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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.

 
In addition, Ocean Power and selling stockholders have granted to the underwriters a 30-day option to purchase up to 750,000 additional shares, of which 660,000 shares from the company and 90,000 shares from the selling stockholders.

The lead underwriters for the offering were UBS Investment Bank, Banc of America Securities and Bear Stearns, while First Albany was acting as co-manager.

Ocean Power Technologies develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves.

The shares ended the week at $16.65, down 17% from the offering price.

IPO CALENDAR – week of April 30th

Chinese marketing company Acorn International (ATV: chart) plans to offer 7.7 million American depositary shares, including 1 million from insiders, within a price range of $12.50 to $14.50 a share, in a bid to raise $128 million. Each ADS will represent three ordinary shares. Merrill Lynch and Deutsche Bank will manage the deal.

AMC and Loews theater operator Marquee Holdings (AC: chart) plans to offer 39.5 million insiders’ shares within a price range of $18 to $20 a share, in a bid to raise $910 million. Goldman Sachs, Citigroup, Deutsche Bank, and J.P. Morgan will manage the deal.

Biotech CardioMEMS (SENS: chart) plans to offer 6 million shares within a price range of $12 to $14 a share, in a bid to raise $97 million. Banc of America will be the underwriter on the deal.

Semiconductor provider Cavium Networks (CAVM: chart) plans to offer 6.25 million shares within a price range of $10 to $12 a piece, in a bid to raise $86 million. Morgan Stanley and Lehman Brothers will underwrite the deal.

Canadian pharmaceutical company EndoCeutics (ENCX: chart) plans to offer 5.75 million shares within a price range of $11 to $13 per share, in a bid to raise $86 million. First Albany will be the underwriter on the deal.

Electronic broker Interactive Brokers (IBKR: chart) plans to offer 20 million shares within a price range of $23 to $27 a share, in a bid to raise $1 billion. WR Hambrecht will be the lead manager on the deal.

Biopharmaceutical company NeurogesX (NGSX: chart) plans to offer 4 million shares within a price range of $13 to $15 per share, in a bid to raise $69 million. Morgan Stanley will act as the lead underwriter on the deal.

Mobile handset manufacturer Qiao Xing Mobile Communication (QXM: chart) plans to offer 16.7 million shares, including 4.2 million from insiders, within a price range of $11 to $13 a share, in a bid to raise $249 million. UBS will underwrite the deal.
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