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8 US IPOs planned for the week of Mar 31

By: Renaissance Capital
Posted: 3/31/2014 8:00:00 AM
Referenced Stocks: CORI;FIVN;GRUB;IMS;OPWR

The following IPOs are expected to price this week :

Corium International ( CORI ), a commercial-stage pharmaceutical company specializing in adhesive drug delivery, plans to raise $61 million by offering 5.5 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Corium International would command a market value of $201 million. Corium International, which was founded in 1995, booked $48 million in sales over the last 12 months. The Menlo Park, CA-based company plans to list on the NASDAQ under the symbol CORI. Jefferies & Co. and Leerink Partners are the joint bookrunners on the deal.

Five9 ( FIVN ), which provides cloud-based software to call centers for improved turnaround and customer satisfaction, plans to raise $100 million by offering 10.0 million shares at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Five9 would command a market value of $515 million. Five9, which was founded in 2001, booked $84 million in sales over the last 12 months. The San Ramon, CA-based company plans to list on the NASDAQ under the symbol FIVN. J.P. Morgan, Barclays and BofA Merrill Lynch are the joint bookrunners on the deal.

GrubHub ( GRUB ), an online portal for food delivery service supporting 28,800 restaurants in 600 cities, plans to raise $148 million by offering 7.0 million shares at a price range of $20.00 to $22.00. At the midpoint of the proposed range, GrubHub would command a market value of $1.8 billion. GrubHub, which was founded in 1999, booked $137 million in sales over the last 12 months. The Chicago, IL-based company plans to list on the NYSE under the symbol GRUB. Citi, Morgan Stanley and Allen & Company are the joint bookrunners on the deal.

IMS Health ( IMS ), which provides healthcare data and consulting services to drug makers, payers and healthcare providers, plans to raise $1.3 billion by offering 65.0 million shares at a price range of $18.00 to $21.00. At the midpoint of the proposed range, IMS Health would command a market value of $6.7 billion. IMS Health, which was founded in 1954, booked $2.5 billion in sales over the last 12 months. The Danbury, CT-based company plans to list on the NYSE under the symbol IMS. J.P. Morgan, Goldman Sachs, Morgan Stanley and BofA Merrill Lynch are the joint bookrunners on the deal.

Opower ( OPWR ), which provides customer engagement software for the utility industry, plans to raise $110 million by offering 6.1 million shares at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Opower would command a market value of $993 million. Opower, which was founded in 2007, booked $89 million in sales over the last 12 months. The Arlington, VA-based company plans to list on the NYSE under the symbol OPWR. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal.

SCYNEXIS (SCYX), a biotech developing treatments for life-threatening fungal infections, plans to raise $55 million by offering 4.2 million shares at a price range of $12.00 to $14.00. At the midpoint of the proposed range, SCYNEXIS would command a market value of $210 million. SCYNEXIS, which was founded in 1999, booked $17 million in sales over the last 12 months. The Durham, NC-based company plans to list on the NASDAQ under the symbol SCYX. RBC Capital Markets and Canaccord Genuity are the joint bookrunners on the deal.

Tarena International (TEDU), China's largest provider of IT professional education with 92 learning centers, plans to raise $138 million by offering 15.3 million shares at a price range of $8.00 to $10.00. At the midpoint of the proposed range, Tarena International would command a market value of $521 million. Tarena International, which was founded in 2002, booked $93 million in sales over the last 12 months. The Beijing, China-based company plans to list on the NASDAQ under the symbol TEDU. Goldman Sachs and Credit Suisse are the joint bookrunners on the deal.

The Rubicon Project (RUBI), which operates a leading digital ad exchange with the largest reach in the US, plans to raise $108 million by offering 6.8 million shares at a price range of $15.00 to $17.00. At the midpoint of the proposed range, The Rubicon Project would command a market value of $674 million. The Rubicon Project, which was founded in 2007, booked $84 million in sales over the last 12 months. The Los Angeles, CA-based company plans to list on the NYSE under the symbol RUBI. Morgan Stanley, Goldman Sachs and RBC Capital Markets are the joint bookrunners on the deal.

Renaissance Capital will have Pre-IPO Research available on each of these upcoming IPOs prior to its pricing.

Last week, there were 11 IPO pricings . TriNet Group (TNET), which provides outsourced human resources services to small/medium-sized businesses, was the week's winner, ending up 33% from its IPO price.