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IPO Outlook: 
Cinemark Loses Ground After Pricing At The Top
Author: Yordanka Bahchevanska
123jump.com
Last Update: 8:38 AM EDT May 01 2007

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Seven new IPOs were launched this week. Movie theater operator Cinemark fell nearly 6% in its first day of public trading, after pricing at the top of the forecast range. Another theater operator, Marquee, is expected to price shares the following week, hoping to raise nearly $910 million. Seventy four IPOs have been priced so far in 2007 and 65% of them are trading above their offering price. There are eight deals scheduled to be priced the following week.

 
Pharmaceutical company Pharmasset Inc. (VRUS: chart) on Thursday raised $45 million with an initial public offering of 5 million shares priced at $9 a piece, at the bottom of the forecast range of $12 to $14.

The number of shares was reduced from the initial 6 million, and the forecast range had previously been lowered from the original filing of $12 to $14 a share.

The offering from Princeton, New Jersey-based Pharmasset represents a 23% stake in the company.

Banc of America Securities and UBS Securities were the lead managers on the deal, and JMP Securities was acting as co-manager..

The underwriters have been granted an option to purchase up to 750,000 million shares to cover excess demand.

Pharmasset focuses on medications to treat viral infections, including the viruses hepatitis B, hepatitis C and human immunodeficiency.

Shares of the company were mostly flat in their first day of trading Friday and ended the day at $9.07 a share.

Orexigen Therapeutics (OREX: chart) on Wednesday raised $84 million with an initial public offering of 6 million shares priced at $12 a piece, the midpoint of the $11 to $13 forecast range. All of the shares were offered by the company.

Merrill Lynch and J.P. Morgan were the lead underwriters on the deal, while JMP Securities and Leerink Swann acted as co-managers.

In addition, the company has granted the underwriters a 30-day option to buy up to 1.05 million shares to cover excess demand.

Orexigen Therapeutics is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of central nervous system disorders, with an initial focus on obesity.

The shares ended the week at $13.10, up 9% from the offering price.

The Greek shipping company OceanFreight Inc. (OCNF: chart) on Tuesday raised $204 million with the IPO of 10.75 million shares priced at $19, at the bottom of the $19 to $21 forecast range.

The share offering of the company represents about 84% stake in it.

The joint bookrunners for the offering were Banc of America Securities LLC and Cantor Fitzgerald & Co. Oppenheimer & Co., Ferris, Baker Watts Incorporated and Fortis Securities LLC acted as co-managers.

The underwriters have an option to buy 1.6 million additional shares to cover excess demand.

OceanFreight is an Athens, Greece-based company engaged in the seaborne transportation of commodities.

The shares ended the week at $19.84, up 4% from the offering price.

DECLINERS:

Ocean Power Technologies (OPTT: chart) on Wednesday priced its initial public offering of 5 million shares at $20 per share.

All of the shares in the offering were sold by the company.
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