NRKM) turns poop into gas and that makes it decidedly less sexy than smartphone advertising. The company has technology that turns municipal waste (not the administrative kind) into ethanol. Unfortunately ethanol prices are -- dare we say it -- in the crapper. Plus, Enerkem has tax credits to the tune of $1.01 a gallon that are set to expire at the end of 2012. There is also a government mandate that 16 billion gallons of biofuel a year must be blended into the national transportation fuel supply. If that mandate ends, Enerkem would be hurt. Enerkem is hoping to raise $131 million and price its shares between $17 and $19 a share. It will use the proceeds for construction at the planned facilities as well as research and development. So, let's see: If you power your car with vegetable oil bio fuel and it smells French fries, what happens when you use your neighbor's poo? Erickson Air-Crane ( EAC) is a smaller deal; it only hopes to raise $76 million and price its shares between $13 and $15. The company makes heavy lift helicopters that are used for firefighting. Its customers are a small group that includes the U.S. Forest Service, Los Angeles and governments like Italy and Greece. 9 Stocks That Prove Dividends Make All the Difference However, Greece didn't renew its contract and hasn't paid the $5.8 million it owes Erickson, and the company was fighting with the Forest Service over $2.8 million and the courts ruled against it. Erickson has substantial debt which is coming due in October. Erickson's backlog has dropped 29% from $298 million in February 2011 to $212 million in February 2012, and the company stated in its S-1 filing that $128 million of that backlog might not even be realized. 7 Companies That Keep on Growing Francis Gaskins, president of the IPO Desktop said, "With the backlog down and with $8.6 million in expected or actual accounts receivable write-offs, EAC's outlook is not favorable." Erickson plans on using the proceeds from the offering to pay down debts and comply with its credit covenants. It sounds like the fire that Erickson needs to put out is its own.
Retail Properties of America ( RPAI) may not be reliant on government subsidies or government contracts, but it is dependent upon shoppers. This REIT is one of the largest owners and operators of shopping centers in the U.S. About 90% of its centers are anchored by a grocery store or discounter like Target ( TGT), Home Depot ( HD)or Bed Bath & Beyond ( BBBY). The leases are long-term and only 17% are expiring before 2014. Retail Properties is looking to raise $350 million and price its shares between $10 and $12. The real selling point for this offering is the dividend payout. Retail Properties said it will return 4.9%, which is at the high end of payouts. Regency Centers ( symbol) pays out 4.7%, while General Growth Properties ( symbol) is on the low end with a 2.4% payout. 10 Dow Dogs That Are Barking for Gains Gaskins said he likes the price. "RPAI appears to be priced to sell based on last year's payout, price-to-book ratio, and on its percentage leased ratio." He thinks if an investor allocates a portion of the portfolio to shopping center REITs, then RPAI is a good addition. However, if you are an IPO investor looking for an early pop, he said, "You won't get it from RPAI." --Written by Debra Borchardt in New York. >To contact the writer of this article, click here: Debra Borchardt. >To follow the writer on Twitter, go to http://twitter.com/wallandbroad.