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IPO Outlook: 
Entropic Prices Low But Gains at Start
Author: Yordanka Bahchevanska
123jump.com
Last Update: 4:21 PM EST December 11 2007


Four new IPOs were launched during the past week. All four priced low than expectations, but Entropic and Triple-S Two were traded higher from the IPO price on the first day. Two hundred and twenty-two IPOs have been priced so far in 2007 and 53% of them are trading above their offering price. There are as much as fifteen deals scheduled to be priced the following week.

 
Two hundred and twenty-two initial public offerings have been priced so far this year as of Dec 7th, 2007:

- 118 IPOs are currently trading above initial offering price;
- 99 are trading below the offering price;
- and 5 are trading at their offer price.

Four IPOs were priced during the week of December 3rd, 2007. There are as much as fifteen deals on deck for the next week, hoping to raise nearly $2.5 billion.

IPO PERFORMANCE

Shares of Entropic Communications Inc. (ENTR: chart) gained nearly 35% in their first day of trading after the company priced its initial public offering at $6 per share at the low end of the forecasts.

Previously to the offering Entropic cut the expected price to $6 - $9 per share from the original $9 - $11 at filing and the size of the offering from 10 million to 8 million shares.

The San Diego-based company raised about $48 million from the IPO.

Entropic designs, develops and markets systems that deliver digital entertainment throughout the home over existing coaxial cables.

Credit Suisse and Lehman Brothers were the lead underwriters of the IPO.

The underwriters have an option to buy up to 1.2 million additional shares from a group of stockholders to cover any over-allotments.

The shares ended the week at $7.4, up 23% from the offering price.

Shares of Triple-S Management Corp. (GTS: chart) gained in their market debut on Friday, after the company priced its initial public offering below the forecasted price range.

The San Juan-based company offered 14 million shares at $14.50 a share, well below the forecast about $16 and $18. The IPO raised about $63.7 million.

Triple-S sold 5 million of the shares and the remaining 9 million were offered by selling stockholders.

Credit Suisse and UBS Investment Bank were the IPO''s lead underwriters. CIBC World Markets, Citi, Popular Securities and Santander Securities also served as underwriters.

The underwriters have an option to buy up to 2.1 million additional Class B shares from the company and certain selling stockholders to cover any overallotments.

Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association and the largest managed care company in Puerto Rico, serving approximately one million members across all regions.

The shares ended the week at $15.15, up 4.5% from with the offering price.

Shares of VisionChina Media Inc (VISN: chart) were up 17.5% in its market debut on Thursday, after the company priced its initial public offering of 13.5 million American depositary shares at $8 a share, below expectations about $9.50 to $11.50 per ADS.

VisionChina''s out-of-home advertising network uses mobile digital television broadcasts to deliver programs and ads on mass transportation systems in China, primarily buses.

Credit Suisse and Merrill Lynch were the lead managers on the IPO, supported by CIBC World Markets and Susquehanna Financial.
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