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Filings, Offerings, Pricings and IPOs Filings: Senomyx (SNMX) files for a $50 mln mixed shelf offering... Ardea Biosciences (RDEA) files for a 1.09 mln share common stock offering by selling shareholders.
Filings, Offerings, Pricings and IPOs Filings: Paramount Gold and Silver (PZG) files for an $80 mln mixed shelf offering... New Generation Biofuels (GNB) files for a 1.93 mln share common stock offering by selling shareholders.
Filings, Offerings, Pricings and IPOs Filings: Teton Energy (TEC) files for a $40 mln convertible notes offering by selling securityholders... MarineMax (HZO) files for a $200 mln mixed shelf offering... VeraSun Energy (VSE) files for a mixed shelf offering.
Filings, Offerings, Pricings and IPOs Filings: Teton Energy (TEC) files for a $40 mln convertible notes offering by selling securityholders... MarineMax (HZO) files for a $200 mln mixed shelf offering... VeraSun Energy (VSE) files for a mixed shelf offering.
Worldwide IPOs in July Fell to Five-Year Low
http://online.wsj.com/article/SB121779121739508089.html
›By LYNN COWAN
August 4, 2008
July turned out to be the slowest month for initial public offerings world-wide in five years, and no significant pickup is expected this month.
Globally, there were just 47 IPOs raising $5.6 billion last month compared with 190 that raised $31.7 billion in July 2007, according to data tracker Dealogic. The last month with fewer offerings was August 2003, when 35 companies went public world-wide.
The number of deals in every major region of the world declined by double-digit percentages from a year ago, Dealogic said. Eight IPOs were completed in Europe, or 86% fewer than a year ago. U.S.-listed deals plunged 84% to just three, and in the Asia-Pacific region they dropped 62% to 28 deals. Latin America had no deals, after 18 in July 2007. All data exclude real-estate investment trusts and special-purpose acquisition companies.
"As a reflection of continued economic uncertainty, the IPO backlog has continued to wither and age. August is set to be one of the lightest pricing environments in years" in the U.S., says William B. Buchanan Jr., chief executive of Lazard Capital Markets.
July's tough market showed up in many ways. In the U.S., two of the three companies that pulled off IPOs, GT Solar International Inc. and China Distance Education Holdings Ltd., ended their first day of trading below their offering prices.
Only one Russian company has managed to go public so far in 2008; 10 IPOs had been completed by this time in 2007. Turmoil in global financial markets has led to the shelving of almost $20 billion of IPOs planned in Asia this year.
"The biggest factor in pricing an IPO is how the last IPO priced, so it is very much a momentum market," said Jon Salveson, head of investment banking at Piper Jaffray. "When deals don't work -- and they haven't been working recently -- compounded with the general economic framework, it sets up a bad environment for more deals."
Although investment bankers expect the market to remain slow until late in the year or even early 2009, there are a few factors that indicate companies are gaining a bit of optimism.
Rail-equipment maker China South Locomotive & Rolling Stock Corp. started meeting with prospective investors last week for an IPO that could raise $1.3 billion through a listing this month in Shanghai. It would be the first IPO on that exchange since April. The company also aims to sell shares in Hong Kong.
In the U.S., 15 companies filed with the Securities and Exchange Commission in July to go public, compared with six in June, according to Dealogic. Just one IPO was withdrawn in July, fewer than any month this year; in July 2007, two were pulled.
"That could be viewed as a positive indicator if we've reached a bottom on withdrawn deals," said Richard J. Peterson, director of markets, credit and risk strategies at Standard & Poor's.
This week, three new offerings are planned to hit the U.S. market: China Mass Media International Advertising Corp., which was held over from last week; Web-site hosting company Rackspace Hosting Inc.; and coal miner Rhino Resources Inc. If all three are completed, which isn't a sure thing in the current market, August will already equal July's total.
"The way it will come back -- and I can't tell you if this will happen in September, or the fourth quarter, or next year -- the dynamics behind it will be created by financing good companies at somewhat suppressed valuations. The stocks will perform, and will beget more stocks coming to market," Mr. Salveson said.‹
Let’s talk biotech!
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”
Russia's Yandex could raise $500 million to $1 billion in autumn IPO - source
05.21.08, 6:10 AM ET
MOSCOW (Thomson Financial) - Leading Russian search engine Yandex could raise $500 million to $1 billion via an initial public offering (IPO) on the Nasdaq exchange this autumn, a source in banking industry sources told Interfax.
The source added that Morgan Stanley (nyse: MS - news - people ), Deutsche Bank (nyse: DB - news - people ) and Renaissance Capital will organize the listing and that the company would likely achieve a total market capitalization of around $3 billion.
Yandex achieved 2007 sales of $166.9 million, up 130 percent from 2006.
Earlier, an industry source told Russia's Vedomosti daily that Yandex wants to raise $1.5 to $2.0 billion with the listing, giving the company a total market capitalisation of about $5 billion.
However, the banking source told Interfax it is unlikely that the market would assign such a high valuation to the company.
Yandex's founders hold a 30 percent stake in the company, while managers and other minority stakeholders own another 20 percent.
Together Baring Vostok Capital Partners and ru-Net Holdings also hold more than 30 percent of the company, while Tiger Technologies fund owns a 15 percent stake.
Hello Bridget!
from the SOLR post
"Aside from GT Solar, several deals in the IPO pipeline are stirring investor interest, including DigitalGlobe, RackSpace, Solar Winds, and Yandex, a Russian search engine that Mr. Sweet likened to China’s Baidu and said could be the hottest IPO of the year."
Yandex? That may very well be one to look into. This is the first I have heard of it.
Jen
GT Solar Tries to Light IPO Market
Print All Articles Letter to the editor Podcast
on 23 July 2008, 13:18
by Ken Schachter
GT Solar International, a New Hampshire-based maker of solar manufacturing equipment, will try to send a $610 million jolt into the initial public offering market on Thursday.
The maker of equipment for manufacturing silicon wafer and solar cells for solar power generation systems is backed by private equity and makes its debut on Nasdaq after a second quarter when not a single venture-backed company made the leap into the public markets.
Though it’s premature to gauge GT Solar’s impact on opening the IPO spigot, analysts said investors are showing keen interest.
“It’s oversubscribed,” said Scott Sweet, senior managing partner at IPO Boutique, an advisory firm, said of the $17.50 per share offering. “They’re the first IPO to come out in the solar space that provides capital equipment to the wafer and module solar companies.”
GT Solar competes against companies including semiconductor equipment maker Applied Materials and industrial giant Mitsubishi Electric as well as Amtech Systems and MEMC Electronic Materials.
Still, Mr. Sweet said the 14-year-old company has “manageable debt” and strong growth, tripling its revenue in fiscal 2008 versus the prior year.
“The company’s financials are in excellent shape—top line, bottom line, cash flow,” he said.
For the fiscal year ended March 31, GT Solar reversed a net loss of $18.4 million in 2007, posting a profit of $36.1 million on revenue of $244.1 million in fiscal 2008.
That ramp up in GT Solar’s revenue and profit, however, hinged on only a handful of customers. LDK Solar accounted for almost two-thirds of sales, Mr. Sweet noted, while only three companies are the source of 59 percent of GT Solar’s $1.3 billion order backlog.
Aside from GT Solar, several deals in the IPO pipeline are stirring investor interest, including DigitalGlobe, RackSpace, Solar Winds, and Yandex, a Russian search engine that Mr. Sweet likened to China’s Baidu and said could be the hottest IPO of the year.
Underwriters for the GT Solar deal are Credit Suisse Securities, UBS Securities, Banc of America Securities, Deutsche Bank Securities, Piper Jaffray & Co., and Thomas Weisel Partners.
GT Solar International will not receive any of the IPO proceeds, which will go primarily to its private-equity owners, GFI Energy Ventures and Oaktree Group, both based in Los Angeles.
Hey Ico...I see you're on this one too...should be good I hope!
Where is that Bridget???
Thanks for the info.
IPI appears to be breaking ground in a fertile field..
Intrepid Potash
Will IPO soon...no filings yet...several mentions on another board...here is what little I found on it...
http://www.ipohome.com/marketwatch/pick.asp
Intrepid Potash is the only dedicated producer of potash in North America, offering investors a pure play in a commodity currently trading at record prices. Over the next 5 years, global potash demand growth is projected to outstrip announced supply additions given the limited availability of commercial deposits and the extensive capital requirements for greenfield projects. As the largest US-based supplier, the company plans to capture share in its diversified domestic markets while Canadian competitors suffer from rising freight costs and a declining dollar. On Thursday, the company amended the terms of its offering; it now plans to sell 30 million shares (25% more than originally expected) at a range of $27-$29 (12% higher at the midpoint). Goldman Sachs, Merrill Lynch and Morgan Stanley are the lead underwriters on the deal.
No substitute
Potash is one of three essential nutrients required for crop cultivation, protecting plants from drought, disease, parasites and cold weather. Recoverable potash deposits occur rarely in nature, and as a result, the industry is economically and geographically concentrated. Intrepid Potash currently produces from two conventional mines in Carlsbad, NM, and two solution mining facilities in Utah. In addition, the company plans to convert an idled Carlsbad potash mine into a solution facility, with production expected to commence in 2009. Intrepid’s potash revenues are more diversified than the industry norm; 64% of its potash is used as fertilizer, while 30% is sold as an input in oil & gas drilling fluid and the remaining 6% is used as a nutrient in animal feed.
Made in the USA
Because of its proximity to end users in the western US, Intrepid can capture additional margin through lower freight costs to end users. Although Intrepid’s larger competitors to the north can recover their potash more efficiently, the cost of shipping it to buyers in the western US far outweighs any scale advantages. The company estimates that in 2007, buyers in its target domestic market consumed 5x more potash than the company was able to produce. With plans in place to add low-cost capacity through upgrades to existing operations and renovations of idled facilities, the company should be well-positioned to benefit from the favorable trends in potash demand.
Making hay while the sun shines?
Insiders are set to receive a considerable sum on the IPO, including $156 million in cash for each of the two founders even before the deal size was increased in Thursday’s filing. Investors should note the historical cyclicality of the potash market and the growing price incentive for competitors to accelerate capacity expansion plans. A strengthening US dollar or falling freight costs could erode the company’s margin advantage over Canadian competitors. Furthermore, unforeseen changes to US biofuel policy might derail the trend in agricultural commodity prices and filter through to fertilizer markets.
Will investors dig it?
While trends in agricultural commodities markets will likely give this stock legs in the near term, we believe the company’s proximity advantage in the US market, diversified revenue sources and low-cost expansion opportunities provide fundamental reasons to stick around for the long haul. With inflation-wary investors looking to commodities for protection, we believe Intrepid Potash has cultivated significant interest in an otherwise infertile IPO market.
27 Definitions...used in IPO Financial Analysis
Valuation
% offered in IPO Expected IPO proceeds divided by market value
Annualized Earnings(loss) Quarterly earnings (loss) multiplied by four
Annualized Sales Quarterly sales multiplied by four. Not used for seasonal businesses
Market value Price per share times number of shares issued & outstanding
Price-to-Book Value Market value divided by Book Value
Price-to-Earnings (loss) Market value divided by Annualized Earnings (loss)
Price-to-Sales Market value divided by Annualized Sales
Price-to-Tangible Bk Value Market value divided by Tangible Book Value
Selling Shareholders Pre-IPO investors who use the IPO to sell their stock
Use of Proceeds Usually for working capital, debt repayment, or selling shareholders
Profit/Loss Income Statement
Amortization Non-cash (income statement) charge, applies to 'Goodwill'
Cost of GoodsSold(COGS) Direct cost of goods, not including adv, sales, marketing, etc.
Depreciation Non-cash charge reducing an asset's value: a building 'depreciates'
Equity Charges Non-cash compensation charges, usually related to stock options
Excluded charges Usually equity compensation, amortization, sometimes depreciation
Gross Margin Sales minus Cost of Goods Sold (COGS)
Gross Margin % Gross Margin divided by Sales
Income Statement Sales & expenses over a specified time, similar to a tax return
Profit % Profit divided by Sales
Balance Sheet
Balance Sheet A snapshot on a particular day of assets & liabilities
Book Value Shareholder's Equity on the balance sheet
Current Assets Assets which can be converted to cash within 12 months
Current Liabilities Liabilities which are due and payable within the next 12 months
Goodwill Price paid (in acquiring a business) over Tangible Book Value
Shareholders Equity Total assets less all liabilities (current + long term)
Tangible Book Value Book Value less 'goodwill asset accounts' on the balance sheet
Working Capital Current assets less current liabilities
Alphabetical Listing
% offered in IPO Expected IPO proceeds divided by IPO market value
Amortization Non-cash (income statement) charge, applies to 'Goodwill'
Annualized Earnings(loss) Quarterly earnings (loss) multiplied by four
Annualized Sales Quarterly sales multiplied by four. Not used for seasonal businesses
Balance Sheet A snapshot on a particular day of assets & liabilities
Book Value Shareholder's Equity on the balance sheet
Cost of GoodsSold(COGS) Direct cost of goods, not including adv, sales, marketing, etc.
Current Assets Assets which can be converted to cash within 12 months
Current Liabilities Liabilities which are due and payable within the next 12 months
Depreciation Non-cash charge reducing an asset's value: a building 'depreciates'
Equity Charges Non-cash compensation charges, usually related to stock options
Excluded charges Usually equity compensation, amortization, sometimes depreciation
Goodwill Price paid (in acquiring a business) over Tangible Book Value
Gross Margin Sales minus Cost of Goods Sold (COGS)
Gross Margin % Gross Margin divided by Sales
Income Statement Sales & expenses over a specified time, similar to a tax return
Market value Price per share times number of shares issued & outstanding
Price-to-Book Value Market value divided by Book Value
Price-to-Earnings (loss) Market value divided by Annualized Earnings (loss)
Price-to-Sales Market value divided by Annualized Sales
Price-to-Tangible Bk Value Market value divided by Tangible Book Value
Profit % Profit divided by Sales
Selling Shareholders Pre-IPO investors who use the IPO to sell their stock
Shareholders Equity Total assets less all liabilities (current + long term)
Tangible Book Value Book Value less 'goodwill asset accounts' on the balance sheet
Use of Proceeds Usually for working capital, debt repayment, or selling shareholders
Working Capital Current assets less current liabilities
Well, I broke my own rules again. I ordered my V this morning,
premaket @ 57.85, and loaded on BX @ 14.88 (bargain price, but could still go lower).
All on a whim, and knowing I'd not be able to watch.
I was thrilled when I came home, but don't expect anything
more than a rollercoaster for some time. Both up nicely today, V did great.
GLTY, I'm in. Tag! You're it. :)
Waiting to strike here as well. Going in on the first 2 days breaks my rules-
I am patient. Remember, a good company doesn't have a perfect entry. Any entry in a quality company is good. Period.
IPO's break some sweat and anxiety the first few days.
Day 4-5 usually very telling. Go back and look at the changes/predictions on any IPO in the past few years.
By the 6th day, they're usually showing their true cards. imho
GLTY!
Afternoon Bridget,
I meant to type you a thank you yesterday on the updates for Visa...so now it's Late but know it's appreciated...THANKS!
I'm watching right now...waiting to STRIKE but in no hurry.
I guess that makes me just coiled? LOL
Hope all is well!
J
Visa priced at $44. Wont open there, imho- should be much higher on open- rollercoater- watch out the first 2 days at least- then mark your entry, imho
Visa (V)
(in millions)
Market Cap $30,775.0
Revenues $5,508
Net Income ($686)
Shares Offered 406.0 mm
PROSPECTUS
http://www.sec.gov/Archives/edgar/data/1403161/000119312507242653/ds1.htm
UNDERWRITERS
J.P. Morgan -Joint Book Runner
Goldman Sachs- Joint Book Runner
Banc of America -Joint Book Runner
Citi -Joint Book Runner
HSBC Corporation -Joint Book Runner
Merrill Lynch- Joint Book Runner
UBS Investment Bank- Joint Book Runner
Wachovia Securities- Joint Book Runner
CIBC World Markets- Co Manager
Daiwa Securities -Co Manager
Mitsubishi UFJ Securities -Co Manager
Piper Jaffray -Co Manager
RBC Capital Markets- Co Manager
Suntrust Robinson -Co Manager
Wells Fargo Securities -Co Manager
ABN AMRO -Co Manager
Barclays Capital -Co Manager
Calyon Securities -Co Manager
Credit Suisse- Co Manager
P.O. Box 8999
San Francisco, CA
(415) 932-2100
http://www.visa.com
Visa deal now expected to price on Tuesday, March 18
3/14/2008
Leading credit and debit card provider Visa changed the timing of its IPO earlier this afternoon, with the deal now expected to price on March 18th instead of March 19th. The terms of the deal remain the same: 406 million shares at a range of $37 to $42. J.P. Morgan, Goldman Sachs and Banc of America are the lead underwriters on the deal.
Visa announces terms for IPO
2/25/2008
Visa, the operator of the world’s largest retail electronic payments network, announced terms for its IPO in a filing with the SEC on Monday. The company plans to offer 406 million shares at a range of $37-$42, potentially raising $16 billion at the midpoint. The deal is expected to price on March 19th. JPMorgan and Goldman Sachs are the lead underwriters on the deal.
03/03/08, Barron's Follow Up : Subdued Vista for Visa's IPO ;
webpage also includes "Earnings Surge Could Power Constellation ; At LDK Sunlight Would Disinfect"
http://online.barrons.com/article/SB120432886290404199.html?mod=yahoobarrons&ru=yahoo
"Subdued Vista for Visa's IPO" section starts off:
SOON, INVESTORS WILL HAVE THE SAME CHOICE RESTAURANT guests are given as the dessert plates are cleared: MasterCard or Visa?
Visa last week formalized its plan to go public, nearly two years after its smaller competitor came to market. In the interim, MasterCard shares (ticker: MA) have surged about 400%. Ahead of MasterCard's IPO, Barron's wrote favorably about the stock's prospects ("Finally Charging Ahead," May 13, 2006), though we hopped off the MasterCard bandwagon in some cautionary follow-ups well short of the current stock price around 190.
While Visa benefits from the same long-term global growth in credit- and debit-card usage as MasterCard, it's unlikely Visa shares will deliver as sweet a return for investors.
Though they probably will be worth owning in the future, investors shouldn't bid too aggressively if they jump much above the company's planned price range of $37 to $42."...
IPOs: historical data research items
Here are some links that might help with your research. I know there are probably more, but I did a quick word search using Google and these look like a good sampling of places to start the research. Hope these help. MLD38
IPO Data: various items of interest with links found here
http://bear.cba.ufl.edu/ritter/ipodata.htm
examples:
(includes, but not limited to the following AND note that some links may longer access the item)
Monthly Number of IPOs and the average first day return in " The Market's Problems with the Pricing of Initial Public Offerings," Journal of Applied Corporate Finance, 1994, 66-74. This contains a listing, by month, of the number of IPOs and the average first day return.
and
"Big IPO Runups of 1975-September 2007," September 2007
and
Long-run Returns on IPOs from 1970-2003.
and
First-day returns categorized by the revision in the offer price from the file price range.
and
Gross spreads on IPOs, 1985-2006.
--------------------------------------------------------------------------------
Also see:
123jump lets you search IPO data by year:
Data includes gainers and losers
http://www.123jump.com/ipo/ipo_recent
the above link is most recent, but the menu at the top lets you click on the following years
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000
*******************************************************************
Hoovers' IPO Scorecard lets you research by:
Best/Worst Returns
Biggest First Days
Happy CEOs
Money Left on the Table
**********************************************************************
The IPO Investigations: Who's the Victim? What's the Harm?
by John C. Coffee Jr.
http://www.pbs.org/wgbh/pages/frontline/shows/dotcon/crying/coffeeipos.html
John C. Coffee Jr. is the Adolf A. Berle Professor of Law at Columbia University Law School. This article was written while Professor Coffee was also serving as the Joseph Flom Visiting Professor of Law at Harvard University Law School
includes items like:
· The First-Day Price Spike Puzzle
· The Allocation Issue
· Pushing the Envelope
· Who Is the Victim?
· Other Victims: Retail Investors
which starts off:
..."Another constituency may be even more adversely affected by current practices. This group consists of those investors who do buy in the secondary market, either on the first trading day or shortly thereafter. Typically, these are persons who did not receive an IPO allocation (or only a small one). The best known empirical regularity about IPOs is that the issuer's stock price tends to decline at some point during the year following the initial price spike, often to a level below the initial offering price. Thus, those who buy in the secondary market immediately following the IPO tend to lose.
Although this typical post-offering price decline may seem surprising, the reasons underlying it are logical. First, there is a systematic imbalance between supply and demand in the period following the IPO, with supply being deliberately restricted."....
After the long section above is:
· Prospects for Reform
At the end is: NOTES
1. See Tim Loughran and Jay Ritter, "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?" (Social Science Research Network, August 21, 2000).
2. See Rajesh Aggarwal, Laurie Krigman, and Kent Womack, "Strategic Underpricing, Information Momentum and Lockup Expiration Selling" (Social Science Research Network, April 2001).
Visa Inc. (V) IPO: expected range, # of shares, & date
IPOhome : re V
http://www.ipohome.com/common/ipoprofile.asp?ticker=V
...Visa, the operator of the world’s largest retail electronic payments network, announced terms for its IPO in a filing with the SEC on Monday. The company plans to offer 406 million shares at a range of $37-$42, potentially raising $16 billion at the midpoint. The deal is expected to price on March 19th. JPMorgan and Goldman Sachs are the lead underwriters on the deal....
Visa IPO Could Be Largest in US History
http://ap.google.com/article/ALeqM5ipFH13I-c1JZmVbQrEs9GuW0BIZwD8V1IVG80
...Visa boasts the world's biggest retail electronic payments network....
...the dominant payment player, with well over 50 percent of the global payment credit card volume...
...While Visa's IPO will have little direct effect on its cardholders, the banks that issue Visa cards are expected to see a total windfall of more than $10 billion — which might keep them from pulling back credit lines further and pushing rates higher....
...IPO research firm Renaissance Capital said it believes the offering will price on March 19 to begin trading March 20...
...Demand for IPOs has been incredibly weak recently, reflecting nervousness among investors about placing bets in untested waters....
...Visa said it intends to pay shareholders an annual dividend of 42 cents a share...
SeekingAlpha: for Opinion & Analysis on V
http://seekingalpha.com/symbol/v
HIGH INTEREST IN VISA IPO --- Canadian investors to get sliver of offering
...sheer size of the IPO, the largest ever in the United States, makes the deal unpredictable....
http://www.financialpost.com/story.html?id=334396
visa board up and running. :)
http://investorshub.advfn.com/boards/board.asp?board_id=12007
Be sure to boardmark it if interested.
Visa IPO Could Be Largest in US History
Monday February 25, 10:54 am ET
By Madlen Read, AP Business Writer
Visa Says It Could Raise Nearly $19 Billion in Initial Public Offering
NEW YORK (AP) -- Visa Inc. said Monday its initial public offering could raise up to $19 billion -- making it the largest in U.S. history -- even though the credit card processor is entering the market at a difficult time.
The San Francisco-based credit card processor expects to see high demand for its stock, despite the housing-led credit squeeze that is threatening consumers' spending and their ability to keep up with debt payments.
But Visa, like its public rival MasterCard Inc., is a card processor, not a lender, and has a strong presence in other countries where many people are just starting to use plastic instead of cash. And Visa is the largest U.S. card company by market share -- its transactions, in number and dollar amount, in 2006 outpaced those at MasterCard and American Express Co.
Visa said in a Securities and Exchange Commission filing it will offer 406 million shares at $37 to $42 per share. There will be an option for underwriters to buy an extra 40.6 million shares to cover any excess demand.
The Visa IPO, even if it prices at the low end of the estimated range, would surpass the $10.6 billion AT&T Wireless raised in 2000 when it went public. And if demand is strong enough, it could be almost as big as the two largest past deals combined -- AT&T's offering and Kraft Foods' $8.7 billion offer in 2001.
Visa would follow MasterCard from being a privately held interest to a publicly traded company. MasterCard raised $2.39 billion in its IPO nearly two years ago.
At a midpoint price, Visa could raise about $15.6 billion, or more than $17 billion if underwriters exercise their option to buy the entire lot of 40.6 million shares. Even at the low-end price of $37 a share, Visa would raise about $15 billion.
Shares of MasterCard have risen fivefold since going public and are now trading at more than $203 each. But Visa's offer comes at a time of ebbing appetite for new shares. MasterCard shares have fallen more than 5.5 percent since the beginning of the month.
Visa made its initial IPO filing in June with the SEC. The shares will be listed with the New York Stock Exchange under the ticker V.
Visa will be the last of the major U.S. card companies to go public. Discover Financial Services LLC became publicly traded last July, and since then has seen its shares tumble. But Discover, like American Express, is a true card lender. The responsibility for Visa and MasterCard cardholders' debt, in contrast, is held by the banks that issue them.
For their most recent quarters, MasterCard posted a huge increase in profit while AmEx reported a 10 percent drop in earnings and Discover posted a loss.
A successful Visa IPO would be a boon for member banks including Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., which have suffered big credit losses and are gearing up for more as consumer credit deteriorates.
More than $10 billion of the IPO's proceeds will go to the member banks. The rest will go toward Visa's legal costs and general corporate purposes.
Visa boasts the world's biggest retail electronic payments network. According to its filing, as of Sept. 30, banks and other customers said they had issued 1.5 billion Visa cards -- which since 2006 have been advertised through the slogan, "Life Takes Visa."
The latest Nilson Report on card companies said that in 2006, Visa had 44 percent of the U.S. market share in cards and 48 percent of the U.S. market share in debit cards.
Visa said it intends to pay shareholders an annual dividend of 42 cents a share.
AP Business Writer Michael Lee contributed to this report.
http://biz.yahoo.com/ap/080225/visa_ipo.html
Thanks Bridget!
You're the best, girl!
J
Ladyb...
How soon after a company files...do they typically IPO?
Visa files to raise up to $17 billion with IPO
Monday February 25, 7:44 am ET
NEW YORK (Reuters) - Visa Inc, the world's largest credit-card network, on Monday filed to raise up to $17 billion in a highly-anticipated public sale of shares, which could make it the largest initial public offering ever.
ADVERTISEMENT
San Francisco-based Visa -- which plans to list its shares on the New York Stock Exchange under the symbol "V" -- filed to sell 406 million class A shares for between $37 and $42 a share, according to an amended registration statement with the U.S. Securities and Exchange Commission.
Based on that price range, Visa's IPO would raise between $15 billion and $17 billion, surpassing 2000's $10.6 billion offering by AT&T Wireless Group.
Investors have been eager for Visa's IPO, after the performance of its smaller rival MasterCard (NYSE:MA - News), whose shares have risen more than fivefold since their debut in 2006. But recession fears have put a chill in the U.S. IPO market in recent months.
J.P. Morgan Securities (NYSE:JPM - News), Goldman Sachs (NYSE:GS - News), Banc of America Securities (NYSE:BAC - News), Citigroup Global Markets (NYSE:C - News), HSBC Securities, and Merrill Lynch (NYSE:MER - News), and others, are underwriting Visa's deal, according to the filing.
(Reporting by Lilla Zuill; additional reporting by Shivani Singh in Bangalore; Editing by Derek Caney)
Watch for ViziTrade's upcoming IPO..anyone interested let me know..
Nice board!! now boardmarked
ahhhh. Thanks. Right back at ya!
You too! Happy Valentines Day!!
Thanks Girl!
I appreciate it! I was actually hoping they would still IPO in this crappy market. But that was for selfish reasons! :)
Have a great one!
On a side note, I had told a few of my ihubbian pals
(back in September, lol) that I'd be back on board(s) full time with the advent of
Visa. They are apparently a great mirror to the bears
at the moment and will be the starting flag of the bullish
trends in the big boards IMHO.
Hi, sorry about the delayed response. VISA (V) is still
amending it's prospectus, as latest as YESTERDAY.
Here's the link for all of the filings and amendments
since the first......
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001403161&owner=include&count=40
Delay? Ohhhh yeah. They aren't about to come out during
an economic "crisis" right now. It's great for them to ease back a bit, sit in the shadows and let the hype settle down ........IMHO.
What say thee...Lady B?
Bridget....
Can this be so? Oct for Visa? That's nuts!
(Kudos to Leonidas on the MA (mastercard) board for the find)
NEW YORK, Feb 4 (Reuters) - Visa Inc, the world's largest credit-card network, said on Monday there is a 95 percent chance it will complete its initial public offering by Oct. 10, according to a quarterly filing.
The probability estimation was part of a calculation used to value a class of Visa shares.
The company in November filed to raise up to $10 billion with the offering, potentially making it the second largest U.S. IPO after 2000's $10.6 billion offering by AT&T Wireless. It has not disclosed the number of shares it will offer, or a price range for the share sale.
Visa also said on Monday that it posted net income for the quarter ended Dec. 31 of $424 million, up from $205 million in the same quarter the prior year.
Operating revenue rose to $1.49 billion compared with $845 million in the year-ago quarter, according to the filing.
Visa underwent a restructuring last October that combined Visa U.S., international and Canadian operations. Another affiliate, Visa Europe, will remain a membership organization and could a minority stake in Visa Inc.
Within weeks of the restructuring, Visa had filed with the U.S. Securities and Exchange Commission to sell its shares to the public. It plans to list its shares on the New York Stock Exchange under the symbol "V." V.N
Underwriters of the IPO include JP Morgan Chase & Co JPM.Ni, Goldman Sachs Group Inc (GS.N: Quote, Profile, Research), Banc of America Corp (BAC.N: Quote, Profile, Research), Citigroup Inc (C.N: Quote, Profile, Research), HSBC, Merrill Lynch & Co Inc (MER.N: Quote, Profile, Research), UBS AG (UBSN.VX: Quote, Profile, Research) (UBS.N: Quote, Profile, Research) and Wachovia Corp (WB.N: Quote, Profile, Research). (Reporting by Dan Wilchins and Lilla Zuill; Editing by Andre Grenon)
Aug IPO, VMW: After hours is down about 26%
VMWARE, INC. (NYSE:VMW)
http://finance.yahoo.com/q?s=VMW
VMWare's Profit, Sales Surge But Shares Fall in Late Trading
After Hours: 60.85 down 22.15 (or - 26.69%) as of 5:31PM ET on 01/28/08
6 month chart: VMW's IPO was Aug 15, 2007
http://finance.yahoo.com/q/ta?s=VMW&t=6m&l=on&z=l&q=b&p=&a=vm,m26-12-9,r14&c=
VMware, Inc. is a subsidiary of EMC Corp
VMware, Inc. was founded in 1998 and is headquartered in Palo Alto, California.
VMW & EMC after hours quotes
http://finance.yahoo.com/q/cq?s=VMW,EMC&d=v2
VMW & EMC comparison chart (6 month):
http://finance.yahoo.com/q/bc?s=VMW&t=6m&l=on&z=l&q=b&c=EMC
VMW profile starts off
...VMware, Inc. and its subsidiaries provide virtualization solutions worldwide. Its virtualization solutions separate the operating system and application software from the underlying hardware to achieve improvements in efficiency, availability, flexibility, and manageability....
http://finance.yahoo.com/q/pr?s=VMW
Jan 2008: IPO Unlocks
AIRV, AMV, BLOG, BNCL, CXO, DHX, DM, EBTX, G, HGG, IMRX, KHA, LIMC, LULU, MF, NZ, OWW, PWRD, REXX, SCMP, SGLP, SHOR, SSBX, TYPE, VOLT, VR, VRTU
http://finance.yahoo.com/q/cq?d=v1&s=AIRV%2c+AMV%2c+BLOG%2c+BNCL%2c+CXO%2c+DHX%2c+DM%2c+EBTX%2c+G%2c+HGG%2c+IMRX%2c+KHA%2c+LIMC%2c+LULU%2c+MF%2c+NZ%2c+OWW%2c+PWRD%2c+REXX%2c+SCMP%2c+SGLP%2c+SHOR%2c+SSBX%2c+TYPE%2c+VOLT%2c+VR%2c+VRTU
Jan 2008: IPOs upcoming or trading
AAAA, ADTV, ATAI, AXG-U, BGMD, BHRT, CIO-U, CLAS, CMPS, CPIX, CROS, CYS, ELXR, EYT, FYR-U, GAAM-U, HMR-U, HOO, IGGY, IPCM, MLS, NLX-U, OGP, RMG, SC, SCPE, SOL, SYA, TEAX, TKP-U, TSMA, TUX.U, UREC, WMZ
http://finance.yahoo.com/q/cq?d=v1&s=AAAA%2c+ADTV%2c+ATAI%2c+AXG-U%2c+BGMD%2c+BHRT%2c+CIO-U%2c+CLAS%2c+CMPS%2c+CPIX%2c+CROS%2c+CYS%2c+ELXR%2c+EYT%2c+FYR-U%2c+GAAM-U%2c+HMR-U%2c+HOO%2c+IGGY%2c+IPCM%2c+MLS%2c+NLX-U%2c+OGP%2c+RMG%2c+SC%2c+SCPE%2c+SOL%2c+SYA%2c+TEAX%2c+TKP-U%2c+TSMA%2c+TUX.U%2c+UREC%2c+WMZ
Filings, Offerings, Pricings and IPOs Filings: AspenBio Pharma (APPY) files for a 2.59 mln share common stock offering by selling shareholders... E-House China (EJ) files for a $175 mln ADS offering, which includes selling shareholders... Telkonet (TKO) files for a 2.94 mln share common stock offering by selling shareholders... Pricings: Seattle Genetics (SGEN 9.70) prices a 10 mln share common stock offering at $9/share... ITC Holdings (ITC 50.15) prices a 5.58 mln share common stock offering at $50.15/share... IPOs: Williams Pipeline Partners (WMZ), a limited partnership recently formed by The Williams Companies, prices its 16.25 mln share IPO at $20/share, right in the middle of the $19-$21 forecast range.
American Intl: In a 13D filing, CV Starr discloses it has hired Perella Weinberg Parters as its financial advisor for a valuation analysis for AIG (54.27 ) In the 13D filing, CV Starr discloses that it "has retained Perella Weinberg Partners as its exclusive financial advisor to advise CV Starr with respect to the business, operations, financial condition and underlying value of the Issuer. Perella Weinberg Partners is expected to provide a written valuation analysis to CV Starr upon completion of its study and analysis of the Issuer. After considering such valuation analysis, the Reporting Persons will determine what action, if any, is appropriate."
Intrepid Potash files for $100 million IPO
Thu Dec 20, 2007 3:56pm EST
WASHINGTON, Dec 20 (Reuters) - Intrepid Potash Inc filed with regulators on Thursday to raise up to $100 million in an initial public offering of common stock.
The company, a producer of minerals containing potassium, which is essential for plant formation and growth, said in a filing with the U.S. Securities and Exchange Commission that Morgan Stanley is underwriting the IPO.
The filing did not say how many shares the company plans to sell or at what price. It said Intrepid Potash plans to list its stock on a national securities exchange, but did not specify which one.
http://www.intrepidpotash.com/about/main.html
Was just browsing the VISA S-1/A filed right
before christmas...
http://www.sec.gov/Archives/edgar/data/1403161/000119312507270425/ds1a.htm#rom80491_1
Visa (V) & NCC as backdoor to V's IPO
(includes warning about NCC)
Visa: SEC filings
( see Prospectuses ; registration of securities ; etc )
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001403161&owner=include&count=40
11/9/2007: Credit card giant Visa (V) files for IPO ( No terms have been announced as of yet )
http://www.ipohome.com/marketwatch/iponews2.asp?article=6372
..In a move that had been anticipated for some time, leading credit card company Visa filed for an IPO with the SEC Friday. The deal will be underwritten by a team of 8 banks led by JPMorgan and Goldman Sachs. No terms have been announced as of yet....
Dec 25, 2007: Visa IPO Tantalizes Investors
SA Editor, Abbi Adest
http://seekingalpha.com/article/58325-imminent-visa-ipo-tantalizes-investors
includes:
...Things have been a bit bumpy lately for Visa, as reflected in its Friday disclosure that the company posted a loss in fiscal 2007. The company had a $1.1 billion operating loss, while operating revenue rose 33 percent to $5.2 billion. The loss included nearly $3 billion in reserve for outstanding litigation....
Abbi Adest includes this USAToday's Matt Krantz quote:
..."Just be careful before jumping into Visa stock. Since MasterCard did so well, there's going to be a mania for Visa shares. Make sure Visa's valuation is reasonable compared with MasterCard's before chasing it."...
Visa related:
At the bottom are links to "Further Reading on Seeking Alpha" entries:
Visa IPO Around The Corner
Visa IPO? Priceless
How To Profit From The Visa IPO Before It Goes Public?
Visa IPO Should Ring Up The Register
USAToday's Matt Krantz: "Do some homework before jumping into VISA IPO"
http://www.usatoday.com/money/perfi/columnist/krantz/2007-11-26-visa-ipo_N.htm
More USAToday stories about Visa
http://www.usatoday.com/community/tags/topic.aspx?req=tag&tag=Visa
*******************************************
re National City's (NCC) Visa holdings
Profit From The Visa IPO Before It Goes Public?
Discusses National City (NCC) owning 8% of Visa ... ie "a back door entry into the Visa IPO" ...
Post By Tate Dwinnell includes commentary, table, graph, etc (readers comments are at the very bottom)
http://selfinvestors.com/tradingstocks/ipos/profit-from-the-visa-ipo-before-it-goes-public/
Tate Dwinnell includes:
Conclusion
..."Keep in mind this is a strategy for profiting before the IPO. There will certainly be tremendous profit potential after the company IPO's. What I see happening is a tremendous build up to the launch of the IPO followed by some big time profit taking after the stock soars on the first day. Once the dust settles after a week or two, the stock will offer a tremendous opportunity to get in for the long haul.
Why?
Just look at the numbers:"...
National City : re Q & A on NCC's Visa holdings
Event Brief of Q3 2007 National City Earnings Conference Call - Final
http://insurancenewsnet.com/article.asp?n=1&neID=20071024560.2_4028071acd59fea5
National City Q & A at bottom of presentation: re Q & A on NCC's Visa holdings
Question from JILL HENNESSY:
..."In the Visa perspective, National City is highlighted as having an 8% stake in Visa U.S.A. How large of a gain do you expect to take on the Visa IPO and when do you expect to recognize that value?"...
Answer from PETER RASKIND:
..."Thanks, Jill. This is Peter. I will take that one as well. As a result of our issuance activity and our former ownership with MPC we do have an unusually large stake in the newly restructured Visa. As I suspect many of you are aware, Visa restructured in early October into an independent for-profit company with the ultimate intent of taking that company public. As a result of our approximately 8% share in Visa U.S.A, we end up with a share in the new Visa, the new worldwide Visa, somewhere between 4.5 and 5% of a good-sized entity.
There's quite a bit of discussion going on right now between the various banks involved and the SEC as to exactly how the accounting should occur for this transaction. And that is not yet fully resolved. So the restructuring has already occurred. There will be, we hope, resolution within the next several weeks by way of the SEC as to whether that restructuring creates an accounting event or not. But, even if it does not, there is an expectation that the company will go public some time next year and, therefore, presumably at that time a gain would be realized. I would not at all engage in speculation as to what the size of that gain is going to be yet today, but given the size of Visa and our stake in Visa, there's reason to believe that it will be sizable."...
WARNING re NCC stock:
Dec 17, 2007: National City's Dividend May Be at Risk
Downgrading NCC shares to Underperform (from Market Perform).
By Friedman Billings Ramsey
http://online.barrons.com/article/SB119790695146433947.html?mod=googlenews_barrons
Includes:
..."National City owns 8% of Visa, with no carrying value. Following Visa's first-quarter 2008 initial public offering, National City will incur a gain, which we estimate could total $2.4 billion, or approximately $3.75 per share ($2.63 per share if the gain is taxable)....
....A dividend cut increasingly likely. Although management has vocally supported its dividend, we expect that earnings will remain significantly below the 41-cents quarterly dividend through 2008. Further, with a dividend yield approaching 10%, the company is not being paid for its dividend....
...Based on actual third-quarter tangible book value, the unrealized Visa gain, and fourth-quarter losses, we estimate a tangible book value of approximately $15.50. Given the company's significant mortgage exposure, we are reducing our price target to $14, equal to 90% of tangible book."...
NCC 6 month chart:
http://finance.yahoo.com/q/ta?s=NCC&t=6m&l=on&z=l&q=b&p=m50,m20&a=vm,m26-12-9,r14&c=
NYSE CHINA IPO Gushan Environmental Energy Limited (GU)
Source for my DD
http://www.ipohome.com/common/ipoprofile.asp?ticker=GU
http://www.hoovers.com/gushan-environmental-energy/--ID__159480--/free-co-factsh eet.xhtml
IPO Profile
Expected Date---Week of 12/17/07
IPO File Date-=--12/3/07
Price Range---=--$11.50 - $13.50
Shares Offered=--18.0 mm
Business ----The largest biodiesel producer in China.
Industry ---- Energy-Alternatives
Employees -- 288 Founded 2001
Market Cap----------------$1,042.7 (millions)
Revenues -----------------$294 (millions)
Net Income ---------------$116 (millions)
2006 Sales----------------(mil.) $824.5
1-Year Sales Growth-------128.5%
2006 Net Income (mil.)-----$332.8
1-Year Net Income Growth--118.2%
2006 Employees------------288
1-Year Employee Growth----55.7%
Overview
Talk about a multitasker, veggie oil will fry up your food AND gas up your car. Chinese biodiesel maker Gushan Environmental Energy produces nearly 200,000 tons of this renewable fuel per year out of vegetable oil, animal fat, and recycled cooking oil. The company buys these raw materials from local vegetable oil and waste management companies, then once processed, the biodiesel is sold directly to marine vessel operators, petroleum wholesalers, and retail gas stations for use in boats, buses, trucks, generators, and other engines. Sales of biodiesel account for more than 80% of Gushan's revenues, while the remainder comes from selling biodiesel's by-products, such as glycerine, to food and drug companies.
Company Address
No. 37, Golden Pond Road, Golden Mountain Industrial District,
Fuzhou City, China
Phone Number
(86 591) 8385-9133
Web Address
www.ChinaGushan.com
IPO news!!!
http://www.ipohome.com/marketwatch/iponews2.asp?article=6447
http://www.ipohome.com/marketwatch/iponews2.asp?article=6429
VISN ipo is open
EnergySolutions IPO prices above range; a provider of nuclear services, including waste removal (23.00 ) EnergySolutions (ES) prices its IPO at $23, above its expected range of $19-21. The co is a provider of nuclear services to govt and commercial customers. Services includes engineering, operation of nuclear reactors, in-plant support services, spent nuclear fuel management, decontamination and decommissioning, logistics, processing and disposal. The co also owns strategic facilities that complement its services. Virtually every company that holds a nuclear license uses ES' services or facilities. Its govt customers include the Depts of Energy and Defense. Commercial customers include many of the largest operators of nuclear power plants in the US, such as Constellation Energy, Duke Energy, Entergy, Exelon and Florida Power & Light. The co has entered into long-term arrangements, called "life-of-plant" contracts, with 82 of the 104 operating nuclear reactors in the US. ES has agreed to process and dispose of substantially all low-level radioactive waste, or LLRW, and mixed low-level waste, or MLLW, and ultimately the waste materials from the decontamination and decommissioning, or D&D, of those plants. The co also manages 10 sites in the UK with 22 reactors for the UK Nuclear Decommissioning Authority... The co is profitable and pro forma revenue for the 9 mos ended Sep 30 were $1.38 bln... Briefing Note: Clearly there is a lot of interest here with crude prices so high and politicians talking about the need for more nuclear reactors. Also, there are few pure-play nuclear stocks. Most are on the uranium mining side, but that can be confusing and it's difficult to forecast results of mining operations. However, ES is a direct play on the operation of nuclear facilities. This is a 30 mln share deal led by Credit Suisse, JP Morgan, Morgan Stanley
MSCI Inc. IPO prices at high end of range; provides tools for investment analysis (18.00 ) MSCI (MXB), a company that provides tools for investment analysis which is being spun off by Morgan Stanley (MS), prices its IPO at $18, at the high end of its expected $16-18 range, which had been raised from $14-16. The co is a provider of investment decision support tools. It produces indices and risk and return portfolio analytics for use in managing investment portfolios. Its products are used primarily by institutions investing in stocks, bonds, and multi-asset class instruments. Its flagship products are its international equity indices marketed under the MSCI brand and its equity portfolio analytics marketed under the Barra brand. Its products are used in many areas such as portfolio construction and optimization, performance benchmarking, risk management and analysis etc. Its clients include mutual funds, hedge funds, ETF's, pension funds, endowments, foundations etc. The co has a client base of over 2,900 clients across 63 countries. Its sales model is to license annual, recurring subscriptions... The co is profitable and posted revenue of $268.2 mln for the 9 mols ended Aug 31, up 17% yr/yr. This is a 14 mln share deal led by Morgan Stanley. BofA, Credit Suisse, Merrill and UBS were also involved
EnteroMedics IPO prices at low end of range; makes medical device to treat obesity (8.00 ) EnteroMedics (ETRM) prices its IPO at $8, at the low end of its expected $8-9 range, which had been slashed from $14-16. EnteroMedics is a development stage medical device company focused on devices that use neuroblocking technology to treat obesity. The co's poroprietary neuroblocking technology, which it calls VBLOC therapy, is designed to intermittently block the vagus nerve using high-frequency, low-energy, electrical impulses. The vagus nerve controls much of the activity of the stomach, intestines and pancreas and plays a role in food processing. Its initial product under development is the Maestro System, which uses VBLOC therapy to limit the expansion of the stomach, reduce stomach contractions and produce a feeling of early and prolonged fullness. The co believes the Maestro System may offer obese patients a minimally-invasive treatment alternative. ETRM is currently evaluating the Maestro System in human clinical trials in Australia, Mexico, Norway and Switzerland. The co has implanted the Maestro System in 76 subjects and has one-year clinical data on 11 subjects. The co recently received an investigational device exemption, or IDE, for its US pivotal trial. In Q3 2007, the co began to enroll and implant subjects. The co expects a premarket approval, or PMA, application to be submitted by mid-2009. If the FDA grants approval, ETRM expects to launch the Maestro System in the US in 2010. The co has no revenue at this point.... Briefing Note: This one priced poorly as it's still in the early stages of getting FDA approval, unlike some other recent medical device IPO's. This is a 5 mln share deal led by JP Morgan and Morgan Stanley
Virtual Radiologic IPO opens after pricing at mid-range; provides remote interpretation of medical imaging (19.40 +2.40) Virtual Radiologic (VRAD), which provides remote interpretation of medical imaging, opens at $19.00 after pricing its IPO at $17, in the middle of its expected $16-18 range. The co is the second largest provider of remote diagnostic image interpretation, or teleradiology, in the US. Its serves its customers (radiology practices, hospitals, clinics by providing diagnostic image interpretations, or reads, 24 hours a day, seven days a week, 365 days a year by American Board of Radiology-certified radiologists. Its model allows its radiologists with the flexibility to choose where they work, and allows VRAD to serve customers throughout the country. VRAD operates a robust communications network using encrypted broadband internet connections and proprietary software. In recent years, the healthcare industry has experienced increasing demand for diagnostic imaging services, being driven by an aging population, advances in imaging technology and the growing availability of imaging equipment in hospitals and clinics. The shortage of radiologists and the growing imaging volume are further compounded by the need to provides services 24 hours a day. As a result, radiology practices have begun to seek supplemental services to assist their own radiology staffs with both day and night coverage. VRAD's radiologists, substantially all of whom are located in the US, are certified by the American Board of Radiology, licensed by the states in which they practice and credentialed by the hospitals for which they perform reads. Since inception, over 98% of its customer contracts up for renewal have been renewed. The co reported a small profit for the 9 mos ended Sep 30 vs a history of losses a year ago and all prior years. Revenue rose 67% yr/yr to $63.3 mln... Briefing Note: The co's main competitor is NightHawk Radiology (NHWK 19.42 -0.53), which made its IPO debut in Feb 2006 at $16. It's up 21% since then, but it has been a rocky ride for NHWK, including dropping 22% in the last month. Nevertheless, VRAD's $19.00 opening price indicates there is a good amount of interest here given its strong growth and small offering size at just 4 mln shares. This is being led by Goldman. Merrill and Wm Blair are also involved
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