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A Breakdown of This Week's IPO Lineup

NEW YORK ( TheStreet -- SodaStream (SODA - Get Report) skyrocketed 74% after going public last week. That jump effectively placed a $700 million valuation on a company that only had income of $5.6 million for the first six months ending June 30, 2010.

The stock has since started to pull back, and perhaps when investors get to the bottom of the bottle they'll question whether Soda Stream, who's EBITDA equaled only 10% of its net income for those six months is worth the high price.

The IPO calendar is chock full of even more companies scheduled to go public this week, some profitable and some money losers. Here's a breakdown on the offerings:

Attractive IPOs

Inphi: Inphi's (IPHI - Get Report) revenues have been climbing every year, with roughly 33% coming from Samsung and 12% from Micron (MU).

It is a fabless provider of high-speed analog semiconductor products and many of its customers are based in Asia. IPO Desktop analyst Francis Gaskins acknowledges that the company faces competition from big names like Broadcom (BRCM) and NetLogic (NETL) and that technology is moving away from analog to digital.

But he notes that the stock's price-to-sales ratio of 3.8X is less than MaxLinear (MXL) (4.5) and only slightly higher than Broadcom (3.0).

"It looks like a safe bet at the IPO price of $9.50," Gaskins says.

RDA Microelectronics:

RDA Microelectronics (RDA)is a fabless designer of mixed signal semiconductor chips. Many of their products are used in mobile handsets, MP3 players and a host of other consumer electronic devices.

The company delivered $149 million in sales over the last 12 months, and the price-to-earnings ratio on the stock is around 13X, a little higher than Texas Instruments (TXN) (10) and STMicroelectronics (STM) (10), but lower than Broadcom (17).

This is a capital intensive business and the company hopes to raise $71 million in the offering to finance growth and develop products. "They have tremendous sales growth," says Gaskins. "That one should do quite well."

Noah Holdings:

Noah Holdings (NOAH - Get Report) is a wealth management company in China with 300 relationship managers in 28 offices, and sales have increased 260% and income jumped 500% last year.

Gaskins notes that the industry is in an embryonic stage because 80% of China's high net worth individuals make their own decisions. However, Noah's providers are independent and not affiliated with banks, which they feel will win the clients trust.

The average transaction value per client went from half a million in 2009 to one million in 2010. Gaskins likes the numbers and thinks it will be a good IPO. The proceeds will be used to set up new offices and update the IT infrastructure.
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SYM TRADE IT LAST %CHG
IPHI $23.30 3.93%
NOAH $22.23 10.32%
SODA $14.42 3.74%
RDA $18.45 3.71%
AAPL $112.92 2.94%

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

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