The IPO Buzz: Four Before the 4th

Interesting to note: As of Friday’s close, June 24, the 2011 IPO scorecard of 74 IPOs showed 36 winners, 36 losers, two unchanged and an average gain for all 74 of 7.45 percent. Nevertheless, that’s better than the Nasdaq Composite Index. It closed at 2,652.89 — for all intents and purposes unchanged from 2,652.87 on Dec. 31, 2010.

 

This week’s new-issue traffic is expected to raise about $405 million, a slower pace than this year’s average weekly volume of about $1.1 billion, according to the U.S. Securities and Exchange Commission filings. The reason is the old cliché “due to market conditions.”

 

Now let’s see what awaits us on the IPO Express.

 

Envivio, based in South San Francisco, is a provider of IP video processing and distribution solutions that delivers high-quality video to consumers. The company, founded in 2000, has about 122 employees. It reported a loss of $1.2 million on revenues of $9.9 million for the three months ended April 30, 2011, compared with a loss of $1.6 million on revenues of $5.2 million for the same period a year ago.

 

(Note: Envivio reported an accumulated deficit of $80.1 million as of April 30.)

 

Envivio plans to offer 6 million shares at $10 to $12 each to raise about $66 million.

 

The IPO is expected to be priced on Wednesday evening, June 29, to trade on Thursday morning on the NASDAQ Global Market under the proposed symbol “ENVI.” Joint-lead managers are: Stifel Nicolaus Weisel and Piper Jaffray.

 

HomeAway, based in Austin, operates what it believes to be the world’s largest online marketplace for the vacation rental industry.

 

The company, founded in 2004, has about 842 employees. HomeAway reported a net loss attributable to common stockholders of $7.5 million on revenues of $52 million for the three months ended March 31, 2011, compared with a net loss attributable to common stockholders of $9.5 million on revenues of $36.1 million for the same period a year ago.

 

(Note: HomeAway reported an accumulated deficit of $114.9 million as of March 31.)

 

HomeAway plans to offer 8 million shares at $24 to $27 each to raise about $204 million.

 

The IPO is expected to be priced on Tuesday evening, June 28, to trade on Wednesday morning on the NASDAQ Global Market under the proposed symbol “AWAY.” Lead manager is Morgan Stanley.

 

(Note: HomeAway plans to offer 5.9 million shares and selling shareholders plan to offer 2.1 million shares.)

 

AG Mortgage Investment Trust is a New York-based real estate investment trust, or REIT, looking to price 3.75 million shares at $20 each. The REIT had initially planned to price 12.5 million shares at $20 each on April 28, but was postponed to – you guessed it – “due to market conditions.”

 

The IPO is expected to be priced on Wednesday evening, June 29, to trade on Thursday morning on the New York Stock Exchange under the proposed symbol “MITT.” Joint-lead managers are: Deutsche Bank Securities, Stifel Nicolaus Weisel and RBC Capital Markets.

 

Nautilus Marine Acquisition based in Athens, Greece, is a “blank check” company looking to raise capital to acquire a business in the international maritime shipping, offshore and related maritime services industries.

 

Nautilus plans to offer 6 million units consisting of one share of common stock and one warrant to purchase one share of common stock at $10 each to raise about $6 million.

 

The units are expected to be priced on Tuesday evening, June 28, to trade on Wednesday morning on the NASDAQ Global Market under the proposed symbol “NMARU.” Lead manager is Maxim Group.

 

This brings us to the July 4^th holiday break. We’ll be back with a column for the week of July 11^th.

 

Stay tuned.