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US IPO filing activity reluctantly recovering since Facebook's IPO; Three US-based S-1 filings last week

Posted
6/11/2012 11:02:00 AM
By: Renaissance Capital
Referenced Stocks:CK;CNCO;FB;NCJ;SSTK

Since Facebook's ( FB ) public debut on May 18, only five companies have officially filed registration statements for a US initial public offering. This included the only two filings, both from foreign companies, in the two weeks following Facebook's IPO. National Commercial Bank Jamaica ( NCJ ), Jamaica's largest commercial bank, filed on May 22 and is looking to raise up to $225 million. Cencosud S.A. ( CNCO ), a multi-brand retailer in South America operating 826 stores through supermarkets, home improvement stores, shopping centers and department stores, filed on May 29 to raise up to $718 million.

Domestic filings post-Facebook IPO came to a halt until iWatt (IWAT), a provider of power management integrated circuits, filed on June 4 to raise up to $75 million. iWatt was the third company to file publicly after using the private review process afforded by the recently passed US JOBS Act. iWatt's filing marked the first US-based company to file for an IPO since CKE ( CK ), Carl's Jr. and Hardee's owner, filed on May 17 to raise up to $100 million. Including iWatt, the last week has seen three filings, the most since Facebook's offering week when Shutterstock ( SSTK ), KYTHERA Biopharmaceuticals (KYTH) and CKE all filed initial offering statements. On Friday, Realogy parent Domus Holdings (DMSH.RC) filed for a $1 billion IPO . Realogy is the world's largest franchisor of residential real estate brokerages and backed by private equity firm Apollo Management and hedge fund Paulson & Co. Finally, Qualys (QLYS) which provides SaaS IT security risk and compliance management solutions, filed on Friday to raise up to $100 million . Both iWatt and Qualys have less than $100 million in trailing twelve month revenue and qualify as emerging growth companies under the JOBS Act.