The following IPOs are expected to price this week:
AutoNavi Holdings (AMAP), which licenses digital map content for navigation and location-based services in China, plans to raise $99 million by offering 8.6 million shares at a price range of $10.50-$12.50. At the mid-point of the proposed range, AutoNavi will command a market value of $561 million. AutoNavi Holdings, which was founded in 2002, booked $62 million in sales for the 12 months ended March 31. The Beijing-based company plans to list on the NASDAQ under the symbol AMAP. Goldman Sachs (Asia) L.L.C. is the lead underwriter on the deal.
HiSoft Technology International (HSFT), the second largest China-based provider of outsourced IT and R&D services, plans to raise $89 million by offering 7.4 million shares at a price range of $11-$13. At the mid-point of the proposed range, HiSoft Technology will command a market value of $334 million. HiSoft Technology, which was founded in 1996, booked $100 million in sales for the 12 months ended March 31. The Dalian-based company plans to list on the NASDAQ under the symbol HSFT. Deutsche Bank Securities, UBS Investment Bank and Citi are the lead underwriters on the deal.
MagnaChip Semiconductor (MX), the former analog and mixed-signal semiconductor business of LG, plans to raise $124 million by offering 7.5 million shares at a price range of $15.50-$17.50. At the mid-point of the proposed range, MagnaChip Semiconductor will command a market value of $680 million. MagnaChip Semiconductor, which was founded in 2004, booked $560 million in sales last year. The Seoul-based company plans to list on the NYSE under the symbol MX. Goldman, Sachs & Co., Barclays Capital and Deutsche Bank Securities are the lead underwriters on the deal.
Resaca Exploitation (RSOX), an independent oil and gas exploitation company focused in TX and NM, plans to raise $68 million by offering 20 million shares at a price range of $3.20-$3.60. At the mid-point of the proposed range, Resaca Exploitation will command a market value of $199 million. Resaca Exploitation, which was founded in 2006, booked $43 million in sales for the 12 months ended June 30. The Houston, TX-based company plans to list on the NYSE under the symbol RSOX. RBC Capital Markets is the lead underwriter on the deal.
Tesla Motors (TSLA), which manufactures high-performance electric vehicles and powertrain components, plans to raise $167 million by offering 11.1 million shares at a price range of $14-$16. At the mid-point of the proposed range, Tesla Motors will command a market value of $1.5 billion. Tesla Motors, which was founded in 2003, booked $112 million in sales last year. The Palo Alto, CA-based company plans to list on the NASDAQ under the symbol TSLA. Goldman, Sachs & Co., Morgan Stanley and J.P. Morgan are the lead underwriters on the deal.
Last week, there were 2 IPO pricings. Fabrinet (FN), which provides outsourced manufacturing of optical components for OEMs, was the week's winner, ending up 8% from its IPO price. Hudson Pacific Properties (HPP), a REIT with eight office properties in California, held its own, ending up roughly 3% after listing on the NYSE on Thursday.
