Building on yesterday's successful debut from Cornerstone OnDemand, four IPOs are scheduled to price next week. Cornerstone OnDemand (CSOD), a global provider of on-demand talent management software, raised $137 million by offering 10.5 million shares shares at $13, above its proposed $9 to $11 range. Shares of Cornerstone OnDemand, which trade on the NASDAQ under the symbol CSOD, closed up 47% in its first day of trading. Goldman, Sachs & Co. and Barclays Capital acted as lead managers on the deal. Cornerstone OnDemand represents the 27th company to go public in the US so far in 2011 and is the 7th IPO in 2011 to price above its anticipated range.
Renaissance Capital has issued pre-ipo research on all four companies expected to price their offerings next week, which span a variety of industries.
China Power Technology, which manufactures energy efficient industrial boilers in China, plans to raise $30 million by offering 2.3 million shares at a price range of $12 to 414. At the mid-point of the proposed range, China Power Technology will command a market value of $172 million. The Kaifeng City-based company, which was founded in 2007 and booked $93 million in sales for the 12 months ended September 30, 2010, plans to list on the NASDAQ under the symbol CNPT. Rodman & Renshaw is the lead underwriter on the deal.
Tranzyme, a clinical-stage biotech developing small molecule therapeutics to treat gastrointestinal disorders, 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, Tranzyme will command a market value of $183 million. The Durham, NC-based company, which was founded in 1998 and booked $9 million in sales last year, plans to list on the NASDAQ under the symbol TZYM. Citi is the lead underwriter on the deal.
TMS International, which provides outsourced industrial services to steel mills in North America, plans to raise $200 million by offering 12.5 million shares at a price range of $15 to $17. At the mid-point of the proposed range, TMS International will command a market value of $555 million. The Glassport, PA-based company, which was founded in 1926 and booked $2 billion in sales last year, plans to list on the NYSE under the symbol TMS. BofA Merrill Lynch, Credit Suisse and J.P. Morgan are the lead underwriters on the deal.
ServiceSource International, LLC, which is leading provider of revenue management software and services for technology companies, plans to raise $99 million by offering 11.9 million shares at a price range of $7.50 to $9.00. At the mid-point of the proposed range, ServiceSource International, LLC will command a market value of $540 million. The San Francisco, CA-based company, which was founded in 1999 and booked $153 million in sales last year, plans to list on the NASDAQ under the symbol SREV. Morgan Stanley and Deutsche Bank Securities are the lead underwriters on the deal.
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