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IPO Outlook: 
Chipotle Gains 100% in IPO
Author: Yordanka Bahchevanska
123jump.com
Last Update: 5:00 PM EST January 30 2006


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Nine companies priced shares so far during the first month of 2006, and 78% of them are trading above their offering price. IPO calendar for the next week includes 15 offerings.

 
215 initial public offerings have been priced last year as of Dec 31, 2005:

- 155 IPOs are currently trading above initial offering price;
- 69 are trading below the offering price;
- and 1 is trading at its offer price.

Five IPOs were priced and four companies filed to go public during the week of January 23rd, 2006. There are fifteen deals scheduled to be priced during the coming week, hoping to raise almost $2 billion.

IPO PERFORMANCE

Restaurant chain Chipotle Mexican Grill Inc. (CMG: chart) priced 7.9 million shares at $22 per share on Thursday. The price was above the proposed range of $18 - $20 per share.

The company raised its price range on Monday from the original $15.50 - $17.50 a share. The offer was worth $173.8 million.

Morgan Stanley and SG Cowen were the lead managers on the deal.

Chipotle is selling 6.1 million shares, with McDonald''s offering 1.8 million shares.

McDonald''s Corp. (MCD: chart) owns a majority stake in the 489-store Denver-based ""fast-casual"" restaurant chain and will remain a majority holder after the IPO.

The stock closed up 100% at $44 the first day of trading, and ended the week at $42.20, or 92% from the offering price.

Biopharmaceutical company Altus Pharmaceuticals Inc. (ALTU: chart) priced 7 million shares at $15 per share on Thursday, at the mid-point of a $14 - $16 filing range. The deal raised $105 million.

In addition, 1.05 million shares were sold through an overallotment.

Merrill Lynch and Morgan Stanley were the lead managers of the offering.


The Cambridge, Massachusetts-based company develops treatments for gastrointestinal and metabolic disorders.

The stock closed the first day at $16.82, and ended the week at $18.50, up 23% from the offering price.

Calumet Specialty Products Partners L.P. (CLMT: chart) priced 6.5 million shares at $21.50 per share on Thursday, at the mid-point of the $20.50 - $22.50 filing range. The offer was worth $138.7 million.

Goldman Sachs, Deutsche Bank, Raymond James and Petrie Parkman were managing the offering.

The Indianapolis-based company processes oil and fuel products into materials used for basic industrial, consumer and automotive goods.

The stock closed the first day at $21.75, and ended the week at $22.20, or 3.2% from the offering price.

Traffic.com Inc. (TRFC: chart) priced 6.6 million shares at $12 per share on Wednesday, at the high end of the $10.50 - $12.50 filing range.
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