The following IPOs are expected to price this week:
Cobalt International Energy (CIE), an oil E&P firm with deepwater prospects in the Gulf of Mexico and off West Africa, plans to raise $1 billion by offering 63 million shares at a price range of $15.00 to $17.00. At the mid-point of the proposed range, Cobalt will command a market value of $5.5 billion. Cobalt International Energy, which was founded in 2005, has not generated revenue to date and expects to begin commerical production in 2012. The Houston, TX-based company plans to list on the NYSE under the symbol CIE with Credit Suisse, Goldman Sachs, and J.P. Morgan acting as the lead underwriters on the deal.
Crimson Exploration (CXPO), another independent oil and gas E&P company that operates in East and South Texas, plans to raise $126 million by offering 18 million shares at a price range of $6.00 to $8.00. At the mid-point of the proposed range, Crimson will command a market value of $211 million. Crimson Exploration, which was founded in 1987, booked $121 million in sales over the last 12 months. The Houston, TX-based company is currently listed on the OTC Bulletin Board and plans to make the move to the NASDAQ under the symbol CXPO. Barclays Capital and Credit Suisse are the lead underwriters on the deal.
Kraton Performance Polymers (KRA), the world's #1 producer of styrenic block copolymers backed by TPG/J.P. Morgan, plans to raise $175 million by offering 10.3 million shares at a price range of $16.00 to $18.00. At the mid-point of the proposed range, Kraton will command a market value of $504 million. Kraton, which was founded in 1955, booked $960 million in sales over the last 12 months. The Houston, TX-based company plans to list on the NYSE under the symbol KRA. Credit Suisse is the lead underwriter on the deal.
National Beef (NBP), the fourth largest beef processor in the US, plans to raise $276 million by offering 17.3 million shares at a price range of $15.00 to $17.00. At the mid-point of the proposed range, National Beef will command a market value of $988 million. National Beef, which was founded in 1992, booked $5.7 billion in sales over the last 12 months. The Kansas City, MO-based company plans to list on the NYSE under the symbol NBP with BofA Merrill Lynch and Credit Suisse acting as the lead underwriters on the deal.
Team Health Holdings (TMH), which is a Blackstone-backed provider of outsourced emergency room physician staffing, plans to raise $300 million by offering 20 million shares at a price range of $14.00 to $16.00. At the mid-point of the proposed range, Team Health will command a market value of $899 million. Team Health Holdings, which was founded in 1979, booked $1.4 billion in sales over the last 12 months. The Knoxville, TN-based company plans to list on the NYSE under the symbol TMH. BofA Merrill Lynch, Goldman Sachs, and Barclays Capital are the lead underwriters on the deal.
