(Slew of IPO's) Shanda, Atlas IPOs on deck
Outsourcing firm Peoplesupport files IPO
By Steve Gelsi, CBS.MarketWatch.com
Last Update: 2:52 PM ET May 10, 2004
Source: marketwatch.com
NEW YORK (CBS.MW) -- Chinese online gaming firm Shanda is on deck Tuesday to price its $299 million initial public offering as the largest IPO moving ahead this week.
NEWS FOR LTON
Pacific Sunwear rises amid hovering late session
Shanda, Atlas IPOs due as fresh deals emerge
Chinese stocks move lower over economic fears
More news for LTON
Shanda (SNDA: news, chart, profile) plans to offer 17.3 million American Depositary Shares at an estimated range of $13 to $15 per share with underwriter Goldman Sachs.
While Shanda offers a positive bottom line in the form of $28 million in net income on $77 million in revenue last year, it may have to overcome the slack reception to the last three IPOs from China.
Shanda plans to trade on the Nasdaq under the ticker "SNDA."
Tom Online (TOMO: news, chart, profile) debuted at $15.55 only to sink to about $11 now; Linktone (LTON: news, chart, profile) priced at $14 in March and is now trading well under $8.
Meanwhile, China Life (LFC: news, chart, profile) continues to struggle with perception problems following reports of a fresh accounting probe. See full story.
Atlas America on deck.
Oil drilling firm Atlas America is on deck to raise about $35 million in its IPO with underwriter Friedman Billings Ramsey.
Atlas (ATLS: news, chart, profile) is expected to price on Monday and trade on Tuesday.
The company drew the spotlight as an IPO of the week from fund manager Renaissance Capital. See full story.
NuVasive lines up for debt
NuVasive (NUVA: news, chart, profile), a maker of medical devices for spine disorders, plans to offer 6.5 million shares at $11 to $13 each in a bid to raise up to $78 million with underwriter Banc of America Securities.
It's expected to price on Wednesday and trade on Thursday.
Outsourcing firm Peoplesupport files IPO
Los Angeles-based Peoplesupport filed an $86 million initial public offering with underwriters SG Cowen and Piper Jaffray.
The company reported $8 million in net income and revenue of $30 million in 2003, compared with a net loss of $2.9 million and revenue of $20 million in the year-earlier period.
Peoplesupport provides offshore business outsourcing from facilities in the Philippines.
The company sells accounts receivable management services, and other outsourcing services, including back office functions such as credit processing, document processing and finance and accounting services.
In 2003, its largest clients were Expedia, Network Solutions and EarthLink, which accounted for 88 percent of its 2003 revenues.
Borden Chemical, Tower Group file IPOs
The flow of fresh initial public offerings continued late Friday and Monday, even as the overall market stumbles.
Columbus, Ohio-based Borden Chemical, a maker of products for the global forest and industrial markets, filed to raise up to $200 million with underwriter CS First Boston.
Tower Group, a New York-based property and casualty insurance provider, filed to raise up to $144 million with underwriter Friedman Billings Ramsey.
QC Holdings, a Kansas City, Kan. seller of payday loans, filed to raise up to $86 million with underwriter Ferris Baker Watts.
Stereotaxis, a St. Louis manufacturer of a cardiology instrument control systems, filed to raise up to $115 million with underwriter Goldman Sachs.
If the current sell-off continues and a bear market takes hold, it'll be difficult for the above IPOs to make their proposed stock market debuts in the coming months.
Cablevision eyes Rainbow spinoff
Cablevision (CVC: news, chart, profile) said it plans to formally file plans to spin off its Rainbow Media unit, which just posted $222 million in first-quarter revenue.
The unit, which traded as a tracking stock for less than two years ending in 2002, will represent its satellite, national programming, and theatre assets.
Cablevision said it'll file a Form 10 for a spinoff to shareholders by the end of the week. Rainbow's stock trading symbol has yet to be determined.
Right Now Technologies taps $60 million IPO
Right Now Technologies filed at $60 million IPO with underwriter Morgan Stanley.
The Bozeman, Montana company sells software designed to optimize customer service operations for businesses of all sizes. |
