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IPO Outlook: 
Noah Education Prices Above Range
Author: Yordanka Bahchevanska
123jump.com
Last Update: 3:15 PM EDT October 23 2007


Four new IPOs were launched during the past week. All four of them edged high at first-day trading. A hundred and seventy-five IPOs have been priced so far in 2007 and 60% of them are trading above their offering price. There are eleven deals scheduled to be priced the following week.

 
A hundred and seventy-five initial public offerings have been priced so far this year as of Oct 19th, 2007:

- 105 IPOs are currently trading above initial offering price;
- 66 are trading below the offering price;
- and 4 are trading at their offer price.

Four IPOs were priced during the week of October 15th, 2007. There are as much as eleven deals on deck for the next week, hoping to raise nearly $1.5 billion.

IPO PERFORMANCE

On Friday, shares of Noah Educational Holdings Inc (NED: chart) rose more than 40%, à day after its initial public offering of 9.85 million American depositary shares were priced at $14 a share, above the forecast range of $9.80 to $11.80. Each ADS represents one common share.

The company sold 8.7 million ADSs and a selling shareholder offered the remaining 1.1 million ADSs.

Deutsche Bank was the lead underwriter of the IPO, supported by CIBC World Markets, Thomas Weisel and First Shanghai.

Noah has given the underwriters an option to buy up to 1.5 million additional ADS to cover excess demand.

Noah develops multimedia learning materials to complement textbooks used in China''s primary and secondary schools.

Noah''s IPO comes after the successful performance of another Chinese company, China Digital TV Holding, earlier this month. Two more Chinese issues are expected the following week.

The shares ended the week at $19.85, up 41.7% from the offering price.

Shares of TranS1 Inc (TSON: chart) soared 60% on Wednesday, a day after the company''s initial public offering of 5.5 million shares were priced at $15 each, above the forecast range of $12 to $14. The offering raised $82.5 million.

Lehman Brothers and Piper Jaffray were the lead underwriters of the IPO, supported by Cowen&Co. and Wachovia Capital.

The Wilmington, N.C.-based company gave the underwriters an option to buy up to 825,000 additional share to cover over-allotments.

TranS1 is a medical device company focused on designing, developing and marketing products that implement its proprietary minimally invasive surgical approach to treat degenerative disc disease affecting the lower lumbar region of the spine.

The shares ended the week at $23.2, up 55% from the offering price.

Shares of DuPont Fabros Technology Inc (DFT: chart)jumped 10% on Friday, a day after the company priced its initial public offering of 30.5 million shares at $21 per share, the high end of the forecast range of $19 to $21.

Lehman Brothers and UBS Investment Bank were the lead underwriters of the deal.

DuPont Fabros has granted the underwriters a 30-day option to purchase up to 4.6 million additional shares to cover over-allotments.

The Washington, D.C.- based company owns, develops and manages wholesale data centers, which are used by technology companies to house, power and cool their computer servers.

The IPO is the largest set by a REIT so far this year, and is the seventh largest ever.

The shares ended the week at $22.71, up 8% from the offering price.
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