Don't anybody get too excited, but we have a real IPO calendar this week. Now, the very word
implies a list of some sort, and in any of the past few weeks, there hasn't been more than just one deal in the pricing queue. This week we have
IPOs scheduled to price.
The week starts off with
Principal Financial Group
(proposed symbol PFG:NYSE) which I
wrote about on Friday. I just hung up with Goldman Sachs, and they've confirmed that this one prices Monday night for Tuesday's trading. As I wrote earlier, I like the company and expect the IPO to deliver at least a small premium.
Universal Hospital Services
(proposed symbol UHOS:Nasdaq), an IPO out of lead underwriter UBS Warburg, was scheduled to price
last week but was pushed into this week. The deal's price range was reduced earlier and now appears to be stalled out. UBS lists timing on Universal Hospital as "day-to-day." I haven't heard anything to indicate there is significant demand for the shares. I'm less-than-chipper on this name.
On Wednesday, for Thursday's trading, there are two deals in the works.
(proposed symbol CCRN:Nasdaq), a provider of health care staffing services in the U.S., is offering 7,812,500 shares at a price range of $15 to $17. Merrill Lynch leads a syndicate that includes Salomon Smith Barney, Banc of America Securities, SunTrust Robinson Humphrey and CIBC World Markets. Cross Country posted revenue of $222.7 million for the six months ended June 30, and net income of $2.6 million for the same period. I'm not a big fan of staffing and search IPOs, but there is probably a premium in this one. Expect 50 cents to $1 right away.
Also pricing Wednesday for Thursday is
Penn Virginia Resource Partners
(proposed symbol PVR:NYSE). The company manages coal properties in the central Appalachian region. Revenue for the six months ended June 30 came in at $18.44 million, with net income of $7.68 million. Operating margins are fat, and I expect this one to do well.
That's it for this week. I'll be posting pricings as they happen to Columnists Conversation on
. Good luck and trade safe.
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