairfield, NJ-based company plans to list on the NYSE under the symbol CHSP. J.P. Morgan and Deutsche Bank are the lead underwriters on the deal.
China Nuokang Bio-Pharma, a leading provider of blood-clotting medication in China, plans to raise $55 million by offering 5 million shares at a price range of $10.00 to $12.00. At the mid-point of the proposed range, China Nuokang Bio-Pharma will command a market value of $222.9 million. China Nuokang, which was founded in 1997, booked $40 million in sales over the last 12 months, the majority of which was generated by its flagship hemocoagulant product, Baquting. The company plans to list on the NASDAQ under the symbol NKBP. Jefferies is the lead underwriters on the deal.
Concord Medical Services, which leases radiotherapy and diagnostic imaging equipment to cancer centers in China, plans to raise $126 million by offering 12 million shares at a price range of $9.50 to $11.50. At the mid-point of the proposed range, Concord Medical Services will command a market value of $516.1 million. Concord Medical, which was founded in 2007, booked $36 million in sales over the last 12 months. The Beijing ,China-based company plans to list on the NYSE under the symbol CCM. Morgan Stanley, J.P. Morgan, and CICC are the lead underwriters on the deal.Please note: *Original price range $9.00-$11.00.
Ellington Financial LLC, a specialty finance company that invests in RMBS and derivatives, plans to raise $200 million by offering 7.7 million shares at a price range of $25.00 to $27.00. At the mid-point of the proposed range, Ellington Financial LLC will command a market value of $495 million. Ellington, which was founded in 2007, booked $33 million in sales over the last 12 months. The Old Greenwich, CT-based company plans to list on the NYSE under the symbol EFC. Credit Suisse, Deutsche Bank, and FBR Capital Markets are the lead underwriters on the deal.
KAR Auction Services, which provides auction services for sellers of used and salvage vehicles, plans to raise $368 million by offering 23 million shares at a price range of $15.00 to $17.00. At the mid-point of the proposed range, KAR Auction Services will command a market value of $2.1 billion. KAR, which was founded in 1989, booked $1.7 billion in sales over the last 12 months and holds the second largest position in the vehicle auction market. The Carmel, IN-based company plans to list on the NYSE under the symbol KAR. Goldman Sachs, Credit Suisse, and BofA Merrill Lynch are the lead underwriters on the deal. Please note: *Previously named KAR Holdings.
Pebblebrook Hotel Trust, a newly formed REIT planning to acquire upper upscale hotels in large US cities, plans to raise $350 million by offering 17.5 million shares at a price of $20.00. At the mid-point of the proposed range, Pebblebrook Hotel Trust will command a market value of $370.6 million. Pebblebrook, like Chesapeake, was founded in recent months and has no operating history to date. The Bethesda, MD-based company plans to list on the NYSE under the symbol PEB. BofA Merrill Lynch, Raymond James, and Wells Fargo Securities are the lead underwriters on the deal.
Lastly, Trony Solar Holdings, China's largest manufacturer of thin film solar modules, plans to raise $195 million by offering 19.5 million shares at a price range of $9.00 to $11.00. At the mid-point of the proposed range, Trony will command a market value of $908.1 million. Trony Solar Holdings, which was founded in 2003, booked $79 million in sales over the last 12 months. The Shenzhen, China-based company plans to list on the NYSE under the symbol TRO. J.P. Morgan and Credit Suisse are the lead underwriters on the deal.
