equity new issue market conditions - piper jaffray · pricings for the week of 6/19/2006 ipo(s) 1...
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Week of June 19th, 2006 - Activity Summary
Issue Type Capital
Raised ($Bil) Pricing Notes (Excludes closed-end funds)% Chg
Amt FTO% Chg
Price FTO% 1 Day Return
% Return to Current Completion Ratio
2 IPOs 0.095$ 1 below the range, 1 in the range -9.6% -9.6% 4.2% 6.2% 3 expected, 2 completed6 Follow-ons 0.669$ 3 conventional marketed, 3 shelf takedowns -17.6% -13.3% -0.3% -0.5% 6 expected, 6 completed6 Convertibles 3.199$
Last Week’s Activity
Equity New Issue Market Conditions - Weekly Update (Monday June 26th, 2006)
Backlog Table (Deals Filed Within The Last 180 Days)
The Week Ahead
Follow-On Performance by Industry Since 1/1/2006
Broader Market Activity
Piper Jaffray Equity Capital Markets Group
Overall Deal Activity
Note: Tables exclude 144A private placements, units, closed-end funds, and deals < $20 MM
IPO Performance by Industry Since 1/1/2006
NoTotal Amt Billions Amt FTO Price FTO
%Chg from Last Trade
Return 1-Day
Return 30-Day
Return Current
Consumer 23 $7.0 -4% -4% -2% 2% 1% -4%
Energy 20 $4.1 3% -1% -3% 2% 0% -10%
Financial 43 $13.2 -1% -4% -2% 2% 1% -4%
Health Care 56 $15.1 -5% -8% -5% 4% 1% -11%
Industrial Growth 24 $6.1 2% -4% -3% 2% 6% -6%
Media 2 $0.4 -1% -1% -2% 0% 1% -9%
Other 4 $0.5 -11% -4% -3% 1% 0% -4%
Real Estate 1 $0.2 -3% -3% -3% 1% -3% -26%
REIT 29 $5.6 9% -2% -1% 1% 0% 0%
Technology 43 $3.4 -1% -5% -3% 2% 8% -2%
Transportation 7 $1.1 -8% -8% -2% 1% 2% 6%
Total 252 $52.6 -1% -5% -3% 2% 2% -5%
Industry IPO Follow-on Shelf TotalConsumer 4 3 16 23Energy 9 5 54 68Financial 18 8 45 71Health Care 21 3 59 83Industrial Growth 10 1 26 37Media 3 3Other 5 5Real Estate 1 1 2 4REIT 4 2 26 32Technology 21 5 33 59Transportation 4 1 4 9Total 97 29 268 394
2006YTD No
Total AmtBillions
IPO 70 $15.29Follow-on 252 $52.57ADR/GDR 11 $3.73Convertible 69 $34.40Total 402 $105.99
The major market indexes fell for the week. The Dow Jones lost 25 points, or -0.4% (+2.5% YTD), and closed at 10,989. The Nasdaq lost 8 points, or -0.4% (-3.8% YTD), and closed at 2,122. The S&P 500 fell 7 points, or -0.6% (-0.3% YTD), and closed at 1,245. The Russell 2000 lost 3 points, or -0.4% (+2.5% YTD), and closed at 690.
There are 12 offerings expected to price this week, including 9 IPOs, 2 follow-ons, and 1 ADR IPO. Issuers look to raise a combined $1.6 billion.
There were 14 transactions completed in the equity capital markets last week raising a combined $4.0 billion. Deal activity consisted of 2 IPOs, 6 follow-on offerings, and 6 convertibles. Of the two IPOs completed lastweek, 1 priced in the range and 1 priced below the range. Overall, IPOs traded up an average of 4% on their first day of trading and ended the week up 6% from offering. Follow-on activity consisted of 3 conventional marketed transactions and 3 shelf takedowns. On average, follow-ons traded down 13% in registration and finished down 1% in the aftermarket.
2005YTD No
Total AmtBillions
IPO 66 $16.45Follow-on 172 $30.42ADR/GDR 11 $3.04Convertible 67 $15.29Total 316 $65.20
NoTotal Amt
Billions Amt FTO Price FTOReturn 1-
DayReturn 30-
DayReturnCurrent
Consumer 11 $3.0 11% 5% 16% 11% 17%
Energy 4 $2.0 17% 6% 6% -6% -9%
Financial 10 $3.6 -5% -1% 10% 7% 4%
Health Care 17 $1.4 -15% -18% 9% 13% -7%
Industrial Growth 7 $1.8 12% 6% 18% 20% 10%
Media 3 $0.4 -10% -9% -2% 8% -9%
Other 1 $0.0 -56% -50% 0% 1% 1%
Technology 15 $2.7 -8% -7% 6% 2% -4%
Transportation 2 $0.4 4% 4% 2% 23% 11%Total 70 $15.3 -3% -5% 10% 9% 1%
Pricings for the Week of 6/19/2006
IPO(s) 1Pricing Date Issuer Ticker Sector Lead(s) Co-manager(s) Filing Price Offer Price Amt
Offered% Chg
Amt FTO% Chg
Price FTO% Return
1-Day% Return To
CurrentMarket Value
06/22/200606/21/2006
Home Bancshares IncTechwell Inc
HOMBTWLL
FinancialTechnology
STEPHELEHMAN
PIPER, SAONPLCOWEN, NEEDHM, PIPER, PACGRE
16.00 - 18.0011.00 - 13.00
$18.00$9.00
$45.00$49.50
$263.33$179.51
5.9%-25.0%
5.9%-25.0%
11.1%-2.8%
11.1%1.3%
$94.502 IPO(s): -9.6% -9.6% 4.2% 6.2%$221.42
Follow-on(s) 2Pricing Date Issuer Ticker Sector Lead(s) Co-manager(s) Filing Price Offer Price Amt
Offered% Chg
Amt FTO% Chg
Price FTO% Return
1-Day% Return To
CurrentMarket Value
06/22/2006
06/22/200606/21/200606/21/2006
06/21/200606/20/2006
Systems Xcellence Inc
Horizon Offshore IncBrady CorpSpirit Finance Corp
XenoPort IncAmerican Safety Insurance Holdings, Ltd.
SXCI
HOFFBRCSFC
XNPTASI
Health Care
EnergyTechnologyFinancial
Health CareFinancial
JPMHQ, BLAIR, STRH, SPROTT, ORSEIN, CLSEIN
LEHMANRBAIRD, CSFB, WCHVCITI, BOFA, WCHV, CSFB, GSMSKEEFE
JEFFER, RICE, OPCOHNSBITRBAIRD, RAYMND
ALEX, PACGRERAYMND, BB&T
16.47
23.2738.7711.34
20.5817.55
$12.08
$20.53$36.00$10.74
$17.00$15.50
$38.66
$174.51$144.00$185.27
$76.50$49.60
$243.66
$664.66$1,764.00$1,040.12
$414.75$155.47
-26.7%
-6.3%-7.1%-5.3%
-17.4%-42.9%
-26.7%
-11.8%-7.1%-5.3%
-17.4%-11.7%
-4.1%
-1.6%3.1%1.6%
-1.2%0.3%
-4.1%
-1.6%3.1%1.0%
-0.3%-0.9%
$668.536 Follow-on(s): -17.6% -13.3% -0.3% -0.5%$713.78
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
06/22/2006
06/22/2006
06/21/200606/21/200606/20/2006
06/19/2006
Equity Office Properties Trust
MedImmune Inc
American Medical Systems Holdings IncLifetime Brands IncGroup 1 Automotive Inc
Alleghany Corp
EOP.N
MEDI.N
AMMD.NLCUT.NGPI.N
Y.P
REIT
Health Care
Health CareConsumerConsumer
Financial
ML, BOFA, JPMHQ, WCHV
UBSW, ML
PIPERCITIJPMHQ
ML
LEHMAN, BOFA, CITI, GS, WCHVWEISEL, KEYCM
BOFA, COMERI, MS, WCHV, USBANC
WCHV, DOWL, JANNEY
$1,500.00
$1,000.00
$325.00$75.00
$287.31
$299.53
$1,300.00
$1,000.00
$325.00$65.00
$248.75
$260.63
$13,257.57
$6,775.95
$1,062.51$299.98
$1,329.93
$2,103.57
4.00%
3.00%
3.25%4.75%2.25%
5.75%
18.76%
45.00%
27.50%25.45%11.00%
18.00%
07/15/2026
07/15/2013
07/01/203607/15/201106/15/2036
06/15/2009
NC5.5
NC5
$3,199.38
Convertible(s)Co-manager(s)Lead(s)SectorTickerIssuerPricing Date
Amt Offered
Net Proceeds Coupon Premium Maturity Call
ProvisionS&P
RatingMarket Value
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Filings for the Week of 6/19/2006
IPO(s) 1Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
06/20/2006
06/20/2006
06/19/2006
BioVex Group Inc
Otis Spunkmeyer Holdings Inc
Sucampo Pharmaceuticals Inc
BVEX
OTIS
SCMP
Health Care
Consumer
Health Care
JANNEY
ML, JPMHQ
BOFA, ALEX
STIFEL
LEER
$45.00
$230.00
$86.25
Clinical stage biotechnology company
Manufacturing, distributing and marketing company focused on branded sweet baked goods
Developer and manufacturer of new treatments for ophthalmic, gastrointestinal, liver and circulatory diseases
To be announced
To be announced
To be announced
Follow-on(s) 2Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
06/19/2006
06/19/2006
Micrus Endovascular Corp
ITC Holdings Corp
MEND
ITC
Health Care
Energy
AGEDW, CIBC
LEHMAN, CSFB
NEEDHM 13.25
26.25
$39.76
$218.50
Develops, manufactures and markets both implantable and disposable medical devices used in the treatment of cerebral vascular diseases
Electricity transmission company
To be announced
To be announced
Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
06/23/2006
06/23/2006
06/23/2006
06/23/200606/22/2006
06/21/2006
06/21/2006
06/21/200606/20/200606/20/2006
06/20/200606/19/200606/19/2006
Knoll Inc
Pacific Ethanol Inc
Red Hat Inc
Spectrum Brands IncWeatherford International Ltd
Willis Group Holdings Ltd
Range Resources Corp
Camden Property TrustPermian Basin Royalty TrustFavrille Inc
Federal Realty Investments TrustHRPT Properties TrustPrimus Guaranty Ltd
KNL
PEIX
RHAT
SPCWFT
WSH
RRC
CPTPBTFVRL
FRTHRPPRS
Consumer
Technology
Technology
TechnologyEnergy
Financial
Energy
REITEnergyHealth Care
REITREITFinancial
NONE
NONE
NONE
NONENONE
NONE
NONE
NONENONENONE
NONENONENONE
19.42
22.54
26.67
12.6147.25
32.79
23.61
71.3815.024.90
67.9711.1410.60
$185.84
$177.89
$153.19
$144.50
$175.04
$169.95
$166.51
$141.33$60.00
$250.00
Designs, manufactures and distributes office systems and business furniture
Producer of renewable energy through Biotechnology - EthanolProvider of open source software and servicesManufacturer of batteriesManufacturer of oilfield equipment and contract drilling services
Provides insurance brokerage servicesProduces, develops, explores and acquires oil and gas propertiesREIT - Apartment communitiesOil & Gas Royalty TrustResearch and development targeted immunotherapies for the treatment of cancer and other diseases of the immune system
Real estate investment companyREIT - officeProvider of credit risk protection to individual corporations
To be announced
To be announced
To be announced
To be announcedTo be announced
To be announced
To be announced
To be announcedTo be announcedTo be announced
To be announcedTo be announcedTo be announced
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerFiling Date Filing Price Current
Amt FiledBusiness Description Expected DateCurrent
Shelf Amt
06/19/2006
06/19/2006
Caterpillar Inc
XTO Energy Inc
CAT
XTO
Industrial Growth
Energy
NONE
NONE
70.55
38.39
$376.87 $356.52 Designs and manufactures construction, mining, agricultural and forestry machinery
Natural gas producer involved in the acquisition, exploitation, and development of oil and gas properties
To be announced
To be announced
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Withdrawn and Postponed Transactions for the Week of 6/19/2006
IPO(s) 1Co-manager(s)Lead(s)SectorTickerIssuerW/P Date Filing Price Filed Amt Business DescriptionShelf Filing AmtStatus
Withdrawn
Withdrawn
Postponed
06/21/2006
06/21/2006
06/21/2006
Dresser Inc
Progress Rail Services Corp
Hexion Specialty Chemicals Inc
DI
PRL
HXN
Energy
Transportation
Industrial Growth
MS, CRSFB
MS, CSFB, JPMHQ
CSFB, GS, JPMHQ, LEHMAN
BOFA, UBSW, LEHMAN, RAYMND, SIMMON
UBSW, WCHV
BEAR, CITI, ALEX, MS, UBSW, BLAIR, KEYCM
21.00 - 24.00
$575.00
$345.00
$503.50
Provider of engineered energy infrastructure and oilfield products and services
Provider of products and services to the railroad industryProducer of thermosets and associated technologies for consumer and industrial uses
Shelf Registration(s) 4Co-manager(s)Lead(s)SectorTickerIssuerW/P Date Filing Price Filed Amt Business DescriptionShelf Filing AmtStatus
WithdrawnWithdrawn
06/21/200606/21/2006
Carrizo Oil & Gas IncCarrizo Oil & Gas Inc
CRZOCRZO
Industrial GrowthIndustrial Growth
NONENONE
24.1219.66 $83.48
$250.00$83.48
Explores for oil and gasExplores for oil and gas
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.
Industy Calendar for the Next Two Weeks
Week of 26 Jun 2006
IPO(s)1
Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description
Week of 26 Jun 2006
Week of 26 Jun 2006
Week of 26 Jun 2006
Week of 26 Jun 2006
Week of 26 Jun 2006
Week of 26 Jun 2006
Week of 26 Jun 2006
Week of 26 Jun 2006
Week of 26 Jun 2006
WED
WED
TUE
TUE
TUE
TUE
TUE
TUE
TUE
Aventine Renewable Energy Holdings Inc
Bidz.com Inc
PGT Inc
Pacesetter Capital Corp
Omniture Inc
J Crew Group Inc
Gordon Biersch Brewery Restaurant Group IncReplidyne Inc
Wintegra Inc
AVR
BIDZ
PGTI
PCTR
OMTR
JCG
BIER
RDYN
WNTG
Technology
Technology
Industrial Growth
Financial
Technology
Consumer
Consumer
Health Care
Technology
BOFA, FRDMAN, GS
THINKE
ALEX, JPMHQ
OPCO, RBC, STIFEL, BB&T, DAVIDS, SWEST
MS, CSFB
GS, BEAR
WEISEL, BB&T
ML, MS
GS, JPMHQ
HNSBIT, JPMHQ, UBSW
PACGRE, SUSQUE
JOLMER, RAYMND, STRH
ALEX, JPMHQ
BOFA, CITI, CSFB, JPMHQ, LEHMAN, WCHVMKEEGN
COWEN, PACGRE
CIBC, WEISEL
37.00 - 41.00
8.00 - 10.00
16.00 - 18.00
15.00
7.50 - 9.00
15.00 - 17.00
11.00 - 13.00
14.00 - 16.00
14.00 - 16.00
$302.25
$55.69
$150.00
$127.50
$88.28
$300.80
$48.97
$75.00
$65.00
Producer of renewable energy through Biotechnology - Ethanol
Online retailer of jewelry, featuring a live auction formatProducer of residential impact resistant window s and doorsBusiness development company (BDC)
Provides businesses with Web site analysis softwareManufactures clothing and sells through catalogs and retail storesOwner and operator of casual restaurants
Biopharmaceutical company focused on the discovery and development of new anti-infective drugs
Provider of access processing semiconductors
$1,213.499 IPO(s)
Follow-on(s)2
Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description
Week of 26 Jun 2006Week of 26 Jun 2006
WEDTHU
Copa Holdings SAGrubb & Ellis Co
CPAGBE
TransportationReal Estate
MS, ML, GSALEX JPMHQ, BLAIR
22.8314.20
$149.82$93.70
International air transportation providerA full service commercial real estate company that provides services to real estate owners/investors and tenants
$243.522 Follow-on(s)
ADR/GDR(s)5
Co-manager(s)Lead(s)SectorTickerIssuerExpected Date Filing Price Current Amt Filed Business Description
Week of 26 Jun 2006 WED Gmarket Inc GMKT Technology GS, COWEN WEISEL 13.25 - 15.25 $129.95 retail e-commerce marketplace
$129.951 ADR/GDR(s)
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time theregistration statement becomes effective. This schedule shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws of any such State.