The following
IPOs are expected to price this week
:
Audience
(
ADNC
), a fabless designer of audio chips for the iPhone and other
mobile devices, plans to raise $79 million by offering 5.3
million shares at a price range of $14 to $16. At the midpoint of
the proposed range, Audience would command a market value of $338
million. Audience, which was founded in 2000, booked $100 million
in sales over the last 12 months. The Mountain View, CA-based
company plans to list on the NASDAQ under the symbol ADNC. J.P.
Morgan, Credit Suisse and Deutsche Bank Securities are the joint
bookrunners on the deal.
Community Choice Financial
(
CCFI
), which provides pay day loans and check cashing to under-banked
consumers, plans to raise $117 million by offering 10.7 million
shares at a price range of $10 to $12. At the midpoint of the
proposed range, Community Choice Financial would command a market
value of $205 million. Community Choice Financial, which was
founded in 1987, booked $307 million in sales over the last 12
months. The Dublin, OH-based company plans to list on the NASDAQ
under the symbol CCFI. Credit Suisse, Jefferies & Co. and
Stephens Inc. are the joint bookrunners on the deal.
Customers Bancorp
(CUBI), a bank holding company with 14 branches in the eastern
Pennsylvania area, plans to raise $100 million by offering 7.1
million shares at a price range of $13 to $15. At the midpoint of
the proposed range, Customers Bancorp would command a market
value of $226 million. Customers Bancorp, which was founded in
1994, booked $68 million in sales over the last 12 months. The
Wyomissing, PA-based company plans to list on the NASDAQ under
the symbol CUBI. Macquarie Capital and Keefe Bruyette Woods are
the joint bookrunners on the deal.
Edwards Group
(
EVAC
), which makes vacuum and abatement systems for semiconductor and
other industries, plans to raise $150 million by offering 12.5
million shares at a price range of $11 to $13. At the midpoint of
the proposed range, Edwards Group would command a market value of
$1.2 billion. Edwards Group, which was founded in 1919, booked
$1.1 billion in sales over the last 12 months. The West Sussex,
United Kingdom-based company plans to list on the NASDAQ under
the symbol EVAC. Barclays, Goldman Sachs and Deutsche Bank
Securities are the joint bookrunners on the deal.
Ignite Restaurant Group
(
IRG
), which operates the Joe's Crab Shack and Brick House Tavern +
Tap restaurant brands, plans to raise $75 million by offering 5.8
million shares at a price range of $12 to $14. At the midpoint of
the proposed range, Ignite Restaurant Group would command a
market value of $322 million. Ignite Restaurant Group, which was
founded in 1991, booked $421 million in sales over the last 12
months. The Houston, TX-based company plans to list on the NASDAQ
under the symbol IRG. Credit Suisse, Baird and Piper Jaffray are
the joint bookrunners on the deal.
LINC Logistics
(
LLGX
), which offers supply chain logistics services primarily to the
US auto industry, plans to raise $170 million by offering 11.3
million shares at a price range of $14 to $16. At the midpoint of
the proposed range, LINC Logistics would command a market value
of $462 million. LINC Logistics, which was founded in 1992,
booked $291 million in sales over the last 12 months. The Warren,
MI-based company plans to list on the NASDAQ under the symbol
LLGX. Citi and Stifel Nicolaus Weisel are the joint bookrunners
on the deal.
Loyalty Alliance Enterprise
(LAEC), a provider of mobile direct marketing and customer
loyalty solutions in China, plans to raise $66 million by
offering 5.1 million shares at a price range of $12 to $14. At
the midpoint of the proposed range, Loyalty Alliance Enterprise
would command a market value of $195 million. Loyalty Alliance
Enterprise, which was founded in 2009, booked $31 million in
sales over the last 12 months. The Hong Kong-based company plans
to list on the NASDAQ under the symbol LAEC. Macquarie Capital
and Needham & Co. are the joint bookrunners on the deal.
New Source Energy
(NSE), which owns interests in oil and natural gas properties in
Eastern Oklahoma, plans to raise $100 million by offering 9.1
million shares at a price range of $10 to $12. At the midpoint of
the proposed range, New Source Energy would command a market
value of $363 million. New Source Energy, which was founded in
2011, booked $50 million in sales over the last 12 months. The
Oklahoma City, OK-based company plans to list on the NYSE under
the symbol NSE. BMO Capital Markets and KeyBanc Capital Markets
are the joint bookrunners on the deal.
Rib-X Pharmaceuticals
(RIBX), a biotech developing new antibiotics for serious hospital
and community infections, plans to raise $75 million by offering
5.8 million shares at a price range of $12 to $14. At the
midpoint of the proposed range, Rib-X Pharmaceuticals would
command a market value of $204 million. Rib-X Pharmaceuticals,
which was founded in 2000, booked $3 million in sales over the
last 12 months. The New Haven, CT-based company plans to list on
the NASDAQ under the symbol RIBX. Deutsche Bank Securities is the
lead manager on the deal.
TIM w.e.
(TMWE), which provides mobile marketing, entertainment and
payment services in Latin America, plans to raise $75 million by
offering 13.7 million shares at a price range of $5 to $6. At the
midpoint of the proposed range, TIM w.e. would command a market
value of $340 million. TIM w.e., which was founded in 2002,
booked $365 million in sales over the last 12 months. The Lisbon,
Portugal-based company plans to list on the NASDAQ under the
symbol TMWE. Credit Suisse and Citi are the joint bookrunners on
the deal.
WageWorks
(WAGE), an on-demand provider of employee spending account
benefits programs, plans to raise $72 million by offering 6.5
million shares at a price range of $10 to $12. At the midpoint of
the proposed range, WageWorks would command a market value of
$330 million. WageWorks, which was founded in 2000, booked $145
million in sales over the last 12 months. The San Mateo, CA-based
company plans to list on the NYSE under the symbol WAGE. William
Blair and Stifel Nicolaus Weisel are the joint bookrunners on the
deal.
Western Asset Mortgage Capital Corporation
(WMC), a Legg Mason-owned REIT focused on investing in Agency
RMBS, plans to raise $160 million by offering 8.0 million shares
at a price of $20. At the midpoint of the proposed range, Western
Asset Mortgage Capital Corporation would command a market value
of $207 million. Western Asset Mortgage Capital Corporation,
which was founded in 2009, plans to list on the NYSE under the
symbol WMC. Deutsche Bank Securities, J.P. Morgan, Citi and
Jefferies are the joint bookrunners on the deal.