Seven initial public offerings have been priced so far this year as of Jan 26, 2006:
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6 IPOs are currently trading above initial offering price;
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1 is trading below the offering price.
IPO PERFORMANCE
ADVANCERS:
Shares of
AeroVironment (
AVAV) gained as much as 54% on their first day of trading Tuesday. Shares of the company opened 47% higher at $25 on the Nasdaq.
On Monday AeroVironment priced 6.7 million shares at $17 in a bid to raise $114 million. The price came above the expected range of $14-$16 a share.
The company offered about 4.5 million shares, while selling stockholders offered about 2.2 million shares.
The underwriters have an option to buy up to one million additional shares from AeroVironment and the selling stockholders to cover over-allotments.
Goldman Sachs acted as a lead underwriter of the offering, while Friedman Billings, Jefferies, Raymond James, Stifel Nicolaus, and Thomas Weisel acted as co-managers.
The Monrovia, California-based company designs, develops, produces and supports a technologically advanced portfolio of unmanned aircraft systems and fast charge systems.
The shares ended the week at $23.16, up 36.2% from the offering price.
Meruelo Maddux Properties Inc. (
MMPI) on Wednesday raised $370 million with an initial public offering that was priced below a forecast range.
The offering of 37 million shares, decreased from an initial 40 million shares, was priced at $10 per share, compared to $12 to $14 forecast range.
Meruelo Maddux Properties develops, redevelops and owns commercial and residential properties in downtown Los Angeles and other densely populated urban areas in California.
Friedman Billings Ramsey and UBS Securities were the underwriters on the offering.
The underwriters have an option to purchase 5.6 million additional shares to cover overallotments.
The shares ended the week at $10.6, up 6% from the offering price.
DECLINERS:
Oculus Innovative Sciences Inc. (
OCLS) on Thursday priced its initial public offering of 3.0 million shares at $8 per share.
The price was at the lower end of estimated price range of $8 to $10 per share. The company lowered the range from $12 to $14 a share earlier this month.
Roth Capital Partners acted as the lead manager on the offering. Maxim Group and Brookstreet Securities were co-managers.
Oculus granted the underwriters an option to purchase up to 453,750 additional shares to cover over-allotments.
