IPO Boutique wishes its clients Season's Greetings and a prosperous New Year

We look forward to serving you in 2011.

Sincerely,
Scott Sweet
Senior Managing Partner
Principal Researcher
IPO Boutique
Tampa, Florida

Week of 12/13-12/17-- Ten IPO's are Currently scheduled

BG Medicine BGMD 4.75 million $13.00-$15.00 Lead Books UBS Investment Bank

FleetCor Technologies FLT 12.7 million  $23.00-$26.00 Lead Books J.P Morgan, Goldman Sachs

Fortegra Financial FRF 7.7 million $14.00-$16.00 Lead Books Piper Jaffray, SunTrust Robinson Humphrey

Gain Capital Holdings GCAP 11 million $13.00-$15.00 Lead Books Morgan Stanley, Deutsche Bank

iSoftStone Holdings ISS 10.8 million $11.00-$13.00 Lead Books UBS Investment Bank,J.P Morgan,Morgan Stanley

QR Energy, LP QRE 15 million $19.00-$21.00 Lead Books Wells Fargo,J.P Morgan, Raymond James, RBC Capital Markets

RigNet RNET 5 million $14.00-$16.00 Lead Books Deutsche Bank, Jefferies

Swift Transportation SWFT 67.3 million $13.00-$15.00 Lead Books Morgan Stanley,B of A Merrill Lynch,Wells Fargo,Deutsche Bank, UBS Investment Bank

Ventrus Biosciences VTUS 2.8 million $6.00-$7.00 Lead Books Rodman & Renshaw

Walker & Dunlop WD 10 million $14.00-$16.00 Lead Books Credit Suisse, Keefe Bruyette Woods

5 Chinese IPOs and one Taiwanese IPO set to debut during Week of 12/6-12/10

Although nine in total are scheduled...the following Asian companies are set to debut:

Bona Film Limited BONA Proposed Trade Date 12/9/10
E-Commerce China Danddang DANG Proposed Trade Date 12/8/10
Lentuo International LAS Proposed Trade Date 12/10/10
SemiLeds LEDS Proposed Trade date 12/9/10
Sky-mobi Limited MOBI Proposed Trade Date 12/10/10
Youku.com YOKU Proposed Trade Date 12/8/10

Week of 12/6-12/10 Nine IPO's are Currently scheduled

Bona Film Group Limited / BONA BofA Merrill Lynch,
J.P. Morgan $7 - $9 11.7 mil Wk of 12/06

CTPartners Executive Search / CTP William Blair,
C.L. King & Associates $12 - $14 2.3 mil Wk of 12/06

E-Commerce China Dangdang / DANG Credit Suisse,
Morgan Stanley $11 - $13 17.0 mil Wk of 12/06

First Republic Bank / FRC BofA Merrill Lynch,
Morgan Stanley $24 - $27 11.0 mil Wk of 12/06

Lentuo International / LAS Cowen & Company,
HSBC Corporation $12 - $14 7.5 mil Wk of 12/06

SemiLEDS Corporation / LEDS BofA Merrill Lynch,
Barclays Capital $15 - $17 5.3 mil Wk of 12/06

Sky-mobi Limited / MOBI Citi,
Piper Jaffray $8 - $10 7.3 mil Wk of 12/06

Targa Resources Corp. / TRGP Barclays Capital,
Morgan Stanley $19 - $21 13.8 mil Wk of 12/06

Youku.com / YOKU Goldman Sachs (Asia) L.L.C.,
Allen & Company $9 - $11 15.4 mil Wk of 12/06

  

GM IPO Submits an Amended S-1

There is now confirmation from Dow Jones. An amended filling of the S-1 is expected tomorrow with new details. If all facts are as stated, the treasury stake will be reduced from an original 61% to 26%. It is a fact that the road show has gone off in a spectacular way. The demand clearly outstrips supply exponentially, and it looks like GM and the treasury feels that they can easily place the additional stock without much trouble. There is already some speculation, and I have tried to refrain from commenting on the many rumors that are/have been circulating, but it is my opinion that this action will likely increase the retail allocation to some degree. As I stated earlier in an earlier email…for now I am NOT changing my rating of 4. I strongly believe that GM and the treasury have thought out the serious repercussions…if this IPO does not work.  


http://www.sec.gov/Archives/edgar/data/1467858/000119312510262471/ds1a.htm

GM IPO Raises IPO price range from $26.00-$29.00 to $32.00-$33.00

Today, the GM IPO raised the offering price to a new range of $32.00-$33.00. The preferred share portion of the offering was also raised from 3 billion dollars to 4 billion dollars. The common share size is still at 365 million.

General Motors GM IPO leads a list of 10 likely IPO's the week of 11/15-11/19

At publishing time this is the list of IPO's scheduled and their proposed dates

General Motors symbol GM trade date 11/18

Aeroflex Holding symbol ARX trade date 11/19
Anacor Pharmaceuticals ANAC trade date 11/18
Bitauto Holdings symbol BITA trade date 11/18
Booz Allen Hamilton symbol BAH trade date 11/17
Caesars Entertainment Corp. symbol CZR trade date 11/19
Lizhan Environmental Corp. symbol LEC trade date week of 11/15
LPL Investment Holdings symbol LPLA trade date 11/18
Richmond Honan Medical symbol MOB trade date week of 11/15 day to day
Zogenix, Inc. symbol ZGNX trade date 11/17

General Motors GM IPO scheduled to debut on 11/18

General Motors GM is scheduled to trade on 11/18. Although I usually wait for the Sunday ratings to come out before stating the rating—in this case and it being very high profile…it will be rated a 4 strong buy. GM’s books are well subscribed in both in the retail and institutional sector. This is the case with BOTH the common and preferred. There is some unconfirmed chatter that the preferreds will only be earmarked to the institutional buyer. It is my suggestion to indicate at once.

Buy our one-shot GM IPO Market Research here - be informed:

http://www.ipoboutique.com/gm-general-motors-ipo-information.html

October 30 IPO Pipeline

The Pipeline is a running total of filed IPO's that have not Opened, been Withdrawn or Postponed.
There is a 90% confidence level that the IPO's within the Pipeline will open within a year.
The IPO's beyond the 12 month window have only a 10% chance of ever opening.
The list of IPO filings and or specific changes listed below...is updated daily.
No Blank Check IPO's or SPACs are included. THERE ARE 180 ACTIVE IPOs IN THE PIPELINE AS OF THE END OF SEPTEMBER 2010

IPO Pipeline

The Pipeline is a running total of filed IPO's that have not Opened, been Withdrawn or Postponed.
There is a 90% confidence level that the IPO's within the Pipeline will open within a year.
The IPO's beyond the 12 month window have only a 10% chance of ever opening.
The list of IPO filings and or specific changes listed below...is updated daily.
No Blank Check IPO's or SPACs are included. 
THERE ARE 180 ACTIVE IPOs IN THE PIPELINE AS OF THE END OF SEPTEMBER 2010

Chinese IPOs poised for top billing in U.S. market

http://www.marketwatch.com/story/chinese-ipos-lined-up-to-woo-us-investors-2010-10-11

 

Notes:
The Pipeline is a running total of filed IPO's that have not Opened,
been Withdrawn or Postponed.
There is a 90% confidence level that the IPO's within the Pipeline
will open within a year.
The IPO's beyond the 12 month window have only a 10% chance of ever
opening.
The list of IPO filings and or specific changes listed below...is
updated daily.
No Blank Check IPO's or SPACs are included.
THERE ARE 156 ACTIVE IPOS IN THE PIPELINE AS OF THE END OF JULY
2010

Travel agency MakeMyTrip soars in market debut

Associated Press
Travel agency MakeMyTrip soars in market debut
By TALI ARBEL , 08.12.10, 02:45 PM EDT


NEW YORK --

Shares of Indian travel agency MakeMyTrip Ltd. soared as much as 80 percent in their market debut on the Nasdaq exchange, even as the broader markets declined.

The stock is on track to log the best first-day performance for an IPO since 2007. Financial advisory firm Financial Engines Inc., which has posted the top first-day return this year, closed up nearly 44 percent in its debut in mid-March. Since the recession began, online restaurant reservation company, OpenTable Inc. had the best first day with a 59 percent gain in May 2009.

MakeMyTrip likely attracted so much investor interest because there are very few Indian companies listed in the U.S. that focus on growth within India, said Josef Schuster of IPOX Capital Management, IPO investment advisors.

MakeMyTrip Ltd. began as a website in the U.S., mainly serving Indian expats wanting to travel to India. In 2005, it began operations in India, offering airline tickets as well as hotel bookings, bus tickets and other services to the country's fast growing demographic of middle-class consumers. MakeMyTrip cites data from consultancy McKinsey saying that the Indian middle class is expected to grow to 583 million people in 2025 from 50 million people in 2005.

India has a much smaller segment of its population on the Internet than the U.S. does, and the company says its revenue will rise as increasingly wealthy Indians get online.

The company's revenue grew throughout the recession, and MakeMyTrip claims it is the largest online travel company in India based on bookings in 2009. In the year ended March 31, 1.6 million domestic air ticket transactions were booked through MakeMyTrip's website in India, up from 1.2 million in the previous 12 months.

"There's a taste for companies that will dominate a possible niche," said Francis Gaskins of IPO research firm IPOdesktop.

But some analysts, such as Scott Sweet, the owner of IPO Boutique, expressed surprise at MakeMyTrip's performance Thursday, saying the company has never posted an annual operating profit and faces competition from Indian versions of big travel sites such as Expedia Inc. and Travelocity.

"They're a long way from making money," Sweet said.

But Schuster suggested that MakeMyTrip could be an acquisition target for rival companies such as Expedia or Priceline.com Inc. Another factor likely propelling MakeMyTrip's shares were strong second-quarter results from Orbitz Worldwide Inc. and Priceline, Schuster said.

MakeMyTrip plans to use proceeds from the IPO for acquisitions, new investments in technology and for working capital. The company raised $70 million by pricing 5 million shares for $14 each, the high end of its expected $12 to $14 range.

In late afternoon trading, shares gained $10.50, or 75 percent, to $24.50 on the Nasdaq, having risen as high as $25.16 earlier in the session. Another Thursday IPO debut, real estate software company RealPage Inc., also jumped $3.56, or 32 percent, to $14.56.

Meanwhile, broader markets dipped further after big losses on Wednesday, with the Standard & Poor's 500 dropping 0.8 percent.

It's a good sign for companies wanting to raise funds through the IPO market. Many companies have postponed their offerings because of weak demand from investors wary of the volatile stock market, or had to cut the prices on shares steeply to get to market.

RealPage, for example, priced shares at $11 apiece, significantly below expectations. It had hoped shares would fetch $13 to $15 each.


Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

GM files an initial S-1 (pre-prospectus) for an IPO

Today 8/19/10, General Motors filed with the SEC their IPO "pegged" to repay the government a portion of their indebtedness.



We are a leading global automotive company. Our vision is to design, build and sell the world’s best vehicles. Our business is diversified across products and geographic markets, with operations and sales in over 120 countries. We assemble our passenger cars, crossover vehicles, light trucks, sport utility vehicles, vans and other vehicles in 71 assembly facilities worldwide and have 87 additional global manufacturing facilities. With a global network of over 21,700 independent dealers we meet the local sales and service needs of our retail and fleet customers. In 2009, we and Old GM sold 7.5 million vehicles, representing 11.6% of total vehicle sales worldwide. Approximately 72% of our and Old GM’s vehicle sales volume was generated outside the United States, including 38.7% from emerging markets, such as Brazil, Russia, India and China (collectively BRIC), which have recently experienced the industry’s highest volume growth.



http://www.sec.gov/Archives/edgar/data/1467858/000119312510192195/ds1.htm



The current underwriters are listed below:





Morgan Stanley J.P. Morgan BofA Merrill Lynch Citi

Barclays Capital Credit Suisse Deutsche Bank Securities
Goldman, Sachs & Co. RBC Capital Markets UBS Investment Bank


Please keep looking for updates to blogs as we get closer to the GM debut, and more information becomes available.





Scott Sweet

Senior Managing Partner

Principal Researcher

GM files an initial S-1 (pre-prospectus) for an IPO

As GM Preps Offering, The IPO Market Is Still Sucking Wind

Carl Gutierrez, 08.13.10, 02:00 PM EDT

Household names with strong growth stories can still price deals, but investors have discerning tastes.

The market for initial public offerings has come a long way from the dark ages of late 2008 and early 2009, but continued economic uncertainty and tight credit conditions make for a discerning group of investors for companies that want to come to market. That doesn't mean deals can't get done, but expect the rest of 2010's offerings to be tilted more in favor of household names with strong track records.

The highlight will be General Motors, a unique IPO if there ever was one due to its background and its size. (See "The High Price Of The GM Bailout." and "Another IPO Roadmap For GM.") Despite -- or because of -- all the attention the automaker has been receiving, there remains significant uncertainty over how the market will embrace the offering, says Renaissance Capital research analyst Nick Einhorn. "There are questions over whether the investor will be willing to bet on the company given its tumultuous history, and how easy it will be for the company's underwriters, the government and the public investors to agree on a price."

The outlook for GM's IPO, which could be filed with the SEC as soon as next week, says much about the market in general. Though conditions have improved substantially since the worst days of the financial crisis, investors remain selective, resulting in a number of deferred IPOs as companies that meet resistance over fundamentals or price decide to step back to sand down the rough edges.

In Pictures: 10 Upcoming IPOs

"So far this year has been very cool," says Scott Sweet, senior managing partner of IPO Boutique, noting 26% of priced offerings have been canceled. "Although the volume of IPOs is well up over last year, most have needed to be cut in price and the performance has been mixed at best."
The three basic components to a sizable IPO, Sweet says, include an increase in year-over-year revenues, a decrease in losses and/or increase in profits year-over-year, and low debt levels, but that mix has been difficult to find. "Though the IPO-pipeline of those still to debut is at a rather robust 150-plus companies, many have been there for a year or longer," Sweet says.
This post-crisis attitude has had an especially strong impact on highly leveraged private equity offerings that defined the excesses of the boom market prior to the crash. "There has been a lot of resistance to over-leveraged companies coming out of the financial crisis, and we have seen a lot of private equity-backed deals get postponed," Einhorn says.
Sweet concurs, adding that in some cases there have been names with multi-billion dollar debt levels that had to cut their IPO price dramatically. "It's rather incredible," Sweet says, adding that the offering prices have been slashed by as much as 50%. Sweet also says biotechnology firms have been especially impacted, though their primary problem has been timing. "The biotechs are coming out way too early," Sweet says. "Most are in Phase Two [clinical studies], which means they're two or three years away from approval, and if and only if they get approval do they stand a chance."