141 initial public offerings have been priced so far this year. A total of
4 IPOs priced and
5 new filed in the week of August 8th, 2005. Of the total 141 pricings,
84 are trading up,
35 are down and
22 are trading flat with their offer price.
This week
2 deals are scheduled to price and raise about $340 million.
IPO PERFORMANCE
Advancers
Gas transportation company
Williams Partners LP (
WPZ: chart) priced its IPO of 5 million shares at $21.50 per share, above the estimated range of $19-$21 each.
Williams’ common stock began trading on Thursday on the New York Stock Exchange and surged more than17% at the first day trading.
A 65% interest in Tulsa-based Company is owned by Williams Companies, Inc and certain of its affiliates. They granted the underwriters a 30-day option to purchase up to 750,000 additional units at the initial public offering price to cover excess demand. The shares offered in the IPO represent a 35% interest in the company.
The deal's managers were led by Lehman Brothers. Citigroup, RBC Capital Markets and Wachovia were co-managers on the deal.
The company’s shares gained 20.5% to close at $25.90 per share on Friday.
Oil and gas drilling company
Bronco Drilling Co. (
BRCN: chart) priced its offering of 5.1 million shares of common stock at $17 each, above its expected $15-$17 price range. Shares closed at $18.47 on Nasdaq, 8.6% above the offering price on the first day of trading.
Johnson Rice and Jeffries were the lead managers on the deal. Underwriters have an option to buy additional 765,000 shares to cover over-allotments, 615,000 of which from the company and 150,000 from controlling shareholders. Oklahoma-based company will not receive any proceeds from the offering and sale of shares by the selling stockholder.
On Friday, stock closed at $18.69, up 10% from its IPO price.
The energy sector has produced 15 of the year’s 141 IPOs. Most of the energy-related deals were in demand as 10 were priced above their proposed range at filing.
The initial public offering of restaurant-owner
Kona Grill Inc. (
KONA: chart) was priced at $11 per share on Tuesday, raising $27.5 million. Kona has filed for an offering of 2.5 million shares within a range of $9-$11 a share, but this month narrowed that range to $10-$11 per unit.
The company’s shares opened 18% high at $13 in market debut on Nasdaq and fell slightly closing at $12.70 a share.
Oppenheimer & Co. and Feltl and Co. were the lead managers on the deal. Underwriters have the option to buy additional 375 thousand shares to cover excess demand.
Scottsdale-based company’s units closed at $12.4 on Friday, up 12.7% from the IPO price.
Specialty chemical company
Rockwood Holdings Inc. (
ROC: chart) began trading flat to slightly lower in its market debut on Wednesday. The company’s shares opened at $19.72, down 1.4% from the initial offer price.
Rockwood priced its IPO of 20.4 million shares at $20 a share, well below its proposed price of $23-$26 per unit, raising $408.2 million. The shares closed flat with the offer price on the first day of trading.
The company has granted the underwriters a 30-day option to purchase up to 3.06 million additional shares to cover over-allotments.
CS First Boston and Goldman Sachs headed the list of underwriters of the offering.