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IPO Watch: 2011

Imperial Holdings

IPO Filing Date: Aug. 12. 2010

Expected IPO Date: Feb. 7, 2011



Amount of Proceeds Sought: ~ $183 million

Expected Offering Price: $10 to $12

Expected Number of Shares to Be Sold: ~ 16.7 million shares

Use of Proceeds: To fund future premium finance transactions with equity financing instead of debt.



Expected Ticker Symbol: IFT (IFT) (NYSE)



Lead Underwriters: FBR Capital Markets (FBCM), JMP Securities and Wunderlich Securities



About the Company: Imperial Holdings, a specialty finance company with a focus on providing premium financing for individual life insurance policies and purchasing structured settlements, reported total income decline of 17.7% to $60.4 million in 2010, from $73.4 million a year ago.

The company was founded in Dec. 2006, and focuses on providing premium financing for individual life insurance policies issued by insurance companies generally rated A+ or better by Standard & Poor's or A or better by A.M.

"Difficult conditions in the credit and equity markets have adversely affected and may continue to adversely affect the growth of our business, our financial condition and results of operations," the company said in an SEC filing.

Competitors: Imperials' main competitors in the premium finance industry are CMS, Inc, Insurative Premium Finance and Madison One. Competitors also include Coventry First, Life Partners Holdings (LPHI) and ViaSource Funding. "It is possible that a number of our competitors may be substantially larger and may have greater market share and capital resources than we have."



IPO Scorecard:



Actual IPO Date: Feb. 7, 2011

Actual Proceeds Raised: $179.2 million

Actual Offering price: $10.75

Actual Number of Shares Sold: 16.7 million



First Day Closing Price: $10.81

IPO First Day Return: 0.6%

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