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IPO Outlook: 
MSCI Raises $252 Million With An IPO
Author: Yordanka Bahchevanska
123jump.com
Last Update: 3:46 PM EST November 19 2007

As much as twelve new IPOs were launched during the past week. Shares of Morgan Stanley’s spin-off, MSCI, gained at start after pricing at the top of expectations. Virtual Radiologic, 3Par and Rubicon Technology also were among the best first-day performers during the week. Two hundred and sixteen IPOs have been priced so far in 2007 and 52.7% of them are trading above their offering price. There are seven deals scheduled to be priced the following week.

 
Two hundred and sixteen initial public offerings have been priced so far this year as of Nov 16th, 2007:

- 114 IPOs are currently trading above initial offering price;
- 95 are trading below the offering price;
- and 7 are trading at their offer price.

Twelve IPOs were priced during the week of November 12th, 2007. There are seven deals on deck for the next week, hoping to raise nearly $900 million.

IPO PERFORMANCE

ADVANCERS:

MSCI Inc (MXB: chart) soared in its first day of trading Thursday after its initial public offering of 14 million shares priced at $18 a share, at the top of expectations about $16 to $18. The company raised $252 million with the deal.

Morgan Stanley was the lead manager for the offering. Banc of America, Credit Suisse, Merrill Lynch and UBS Investment were acting as co-managers.

The underwriters have a 30-option to purchase 2.1 million additional shares.

The New York-based MSCI, a spin-off by Morgan Stanley and formerly known as Morgan Stanley Capital International Inc, manages market indexes that form the basis for investment funds and derivatives.

The shares ended the week at $24.96, up 38% from the offering price.

Virtual Radiologic Corp. (VRAD: chart) on Wednesday raised $68 million with an initial public offering of 4 million shares priced at $17 per share, in the middle of $16 to $18 forecast range.

Goldman Sachs and Merrill Lynch were the lead underwriters on the deal.

The company has granted the underwriters an option to purchase 600,000 additional shares to cover over-allotments.

The Minnetonka, Minnesota-based company provides radiology services.

The shares ended the week at $24.95, up 46% from the offering price.

Computer storage company 3Par Inc (PAR: chart) opened up almost 18% in its first day of trading Friday, a day after an initial public offering of 7.5 million shares priced at $14 per share, above expectations about $11 to $13 a share.

3Par Inc raised $105 million with the IPO.

Goldman Sachs, Credit Suisse and UBS were the lead underwriters on the deal.

The underwriters have the option to purchase an additional 1.1 million shares to cover over-allotments.

The shares ended the week at $15.75, up 12% from the offering price.

Rubicon Technology (RBCN: chart) raised $93.8 million on Thursday with an initial public offering of 6.7 million shares priced at $14 per share, at the top of the expectations about $12 to $14.

Shares of the company gained more than 30% in their first day of trading Friday.

Of the shares offered, Rubicon sold 5.5 million and the selling stockholders offered 1.2 million.
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