Today, it is absolutely glorious here in Boulder, Colo. The sun is out,the air is clean and the IPO market is as strong as a horse. For me, it'slike being in love.
This week is stacked with equity syndicate deals, 20 total. Of that number, sixare IPOs. Do I love them all? Almost! I'll be straight and tell you thatfive of the six deals slated to price this week are carrying a HOT! flag ontheir backs. No, I've not gone loopy on you. Things are just looking good.Here's a quick rundown.
Tonight for tomorrow we have
Fisher & Paykel Industries
(proposed symbol FPHC:Nasdaq), which designs, manufactures and markets heated humidification products and systems for use in respiratory care. Consider this a solid medical device play. I like the balance sheet, you know I love the sector andDeutsche Banc Alex. Brown as lead is a feel-good feature of this deal. I'm lookingfor 10% to 20% out of this stock right out of the gate.
Another IPO pricing tonight is
AMN Healthcare Services
(proposed symbol AHS:NYSE). The company is in the temporary health care staffing business. Revenue growth hasbeen explosive, and AMN turns a tidy profit. Consider this a good comp to
, which, as I write this, is trading up a blistering 35% over its issueprice. AMN is being led by underwriter Banc of America Securities.
Later in the week, Tuesday actually, we'll see
(proposed symbol ABCO:Nasdaq) take a stab at going public. This one carries with it an excellent comp in
Corporate Executive Board
. The deals also have a commonality in that both IPOs represent cashouts by the same shareholder, David Bradley, who founded both companies. Look at a chart of Corporate Executive and know that the market loves these deals. I expect at least a buck from this one on day one.
With proposed terms of 17.4 million shares at $21 to $23,
(proposed symbol WTW:NYSE) is the largest offering of the week. It is also themost anticipated deal. Revenue is strong, profits even stronger. This deallooks like a performer. Credit Suisse First Boston leads.
Thursday night for Friday's trading expect offerings from
(proposed symbol DJO:NYSE), a medical device maker, and video game maker
(proposed symbol BFUN:Nasdaq). DJ Orthopedics is looking to capitalize on themarket's current love affair with medical IPOs. BAM! seems especially well-timed given the obvious interest in video games during the upcoming holidayseason. I am looking for a nice pop from these two names.
That's it for this week. Look for the third installation in my IPO
Ben Holmes is the founder of
ipoPros.com, a Boulder, Colo.-based research boutique (now a wholly-owned subsidiary of TheStreet.com) specializing in the analysis of equity syndicate offerings. This column is not meant as investment advice; it is instead meant to provide insight into the methods of new and secondary offerings. Neither Holmes nor his firm has entered indications of interest in any of the companies discussed in this column. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Holmes appreciates your feedback and invites you to send it to