The following IPOs are expected to price this week:
AcelRx (ACRX), a biotech developing a Phase 3 treatment for acute post-operative pain, plans to raise $75 million by offering 5.8 million shares at a price range of $12 to $14. At the mid-point of the proposed range, AcelRx will command a market value of $210 million. AcelRx, which was founded in 2005, has yet to generate product revenue. The Redwood City, CA-based company plans to list on the NASDAQ under the symbol ACRX. Piper Jaffray is the lead underwriter on the deal.
China Century Dragon Media (CDM), a TV advertising company in China that resells ad time on China Central Television, plans to raise $7 million by offering 2.5 million shares at a price range of $3 to $4. At the mid-point of the proposed range, China Century Dragon Media will command a market value of $46 million. Cina Century Dragon Media, which was founded in 2007, booked $106 million in sales over the last 12 months. The Huizhou City-based company plans to list on the NYSE under the symbol CDM. WestPark Capital and i-Bankers Securities are the lead underwriters on the deal.
Clarus Therapeutics (CLRS), a biotech with an oral testosterone replacement therapy entering Phase 3, plans to raise $60 million by offering 5 million shares at a price range of $11 to $13. At the mid-point of the proposed range, Clarus Therapeutics will command a market value of $218 million. Clarus Therapeutics, which was founded in 2003, has yet to generate product revenue. The Northbrook, IL-based company plans to list on the NASDAQ under the symbol CLRS. Piper Jaffray and Wells Fargo Securities are the lead underwriters on the deal.
Fluidigm (FLDM), which makes high-throughput sequencing devices and consumables for genetic labs, plans to raise $75 million by offering 5.2 million shares at a price range of $13.50 to $15.50. At the mid-point of the proposed range, Fluidigm will command a market value of $291 million. Fluidigm, which was founded in 1999, booked $31 million in sales over the last 12 months. The South San Francisco, CA-based company plans to list on the NASDAQ under the symbol FLDM. Deutsche Bank Securities and Piper Jaffray are the lead underwriters on the deal..
Gevo (GEVO), which makes biobased alternatives to petroleum-based chemicals and fuels, plans to raise $100 million by offering 7.15 million shares at a price range of $13 to $15. At the mid-point of the proposed range, Gevo will command a market value of $394 million. Gevo, which was founded in 2005, booked $2 million in sales over the last 12 months. The Englewood, CO-based company plans to list on the NASDAQ under the symbol GEVO. UBS Investment Bank, Piper Jaffray and Citi are the lead underwriters on the deal.
Imperial Holdings (IFT), a specialty finance firm originating loans collateralized by life insurance policies, plans to raise $183 million by offering 16.7 million shares at a price range of $10 to $12. At the mid-point of the proposed range, Imperial Holdings will command a market value of $304 million. Imperial Holdings, which was founded in 2006, booked $97 million in pro forma sales over the last 12 months. The Boca Raton, FL-based company plans to list on the NYSE under the symbol IFT. FBR Capital Markets, JMP Securities and Wunderlich Securities are the lead underwriters on the deal.
Kinder Morgan (KMI), which holds GP/LP interests in midstream energy LP Kinder Morgan Energy Partners, plans to raise $2.2 billion by offering 80 million shares at a price range of $26 to $29. At the mid-point of the proposed range, Kinder Morgan will command a market value of $19.4 billion. Kinder Morgan, which was founded in 1992, booked $8.2 billion in sales over the last 12 months. The Houston, TX-based company plans to list on the NYSE under the symbol KMI. Goldman, Sachs & Co. and Barclays Capital are the lead underwriters on the deal.
Kips Bay Medical (KIPS), which offers vein support technology used in coronary artery bypass surgery, plans to raise $25 million by offering 2.75 million shares at a price range of $8 to $10. At the mid-point of the proposed range, Kips Bay Medical will command a market value of $147 million. Kips Bay Medical, which was founded in 2007, has yet to generate product revenue. The Minneapolis, MN-based company plans to list on the NASDAQ under the symbol KIPS. Rodman & Renshaw and Newbridge Securities are the lead underwriters on the deal.
Summit Hotel Properties (INN), a self-advised REIT with a portfolio of 65 limited/select service hotels in 19 states, plans to raise $265 million by offering 23 million shares at a price range of $10.50 to $12.50. At the mid-point of the proposed range, Summit Hotel Properties will command a market value of $394 million. Summit Hotel Properties, which was founded in 2004, booked $121 million in pro forma sales over the last 12 months. The Sioux Falls, SD-based company plans to list on the NYSE under the symbol INN. Deutsche Bank Securities, Baird and RBC Capital Markets are the lead underwriters on the deal.
The Aveon Group L.P. (AVO), an investment firm formed to acquire interests in a group of hedge funds, plans to raise $236 million by offering 15.7 million shares at a price range of $14 to $16. At the mid-point of the proposed range, The Aveon Group L.P. will command a market value of $294 million. The Aveon Group L.P., which was founded in 2010, booked $58 million in pro forma sales over the last 12 months. The Marblehead, MA-based company plans to list on the NYSE under the symbol AVO. J.P. Morgan, Jefferies & Co. and BMO Capital Markets are the lead underwriters on the deal.
Zuoan Fashion Limited (ZA), a Chinese designer and distributor of casual menswear through 1,075 retail outlets, plans to raise $79 million by offering 6.9 million shares at a price range of $10.50 to $12.50. At the mid-point of the proposed range, Zuoan Fashion will command a market value of $326 million. Zuoan Fashion Limited, which was founded in 1999, booked $104 million in sales over the last 12 months. The Shanghai-based company plans to list on the NYSE under the symbol ZA. Cowen & Company is the lead underwriter on the deal.
Last week, there were 8 IPO pricings. Epocrates (EPOC), which provides an ad-supported mobile drug reference app for healthcare professionals, was the week's winner, ending up 66% from its IPO price.
