Initial public offerings priced this week
The following is a list of initial public offerings that priced or were postponed during the week of Apr. 5-9.
Metals USA Holdings Corp. (NYSE: MUSA), a leading provider of value-added processed metals and manufactured components, based in Fort Lauderdale, Fla., priced 11.4 million shares at $21 each on Apr. 8. The price was above the $18 to $20 filing range, and the number of shares offered was increased from 10.5 million in the original filing. Goldman Sachs and Credit Suisse were the lead managers. The stock closed the first day, Friday, at $19.20, $1.80 lower than the offering price.
Nexsan Corp., a Thousand Oaks, Calif.-based company that provides disk-based storage systems for long-term digital information, postponed its IPO on Apr. 9, citing "market conditions". The company had expected to price 5 million shares at $10 to $12. Thomas Weisel was the lead manager. The stock was to trade on Nasdaq with symbol NXSN.
Redgate Media Group, a cross-media advertiser targeting higher income demographics in China, based in Beijing, postponed its IPO on Apr. 5, after failing to price for nearly a month. The company had planned to price 5.5 million American depositary shares each representing 2 common shares, at $6 to $8, after revising its original filing of 3.8 millions ADS at $10.50 to $12.50. Brean Murray, Carret & Co. and I-Bankers Securities were the lead managers. The shares were to trade on Nasdaq under symbol RGM.
Tengion Inc. (Nasdaq: TNGN) priced $6 million shares at $5 each on Apr. 9. The East Norriton, Pa.-based biotech company had revised its terms from 4.4 million shares, priced $8 to $10, to 6 million shares at $5 prior to the pricing. Piper Jaffray and Leerink Swann were the lead managers. Tengion is developing functional neo-organs using a patient's own cells. The stock closed the first day, Friday, at $5.02 up 2 cents from the offering price.