On Friday, the global provider of electronic payment transaction systems and services VeriFone, priced 15.4 million shares at $10 apiece, below the expected range of $12-$14. Underwriting the deal are CS First Boston, JPMorgan, Goldman Sachs, Lehman Brothers, and Banc of America.
The poor pricing may be attributed to premium valuation to the company’s key rival, Lipman Electronic Engineering, according to analysts. VeriFone, an electronic-payment company based in San Jose, California, was a part of Hewlett-Packard Co. until a leveraged buyout in 2001.
The company’s shares closed at $10.75 Friday, up 7.5%.
The Evansville, Illinois-based auto and truck parts maker
Accuride (
ACW: chart) priced 11 million primary shares at $9 Monday night. The company sold more shares than the 10 million it had projected, but below the previously planned $10-$12 range. The company is raising $99 million in its initial public offering.
The lead underwriter on the deal is Citigroup.
The company’s shares closed at $8.67 Friday, down 3.67% from the IPO price.
IPOs Scheduled to Debut the Week of May 2
Bois D'Arc Energy (
BDE: chart), Houston, an independent exploration company engaged in the discovery and production of oil and natural gas in the Gulf of Mexico shelf, will offer 13.5 million shares at an expected price range of $12 to $15. Raymond James will be the lead underwriter on the offering.
Watchdata Technologies (
WDAT: chart), a leading provider of data security and encryption software in China, announced it will be offering 4 million ADSs at a price range of $18 to $20. Deutsche Bank and Jefferies Broadview are the underwriters for the deal.
Morningstar (
MORN: chart), a leading provider of independent investment research in the U.S. and abroad, plans to offer 7,612,500 shares at a range of $16 to $19, which taken at the midpoint would mean a proposed market cap of just under $673 million. SOFTBANK will be the sole selling shareholder.
Xerium Technologies (
XRM: chart), a provider of clothing and roll covers used in paper production, announced that it will be offering 16,433,213 shares at price range of $18 to $20 . With 38,069,337 outstanding shares and the price taken at the midpoint, this would give the Westborough, MA-based company a market cap of $723 million. Selling shareholders plan to offer 5,326,078 in the deal. Merrill Lynch and Citigroup are the joint book runners.
Lazard (
LAZ: chart), the established international financial advisory and asset management firm, will offer 30,464,579 shares at a range of $25 to $27, which at the midpoint gives the company a market cap of $2.6 billion. Goldman Sachs is the lead underwriter on the deal.
Teekay LNG Partners (
TGP: chart), an international provider of liquefied natural gas and crude oil marine transportation services, will offer 5.5 million units in the price range of $19 to $21 per unit. Citigroup will be the lead manager on the deal.
China Techfaith Wireless (
CNTF: chart), an independent mobile handset design company in China, will offer a total of 8.7 million ADSs, including 2.6 million by selling shareholders, at a price range of $15 to $17. At the midpoint of the range, the company will have a proposed market cap of $702 million. Merrill Lynch, Lehman Brothers and CIBC World Market are the underwriters on the deal.
Englewood Cliffs, New Jersey-based
EpiCept (
EPCT: chart), a pharmaceutical company focused on topically-delivered prescription pain management therapeutics, announced it will be offering 5.5 million shares at a price range of $11 to $13. This would give the company a market cap of $213 million. Wachovia Securities, CE Unterberg Towbin, and Jeffries are the underwriters.
Zumiez (
ZUMZ: chart), a retailer of action sports related apparel, footwear, equipment and accessories, will be offering 3,125,000 shares at a price range of $15 to $17. Stockholders will be selling 1,250,000 shares. Zumiez would have a market cap of $234 million, assuming a price at the midpoint. Wachovia Securities, Piper Jaffray, and William Blair will be the underwriters for the deal.