The following IPOs are expected to price this week:
BG Medicine (BGMD), which markets a biomarker diagnostic test for heart failure and is developing others, plans to raise $67 million by offering 4.75 million shares at a price range of $13-$15. At the mid-point of the proposed range, BG Medicine will command a market value of $248 million. BG Medicine, which was founded in 2000, booked $1 million in sales over the last 12 months. The Waltham, MA-based company plans to list on the NASDAQ under the symbol BGMD. UBS Investment Bank is the lead underwriter on the deal.
FleetCor Technologies (FLT), which is a leading provider of electronic payment cards to commercial fleets/oil companies, plans to raise $311 million by offering 12.7 million shares at a price range of $23-$26. At the mid-point of the proposed range, FleetCor Technologies will command a market value of $2 billion. FleetCor Technologies, which was founded in 1986, booked $425 million in sales over the last 12 months. The Norcross, GA-based company plans to list on the NYSE under the symbol FLT. J.P. Morgan and Goldman, Sachs & Co. are the lead underwriters on the deal.
Fortegra Financial Corp. (FRF), which provides payment protection products and back-office services for insurers, plans to raise $116 million by offering 7.7 million shares at a price range of $14-$16. At the mid-point of the proposed range, Fortegra Financial Corp. will command a market value of $327 million. Fortegra Financial Corp., which was founded in 1981, booked $94 million in sales over the last 12 months. The Jacksonville, FL-based company plans to list on the NYSE under the symbol FRF. Piper Jaffray and Suntrust Robinson Humphrey are the lead underwriters on the deal.
Gain Capital Holdings (GCAP), which provides an online foreign exchange trading platform for retail customers, plans to raise $154 million by offering 11 million shares at a price range of $13-$15. At the mid-point of the proposed range, Gain Capital Holdings will command a market value of $562 million. Gain Capital Holdings, which was founded in 1999, booked $180 million in sales over the last 12 months. The Bedminster, NJ-based company plans to list on the NYSE under the symbol GCAP. Morgan Stanley and Deutsche Bank Securities are the lead underwriters on the deal.
iSoftStone Holdings (ISS), which is a leading China-based provider of outsourced IT services and solutions, plans to raise $130 million by offering 10.8 million ADSs at a price range of $11-$13. At the mid-point of the proposed range, iSoftStone Holdings will command a market value of $612 million. iSoftStone Holdings, which was founded in 2001, booked $180 million in sales over the last 12 months. The Beijing-based company plans to list on the NYSE under the symbol ISS. UBS Investment Bank, J.P. Morgan and Morgan Stanley are the lead underwriters on the deal.
RigNet (RNET), which provides telecom services for remote offshore/onshore oil & gas rigs, plans to raise $75 million by offering 5 million shares at a price range of $14-$16. At the mid-point of the proposed range, RigNet will command a market value of $239 million. RigNet, which was founded in 2000, booked $84 million in sales over the last 12 months. The Houston, TX-based company plans to list on the NASDAQ under the symbol RNET. Deutsche Bank Securities and Jefferies & Co. are the lead underwriters on the deal.
Swift Transportation Company (SWFT), the largest truckload carrier in North America with 12,300 company-owned tractors, plans to raise $943 million by offering 67.3 million shares at a price range of $13-$15. At the mid-point of the proposed range, Swift Transportation Company will command a market value of $1.8 billion. Swift Transportation Company, which was founded in 1966, booked $2.8 billion in sales over the last 12 months. The Phoenix, AZ-based company plans to list on the NYSE under the symbol SWFT. Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities are the lead underwriters on the deal.
Walker & Dunlop (WD), which originates and services commercial real estate loans for GSEs and HUD, plans to raise $150 million by offering 10 million shares at a price range of $14-$16. At the mid-point of the proposed range, Walker & Dunlop will command a market value of $328 million. Walker & Dunlop, which was founded in 1937, booked $112 million in sales over the last 12 months. The Bethesda, MD-based company plans to list on the NYSE under the symbol WD. Credit Suisse, Keefe Bruyette Woods and Morgan Stanley are the lead underwriters on the deal.
QR Energy, LP (QRE), a partnership formed by the founders of Quantum Energy Partners to own oil and natural gas properties in North America, plans to raise $300 million by offering 15 million units at a price range of $19-$21. At the mid-point of the proposed range, QR Energy will command a total market capitalization of $715 million. In the nine months ended September 30, 2009, QR Energy generated $74 million in total revenue, $55 million in adjusted EBITDA and $23 million in operating income. The Houston, TX-based company plans to list on the NYSE under the symbol QRE. Wells Fargo Securities, J.P. Morgan, Raymond James and RBC Capital Markets are acting as joint book-running managers on the deal.
Last week, there were 10 IPO pricings. Youku.com (YOKU), which operates China's leading internet television/online video portal, was the week's winner, ending up 193% from its IPO price and booking the largest first-day return since Baidu went public in 2005.
