The following IPOs are expected to price this week:
Arcos Dorados Holdings Inc. (ARCO), the world's largest McDonald's franchisee with 1,755 locations in Latin America and the Caribbean, plans to raise $874 million by offering 62.5 million shares at a price range of $13 to $15. At the mid-point of the proposed range, Arcos Dorados will command a market value of $3 billion. Arcos Dorados, which was founded in 1967, booked $3 billion in sales last year. The Buenos Aires, Argentina-based company plans to list on the NYSE under the symbol ARCO. BofA Merrill Lynch, J.P. Morgan and Morgan Stanley are the lead underwriters on the deal.
Box Ships Inc. (TEU), a newly formed Paragon Shipping and CEO-backed Greek containership owner, plans to raise $160 million by offering 10 million shares at a price range of $15 to $17. At the mid-point of the proposed range, Box Ships will command a market value of $242 million. Box Ships, which was founded in 2010, has booked $5 million in sales since inception. The Athens, Greece-based company plans to list on the NYSE under the symbol TEU. UBS Investment Bank and Morgan Stanley are the lead underwriters on the deal.
Ellie Mae (ELLI), which provides a software platform that streamlines the mortgage origination process, plans to raise $86 million by offering 7.5 million shares at a price range of $9 to $11. At the mid-point of the proposed range, Ellie Mae will command a market value of $230 million. Ellie Mae, which was founded in 1997, booked $43 million in sales last year. The Pleasanton, CA-based company plans to list on the NYSE under the symbol ELLI. Barclays Capital is the lead underwriter on the deal.
Mission NewEnergy Limited (MNEL), an Australian development-stage producer of Jatropha-based biodiesel, plans to raise $25 million by offering 2.8 million shares at an estimated price of $9 per share. At the mid-point of the proposed range, Mission NewEnergy will command a market value of $77 million. Mission NewEnergy Limited, which was founded in 2005, booked $15 million in sales last year. The Osborne Park, Australia-based company plans to list on the NASDAQ under the symbol MNEL. Chardan Capital Markets and Rodman & Renshaw are the lead underwriters on the deal.P The company is currently traded on the Australian Stock Exchange under the symbol MBT.
Sequans Communications S.A. (SQNS), a fabless supplier of next generation (4G) wireless broadband chipsets, plans to raise $110 million by offering 9.2 million shares at a price range of $11 to $13. At the mid-point of the proposed range, Sequans Communications S.A. will command a market value of $438 million. Sequans Communications S.A., which was founded in 2003, booked $69 million in sales last year. The Paris, France-based company plans to list on the NYSE under the symbol SQNS. UBS Investment Bank and Jefferies & Co. are the lead underwriters on the deal.
STAG Industrial (STIR), a newly formed REIT with a portfolio of 91 single-tenant industrial properties, plans to raise $220 million by offering 13.75 million shares at a price range of $15 to $17. At the mid-point of the proposed range, STAG Industrial will command a market value of $346 million. STAG Industrial, which was founded in 2003, booked $60 million in pro forma sales last year. The Boston, MA-based company plans to list on the NYSE under the symbol STIR. BofA Merrill Lynch, J.P. Morgan and UBS Investment Bank are the lead underwriters on the deal.
TMS International (TMS), 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 $554 million. TMS International, which was founded in 1926, booked $2 billion in sales last year. The Glassport, PA-based company 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. The company had originally expected to price in late March before delaying the deal.
Zipcar (ZIP), which operates the leading car sharing network in North America and the UK, plans to raise $125 million by offering 8.3 million shares at a price range of $14 to $16. At the mid-point of the proposed range, Zipcar will command a market value of $639 million. Zipcar, which was founded in 2000, booked $186 million in sales last year. The Cambridge, MA-based company plans to list on the NASDAQ under the symbol ZIP. Goldman, Sachs & Co. and J.P. Morgan are the lead underwriters on the deal.
Last week, there were 3 IPO pricings. SandRidge Mississippian Trust I (SDT), a newly-formed trust that holds royalty interests in 37 producing and 123 development wells, was the week's winner, ending up 24% from its IPO price.
