After a couple of quiet weeks, the initial public offering (IPO) engine has gotten cranked up again. Eight new offerings are on this week's schedule, including two that are aiming at a target raise of around $600 million.
MobileIron produces a mobile IT platform that allows enterprises to secure and manage mobile applications, content and devices regardless of which hardware or software the user chooses. The company claimed more than 6,000 customers as of last December. Total revenues rose from $13.9 million in 2011 to $105.6 million in 2013. In the first three months of this year, MobileIron posted revenues of $28.2 million.
The company plans to sell 11.1 million shares in a price range of $8 to $10. At the mid-point of the range, gross proceeds would total $100 million. The underwriters have an overallotment option on an additional 1.7 million shares. Lead underwriters are Morgan Stanley, Goldman Sachs, Deutsche Bank Securities and Barclays. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol MOBL.
Nordic American Offshore is a spin-off from Nordic American Tankers Ltd. (NAT) that operates supply vessels serving offshore drilling rigs. The new company plans to offer 5.9 million shares in a price range of $16 to $18, resulting in a fully diluted market value of $383 million. The offshore company currently trades over-the-counter in Norway but will be listed on the New York Stock Exchange under the ticker symbol NAO following the IPO currently scheduled to begin trading on Thursday.
Signal Genetics is offering 1.5 million shares in an expected IPO range of $10 to $12. The company is an emerging commercial stage molecular diagnostic firm. The company is the exclusive licensee in its licensed field for research originally performed at the University of Arkansas on a blood cancer known as multiple myeloma. The market cap of the company will be around $45.5 million at the mid-point of the expected range. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol SGNL.
Trinseo is a global materials company that manufactures and markets various polymers and plastics. The company is registered in Luxembourg and plans to offer 10 million shares in an IPO range of $17 to $19 a share. The company was formed in 2010 when Bain Capital acquired the Styron business from Dow Chemical Co. (DOW) for $1.6 billion. At the mid-point of the IPO range, Trinseo's market cap would be $851 million. The company filed for an IPO in June 2011 but later withdrew it. The firm expects to price the shares on Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol TSE.
One of the larger IPOs next week is Abengoa Yield, a vehicle through which Spain’s Abengoa S.A. (ABGB) will own, manage and acquire renewable energy, conventional power and electric transmission lines and other assets in the United States, Mexico, South America and Spain. The yieldco plans to offer 28.1 million shares in an IPO range of $25 to $27, which would put a market cap on the company of more than $2 billion at the mid-point and generate gross proceeds of around $600 million. Shares are scheduled to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol ABY.
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Aspen Aerogels manufactures high-performance aerogel insulation materials that are used in large-scale energy infrastructure facilities like refineries and petrochemical plants. The company plans to offer 6.7 million shares in an IPO price range of $14 to $16, and it expects to raise $100 million on a fully diluted market cap of $331 million. The stock is expected to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol ASPN.
The second large IPO for this week comes from Memorial Resource Development Corp., an independent oil and natural gas company with primary operations in the Terryville play in northern Louisiana. The company claims proved reserves of 1.12 trillion cubic feet equivalent of natural as of last December. Memorial Resource plans to offer 36 million shares in an expected price range of $16 to $18. Gross proceeds are estimated at $612 million on a fully diluted market value of $3.3 billion. Shares are expected to price Thursday and begin trading Friday on the Nasdaq under the ticker symbol MRD.
Zhaopin is a Beijing-based online job platform for Chinese job opportunities. The company plans to offer 5.6 million shares in a price range of $12.50 to $14.50, raising gross proceeds of $76 million against a fully diluted market value of $746 million. Shares are set to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol ZPIN.
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