IPOs, Initial Public Offerings: pre & post IPO

Summary: 4 IPOs for June 25th wk

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4 IPOs scheduled for the week of June 25.  Paid subscribers can access IPO reports with analysis & recommendations.

EQT Midstream Partners, LP (EQM)
Based in Pittsburgh, PA, EQT Midstream Partners, LP (EQM), EQT Midstream Partners, LP (EQM) scheduled a $250 IPO with a market capitalization of $708 million at a price range mid-point of $20, for Wednesday June 27, 2012.

[S-1] updated June 18, 2012. Original S-1 filed February 13, 2012.

Underwriters: Manager, Joint Managers: Citigroup; Barclays.

EQM is a growth-oriented limited partnership formed by EQT Corporation (NYSE: EQT) to own, operate, acquire and develop midstream assets in the Appalachian Basin.

EQM’s General Partner
EQT Corporation, $7.6 billion market cap — is EQM’s general partner, sponsor, largest customer and is one of the largest natural gas producers in the Appalachian Basin.

EQM’s projected minimum payout at the price range mid-point of $20 is 7%.

Exa Corporation (EXA)
Based in Burlington, MA, Exa Corporation (EXA) filed an updated S-1 June 18, 2012. The estimated IPO amount is $75.6 million at the price range mid-point of $12, with a market capitalization of $158 million. EXTA is scheduled for Thursday, June 28, 2012.

[S-1] updated June 18, 2012. EXA’s first S-1 was filed August 3, 2011.

Underwriter: Manager, Joint Managers: Stifel Nicolaus Weisel.

EXTA provides simulation software and services to vehicle manufacturers to enhance the performance of their products. Most of EXA’s revenue is based customer usage, based on an annual capacity-based model per customer.

ServiceNow (NOW)
Based in San Diego, California, ServiceNow updated its S-1 filing June 19, 2012. The estimated IPO amount is $186 million at the price range mid-point of $16, with a market capitalization of $1.9 billion. NOW’s IPO is scheduled for Friday, June 29, 2012.

[S-1] June 19, 2012. The initial S-1 was filed March 30, 2012.

Underwriters: Manager, Joint Managers: Morgan Stanley; Citigroup; Deutsche Bank Securities/

NOW provides cloud-based services to automate enterprise IT operations. For the quarter ended March, 2012 83% of revenue was subscription-based.

TESARO (TSRO)
Based in Waltham, MA, TESARO (TSRO) scheduled an $81 million IPO with a market capitalization of $360 million at a price range mid-point of $13.50 for Friday, June 29, 2012.

[S-1] filed June 19, 2012. Original S-1 filed March 23, 2012.

Underwriters: Manager, Joint Managers: Citigroup; Morgan Stanley; Leerink Swann.

TSRO is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients. Formed March 2010, TSRO had 20 employees as of March 31, 2012.

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