The following IPOs are expected to price this week:
Chesapeake Midstream Partners (CHKM), an L.P. formed by Chesapeake and GIP to operate natural gas gathering systems, plans to raise $425 million by offering 21.25 million shares at a price range of $19-$21. At the mid-point of the proposed range, Chesapeake Midstream Partners will command a market value of $2.8 billion. Chesapeake booked $383 million in sales over the last 12 months. The Oklahoma City, OK-based company plans to list on the NYSE under the symbol CHKM. UBS Investment Bank, Citi and Morgan Stanley are the lead underwriters on the deal.
Envestnet (ENV), which provides outsourced web-based investment solutions to financial advisors, plans to raise $100 million by offering 7.7 million shares at a price range of $12-$14. At the mid-point of the proposed range, Envestnet will command a market value of $409 million. Envestnet, which was founded in 1999, booked $78 million in sales over the last 12 months. The Chicago, IL-based company plans to list on the NYSE under the symbol ENV. Morgan Stanley, UBS Investment Bank and Barclays Capital are the lead underwriters on the deal.
Molycorp (MCP), the only rare earth oxide (REO) producer in the Western Hemisphere, plans to raise $450 million by offering 28.1 million shares at a price range of $15-$17. At the mid-point of the proposed range, Molycorp will command a market value of $1.3 billion. Molycorp, which was founded in 1950, booked $7 million in sales over the last 12 months. The Greenwood Village, CO-based company plans to list on the NYSE under the symbol MCP. J.P. Morgan and Morgan Stanley are the lead underwriters on the deal.
SurgiVision (SRGV), which has developed an MRI-guided device for minimally invasive brain procedures, plans to raise $25 million by offering 2.5 million shares at a price range of $13-$15. At the mid-point of the proposed range, SurgiVision will command a market value of $111 million. SurgiVision, which was founded in 1998, booked $3 million in sales over the last 12 months. The Memphis, TN-based company plans to list on the NASDAQ under the symbol SRGV. Canaccord Genuity and Rodman & Renshaw are the lead underwriters on the deal.
Trius Therapeutics (TSRX), which is developing an antibiotic for serious gram-positive Staph infections, plans to raise $78 million by offering 6 million shares at a price range of $12-$14. At the mid-point of the proposed range, Trius Therapeutics will command a market value of $217 million. Trius Therapeutics, which was founded in 2004, booked $5 million in sales over the last 12 months. The San Diego, CA-based company plans to list on the NASDAQ under the symbol TSRX. Citi, Piper Jaffray and Canaccord Genuity are the lead underwriters on the deal.
Last week, there were 3 IPO pricings. Green Dot (GDOT), which is a leading provider of reloadable prepaid debit cards in the US, was the week's winner, ending up 23% from its IPO price.
