Another Medical-Equipment IPO in the Queue This Week

Like last week and the week before that, this week carries with it only a single IPO in the pricing queue. That's not necessarily a bad thing, as this IPO market is still learning to walk on what someone recently said are "wobbly legs." Actually, I disagree with that characterization because I appreciate the slow buildup of the calendar. Given the almost universal state of caution in the markets, it's probably the smartest way we can proceed.

I mentioned a deal this week, didn't I? Have a look at Universal Hospital Services (UHOS:Nasdaq), an IPO out of co-lead managers UBS Warburg and U.S. Bancorp Piper Jaffray. Piper Jaffray, as you probably remember, brought us the TheraSense(THER Quote) IPO on Friday. That deal traded to a 30% premium in its first session, and this morning is trading even higher. Also on the UHOS prospectus cover is CIBC World Markets.

Universal Hospital Services is a provider of movable medical-equipment outsourcing services to the health care industry. The company falls into a sort of crossover category of medical services and equipment leasing. This makes solid comps tough to find, at least in the universe of recent IPOs. I'll give you my best shot, however, and compare it to Alliance Imaging(AIQ Quote). Alliance, which went public in July at a price of $13, provides mobile MRI services on a shared-use basis. ...