IPOs, Initial Public Offerings: pre & post IPO

5 IPOs scheduled for July 16th week

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Durata Therapeutics (DRTX)
Based in Morristown, NJ, Durata Therapeutics (DRTX) scheduled a $75 million IPO with a market capitalization of $192 at a price range mid-point of $12 for Thursday, July 19, 2012.

DRTX [S-1] filed July 9, 2012.

DRTX is pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses. The core business was acquired from Pfizer in 2009.

DRTX is owned 98% by venture capital firms pre-IPO, and expects to IPO at 2x book, low for a pharmaceutical company.

Fender Musical Instruments (FNDR)

Based in Scottsdale, AZ, Fender Musical Instruments scheduled a $100 million IPO with a market capitalization of $369 million at a price range mid-point of $14, for Friday, July 20, 2012.

[S-1] filed July 10, 2012

FNDR is a leading, global musical instruments company whose portfolio of music lifestyle brands brings the passion of music to life.

Since the founding of the predecessor company by Leo Fender in 1946, FNDR has built a comprehensive portfolio of brands led by the iconic Fender brand and other brands such as Squier, Jackson, Guild, Ovation and Latin Percussion, which FNDR owns, and Gretsch, EVH (Eddie Van Halen) and Takamine, for which FNDR has the licensee.

Number 1 in terms of market share for its market, FNDR is an iconic musical brand with loyal dedicated customers.

Five Below (FIVE)
Based in Philadelphia, PA, Five Below (FIVE) scheduled a $125 million IPO with a market capitalization of $702 million at a price range mid-point of $13 for Friday, July 20, 2012.

Updated [S-1] filed July 9, 2012

FIVE targets the pre-teen to late teen crowd with all merchandise under $5. Anecdotal comments suggest that some in that demographic just ‘can’t stay out’ of the FIVE stores.

FIVE was purchased on a private equity leveraged buyout basis in 2010. To date FIVE has paid out almost $300 million in dividends. On the IPO shareholders intend to sell half the offering.

Kayak Software (KYAK)
Based in Norwalk, CT, Kayak Software scheduled an $82 million IPO with a market capitalization of $907 million, at a price range mid-point of $23.50 for Friday, July 20, 2012. KYAK will sell 9% on the IPO, a relatively low IPO percentage.

Most recent [S-1] filed July 9, 2012.

KYAK’s initial S-1 was filed November 17, 2010. KYAK was postponed May 30, 2012

KYAK is a travel search engine. It was smart of Kayak to postpone its IPO on May 30 for two reasons:

  • KYAK Needed to get out of the way of the Facebook pricing disaster
  • The travel search group of Orbit (OWW), Trip Advisor (TRIP) & Expedia (EXPE) continued to go up in the last month. As a group they are up 34% on average in the last three months.

Palo Alto Networks (PANW)
Based in Santa Clara, Palo Alto Networks scheduled a $220 million IPO with a market capitalization of $2.4 billion, at a price range mid-point of $35.50, for Friday, July 20, 2012

Updated [S-1] filed July 9, 2012.

PANW is a leader in the hot enterprise network security space. Recently profitable, PANW was hit with a patent infringement lawsuit from Juniper Networks filed in December, 2011,

PANW has been recognized as a technology and market leader. Gartner categorized PANW as a market leader in its “2011 Magic Quadrant for Enterprise Network Firewalls” based on PANW’s ability to execute and completeness of vision. As of April 30, 2012, PANW had more than 7,750 end-customers in more than 100 countries.

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