Before we get into that, let’s take a look at the present. This week’s calendar lists 11 IPOs. They could raise over $2.2 billion. Two are reportedly on everybody’s “most wanted” list:
- CYAN (CYNI – proposed) is a Petaluma, California-based provider of switching and networking platforms that services a variety of existing and emerging premium applications, including business Ethernet, wireless and broadband support services and cloud connectivity.
- Quintiles Transnational Holdings (Q – proposed) is a Durham, North Carolina-based biopharmaceutical company. The company reported net income of $176.6 million on revenues of over $4.8 billion for the year ending Dec. 31, 2012.
Rounding out the list of other “IPOs of Interest” are two bank IPOs:
- First NBC Bank Holding (NBCB – proposed) is a New Orleans-based bank serving the Central Business District of New Orleans. It also operates 31 full- service branch offices and a loan production office in Gulfport, Mississippi.
- TriState Capital Holdings (TSC – proposed) is a Pittsburgh-based bank servicing middle-market businesses throughout the states of Pennsylvania, Ohio, New Jersey and New York.
“Most Wanted” IPOs in Close-Up
CYAN plans to price 8 million shares at $10 to $12 each on Wednesday evening. The IPO is expected to start trading Thursday morning on the New York Stock Exchange under the proposed symbol “CYNI.” The joint-lead managers are Goldman Sachs, J.P. Morgan and Jefferies. The co-manager is Pacific Crest Securities.
Cyan believes it has pioneered innovative carrier-grade networking solutions that transform disparate and inefficient legacy networks into open high-performance networks. The company was formed in 2006. It has about 254 employees.
Cyan plans to sell all of the shares in the offering. It expects to have about 44.5 million shares outstanding after the offering.
Quintiles Transnational Holdings plans to price 19.7 million shares at $36 to $40 each on Thursday evening. The IPO is expected to start trading Friday morning on the New York Stock Exchange under the proposed symbol “Q.” The joint-lead managers are Morgan Stanley, Barclays and J.P. Morgan. The co-managers are Citigroup, Goldman Sachs, Wells Fargo Securities, BofA Merrill Lynch, Deutsche Bank Securities, Baird, William Blair, Jefferies, Guggenheim Securities, Piper Jaffray, Raymond James, RBC Capital Markets and UBS Securities.
Based in Durham, North Carolina, Quintiles has annual revenues of almost $5 billion. It believes it is the world’s largest provider of biopharmaceutical development services and commercial outsourcing services. The company was formed in 1982. It conducts business in about 100 countries and has about 26,846 employees.
Quintiles plans to sell about 13.8 million shares and selling shareholders plan to sell about 5.9 million shares. The company expects to have about 129.6 million shares outstanding after the offering.
Back to the Future
If all of this week’s 11 offerings get out the door, it would bring 2013’s total to 59 IPOs, according to the U.S. Securities and Exchange Commission’s filings. They would have raised about $13.6 billion. That’s well below this time a year ago.
From January through May 2012, the IPO calendar produced 74 IPOs. They raise $28.0 billion, including the infamous $16 billion Facebook (FB) offering. It was priced on May 17 and the fallout dried up the calendar. Only four were priced in June 2012.
Looking forward to next week, there is just one IPO on the calendar. But there’s time for things to develop. In the present-day IPO market, the IPO calendar can come together with the speed of summer lightning.
Consider what happened over the last week:
- On Friday afternoon, May 3, the calendar had 11 deals expecting to raise about $2.2 billion.
- A week ago, on Friday afternoon, April 26, the IPO calendar had just five deals expecting to raise $1.1 billion for the week beginning on Monday, May 6.
In a five-day work week, the traffic on the IPO calendar more than doubled. This is the effect that the JOBS Act has on today’s issuance of IPOs.
Disclosure: Neither the author nor anyone else on the IPOScoop.com staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and IPOScoop.com staff do not issue advice, recommendations or opinions.