After several weeks of a packed IPO schedule nine more new issues are set to start trading this week. The IPO market as a whole seems to be slowing down since the euphoria surrounding the Annie’s and Millennial Media offerings. While last week was full of scheduled pricings, three were holdovers from the previous week and two did not end up pricing and were moved to this week. Both Luca Technologies (LUCA) and Enerkem Inc. (NRKM) will attempt to price again this week.
SandRidge Mississippian Trust II (SDR)
SandRidge Mississippian Trust II (SDR) is an investment trust related to production of SandRidge Inc’s oil and natural gas wells. The company is selling 26 million shares and trying to raise $520 million.
A similar investment vehicle, the SandRidge Mississippian Trust I (SDT) went public a year ago. Since then it has performed nicely and recently traded 50% above its IPO price with a dividend yield is around 10.6%.
Infoblox (BLOX) makes automated network control systems. The company is looking to price 7.5 million shares between $12.00 and $14.00 and hoping to raise almost $100 million.
Infobox primary business is automated IP management. This means nothing to people outside the computer industry. Every computer and website server has a four digit Internet Protocol (IP) address which is the computers location on the internet. What Infoblox does is bind domain names to the IP addresses.
Splunk (SPLK) sells data management software that allows businesses to search, correlate, analyze, monitor and report on the data all in real time. The company is selling 13.5 million shares at a price between $8.00 and $10.00. They expect to raise $122 million and start trading on or about 4/22/12.
Splunk makes software that takes all the mountains of data collected by companies like Zynga and Comcast, filters it and helps the companies make sense of it. The company has partnered with big names like Microsoft and Cisco.
Midstates Petroleum (MPO)
Midstates Petroleum (MPO) is an independent exploration and production company with their primary focus on oilfields in the Upper Gulf Coast Tertiary from south Texas to Mississippi. Midstates Petroleum is offering 24.0 million shares at a price of $16.00 to $18.00 per share. The company hopes to raise $408 million and the shares are expected to price on 4/20/12.
Midstates Petroleum’s business model is to acquire fields with proven oil reserves that have matured and then use modern techniques like hydraulic fracturing to increase the production to previous levels.
Tumi Holdings (TUMI)
Tumi Holdings (TUMI) markets and distributes lifestyle brands products in over 65 countries. TUMI is pricing 18.8 million shares between $15.00 and $17.00 on 4/20/12 and expects to raise $301 million in the deal.
Tumi Holdings primary product line is luxury suitcases and travel equipment. The leather and leather accessories company turned their first profit for the nine months ending September of last year.
Digital Cinema Destinations (DCIN)
Digital Cinema Destinations (DCIN) is by far the smallest IPO of the week. Digital Cinema Destinations runs three movie theaters specializing in digital media content. There goal being to create a digital entertainment center with customers going to their theaters like they would go to a mall.
Digital Cinema is pricing just 2.3 million shares at $6.00 to $8.00 per share. They are looking to raise $16 million and the deal would give the company a market cap of $40.7 million. Last year they lost $900.0 thousand on revenues of $1.9 million and have just two underwriters Maxim Group and Dominick & Dominick.
Proofpoint (PFPT) another small IPO, is pricing 6.2 million shares at a range between $10.00 and $12.00 per share. Their software platform is an integrated suite of on demand data protection solutions. They hope to raise $68 million on the deal set to price on 4/20/12.
Proofpoint provides enterprise email and outgoing data security. Some of their strategic alliances include partnerships with Microsoft, Dell Computer and IBM.