The following IPOs are expected to price this week:
Apollo Global Management (APO), a global alternative asset manager of private equity and credit funds, plans to raise $473 million by offering 26.3 million shares at a price range of $17 to $19. At the mid-point of the proposed range, Apollo will command a market value of $7.2 billion. Apollo, which was founded in 1990, booked $2.1 billion in sales last year. The New York, NY-based company plans to list on the NYSE under the symbol APO. Goldman, Sachs & Co., J.P. Morgan and BofA Merrill Lynch are the lead underwriters on the deal.
GNC Holdings, Inc. (GNC), a worldwide retailer of health and wellness products, plans to raise $360 million by offering 22.5 million shares at a price range of $15 to $17. At the mid-point of the proposed range, GNC will command a market value of $1.7 billion. GNC, which was founded in 1935, booked $1.8 billion in sales last year. The Pittsburgh, PA-based company plans to list on the NYSE under the symbol GNC. Goldman, Sachs & Co., J.P. Morgan and Deutsche Bank Securities are the lead underwriters on the deal.
Preferred Apartment Communities (APTS), a newly organized REIT formed to acquire modern multifamily properties in the US, plans to raise $45 million by offering 4.5 million shares at an estimated price of $10 per share. At the mid-point of the proposed range, Preferred Apartment Communities will command a market value of $50 million. Preferred Apartment Communities, which was founded in 2009, booked $6 million in sales last year. The Atlanta, GA-based company plans to list on the NYSE under the symbol APTS. Wunderlich Securities is the lead underwriter on the deal.
Qihoo 360 Technology (QIHU), which offers a safe web browser and other Internet security products in China, plans to raise $139 million by offering 12.1 million shares at a price range of $10.50 to $12.50. At the mid-point of the proposed range, Qihoo 360 Technology will command a market value of $1.4 billion. Qihoo 360 Technology, which was founded in 2005, booked $58 million in sales last year. The Beijing-based company plans to list on the NYSE under the symbol QIHU. UBS Investment Bank and Citi are the lead underwriters on the deal. The company is also raising an additional $50 million in a concurrent private placement.
Tranzyme (TZYM), which is 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. Tranzyme, which was founded in 1998, booked $9 million in sales last year. The Durham, NC-based company plans to list on the NASDAQ under the symbol TZYM. Citi is the lead underwriter on the deal.
Last week, there was 1 IPO pricing. ServiceSource International (SREV), which provides a service revenue management and renewals platform for tech firms, ended up 22% from its IPO price.
