Facebook was the dominant name in the IPO market this week as
company set terms yesterday
for a mammoth $10.6 billion IPO. However, the May
has plenty of other names with 12 companies from a wide variety
of industries expecting to price deals next week.
), 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 $14.00 to $16.00. At the
midpoint of the proposed range, Audience would command a market
value of $338 million. After two years of extremely fast growth
($6 million in 2009 sales, $48 million in 2010, $98 million in
2011), revenue increased only 9% for the quarter ended 3/31/12.
The Mountain View, CA-based company was founded in 2000 and 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.Venture capital backers include New Enterprise
Associates (22% post-IPO stake), Tallwood Venture Capital (24%)
and Vulcan Capital Venture Capital (18%), none of which is
Three other companies in the technology and media space also plan
IPOs next week.
), 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 $10.00 to $12.00. At the midpoint of
the proposed range, WageWorks would command a market value of
Loyalty Alliance Enterprise
), 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 $12.00 to $14.00, giving it a
market value of $195 million.
), 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 $5.00 to $6.00 which puts
its market capitalization at $340 million.
Next week's IPOs also include three financial services firms.
Community Choice Financial
), which provides pay day loans and check cashing to under-banked
consumers, plans to raise $149 million by offering 10.7 million
shares at a price range of $13.00 to $15.00. At the midpoint of
the proposed range, Community Choice Financial would command a
market value of $261 million.
(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 $13.00 to $15.00. At the
midpoint of the proposed range, Customers Bancorp would have a
market value of $226 million.
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 $20.00, giving it a market value of $207 million.
Rounding out the list of IPOs planned for next week are
(EVAC), which makes vacuum and abatement systems for
semiconductor and other industries;
Ignite Restaurant Group
(IRG), which operates the Joe's Crab Shack and Brick House Tavern
+ Tap restaurants;
LINC Logistics Company
(LLGX), which offers supply chain logistics services primarily to
the US auto industry;
New Source Energy
(NSE), which owns interests in oil and natural gas properties in
Eastern Oklahoma; and
(RIBX), a biopharmaceutical company focused on developing new
There were 6
this week. The IPO market has seen postive returns so far this
FTSE Renaissance US IPO Index
is up 13.8% YTD, compared to 10.7% for the S&P 500.