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IPO Outlook: 
National Atlantic Holdings prices below range
Author: Albena Toncheva
123jump.com



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After a three-month delay, the property and casualty insurer National Atlantic Holdings Corp. started trading Thursday, featuring the only IPO of the week ended April 22.

 
There have been a total of 8 pricings in April and 54 so far in 2005. A total of 21 companies have filed but have not yet been priced in April and 75 so far in 2005.

The Freehold, New Jersey-based company National Atlantic Holdings Corp. (NAHC: chart) priced 6.7 million shares at $12 per share late Wednesday, below its $14 to $16 range. National Atlantic Holdings postponed its listing after it had to restate some of its earnings on expense-accounting issues. The Company is selling 6 million shares, with Ohio Casualty Insurance Co. selling 665,000 shares.

National Atlantic Holdings, through its insurance subsidiary, Proformance Insurance Company, is a provider of personal lines property and casualty insurance, predominately automobile insurance, in the State of New Jersey.

The Company expects the IPO to close on April 26, 2005. Citigroup Global Markets Inc. is acting as the book-running manager of the offering and Cochran, Caronia Securities LLC, Dowling & Partners Securities, LLC, Fox-Pitt, Kelton Inc. and Sandler O'Neill & Partners, L.P. are acting as co-managers of the offering.

The company’s shares slid 3.2% to close at 11.62 Friday.

IPOs to expect:
Only 2 IPOs are expected to price the week of 25-29 April, 2005.

Truck parts manufacturer Accuride Corp. (ACW: chart) cut the number of shares and price of its expected IPO on Thursday from 13.9 million shares at $17 to $19 a share to 10 million shares at $10 to $12 a share.

All of the shares will be sold by the company, according to the filing with the U.S. Securities and Exchange Commission.

Commercial vehicle components maker earned $21.8 million on revenue $494.0 million after losing $8.7 million on revenue of $364.3 million, according to the prospectus.

Lead underwriters Citigroup, Deutsche Bank Securities and UBS Investment Bank will have the option to buy an additional 1.5 million shares to cover over allotments, the filing said.

VeriFone (PAY: chart), a global provider of technology enabling electronic payment transactions, confirmed it will be offering 15.4 million shares with a price range of $12 to $14. Taken at $13 per share, VeriFone would have a market cap of $848 million.

CS First Boston and JPMorgan are the joint book runners.
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