Deal Profiles Week Of July 15-19

Things are pretty busy in IPO land with 19 deals in active marketing. Eight (8) of those deals are expected to price this week depending on demand, market conditions and price flexibility.

Deal Blurbs

(Company name links to corporate website. Slide decks (PDF) require login to access.)

NRG Yield (NYLD) focuses on dividend growth and providing NRG Energy with renewable and conventional generation assets and thermal infrastructure assets. NYLD is expected to price between $19 and $21 a share, giving them a market cap of ~$1.3B with ~65M shares outstanding post deal. Lead bank: Bank of America Merrill Lynch. Company Location: Princeton, New Jersey. NRG Yield (NYLD) Roadshow Slides UPDATE: Priced above the range at $22. The “yield rush” continues in the IPO market.

OncoMed Pharmaceuticals (OMED) is a biopharmaceutical company that specializes in developing monoclonal antibody treatments that target cancer stem cells. OMED is expected to price between $14 and $16 a share, giving them a market cap of ~$394M with ~26M shares outstanding post deal. In 2012, OMED generated ~$25M in revenue and lost ~$22M with a profit margin of -90.63%. Their P/S ratio is expected to be 15.96. Lead bank: Jeffries. Company Location: Redwood City, California. OncoMed Pharmaceuticals (OMED) Roadshow Slides

UCP (UCP) is a homebuilder and land developer that focuses on growth markets in Northern California and the Puget Sound area of Washington State. UCP is expected to price between $15 and $17 a share, giving them a market cap of ~$124M with ~7.8M shares outstanding post deal. In 2012, UCP generated ~$58M in revenue and lost ~$3.9M with a profit margin of -6.68%. Their P/S ratio is expected to be 2.13. Lead bank: Citigroup. Company Location: San Jose, California. UCP (UCP) Roadshow Slides

Diamond Resorts (DRII) manages 79 resorts as well as sells and finances timeshares. DRII is expected to price between $16 and $18 a share, giving them a market cap of ~$1.2B with ~73M shares outstanding post deal. In 2012, DRII generated ~$524M in revenue and lost ~$667,000 with a profit margin of -0.13%. Their P/S ratio is expected to be 2.38. Lead bank: Credit Suisse. Company Location: Las Vegas, Nevada. Diamond Resorts (DRII) Roadshow Slides

Regado Biosciences (RGDO) is a biopharmaceutical company that is developing a two-component antithrombotic drug system for acute and sub-acute cardiovascular disorders. RGDO is expected to price between $14 and $16 a share, giving them a market cap of ~$219M with ~15M shares outstanding post deal. RGDO has not yet generated any sales revenue. Lead bank: Cowen and Company. Company Location: Basking Ridge, New Jersey. Regado Biosciences (RGDO) Roadshow Slides

RetailMeNot (SALE) is the world’s largest digital coupon marketplace. SALE is expected to price between $20 and $22, giving them a market cap of ~$1.1B with ~50M shares outstanding post deal. In 2012, SALE generated ~$145M in revenue and made a profit of ~$45M with a profit margin of 31.45%. Their P/S ratio is expected to be 7.29. Lead bank: Morgan Stanley. Company Location: Austin, Texas. RetailMeNot (SALE) Roadshow Slides

Rexford Industrial Realty (REXR) is an REIT located in Los Angeles, California that focuses on owning and operating industrial property in Southern California. REXR is expected to price between $13 and $15 a share, giving them a market cap of ~$405M with ~29M shares outstanding post deal. In 2012, REXR generated ~$8.2M in revenue and made a profit of ~$1.5M with a profit margin of 17.88%. Their P/S ratio is expected to be 49.16. Lead bank: Bank of America Merrill Lynch. Company Location: Los Angeles, California. Rexford Industrial Realty (REXR) Roadshow Slides

xG Technology (XGTI) is a technology company that has developed software algorithms relating to wireless communications. XGTI is expected to price between $5.50 and $7.50 a share, giving them a market cap of ~$58M with ~8.9M shares outstanding post deal. In 2012, XGTI did not generate any sales revenue. Lead bank: Feltl and Company. Company Location: Sarasota, FL. xG Technology (XGTI) Roadshow Slides

Physicians Realty Trust (DOC) is a healthcare real estate company that owns and manages healthcare properties that are leased to physicians, hospitals, and healthcare delivery systems. DOC is expected to price between $11.50 and $13.50 a share, giving them a market cap of ~$137M with ~11M shares outstanding post deal. In 2012, DOC generated ~$13M in revenue and made a profit of ~$1.6M with a profit margin of 12.07%. Their P/S ratio is expected to be 10.60. Lead bank: Wunderlich Securities. Company Location: Milwaukee, Wisconsin. Physicians Realty Trust (DOC) Roadshow Slides

Leave a Comment