3 companies complete IPOs after cutting prices
Three companies, including QuinStreet Corp., an Internet marketing company whose fast-growing sales made it a standout among this month’s crop of IPOs, managed to go public Thursday after slashing prices on their offerings.
QuinStreet shares were little changed Thursday after the Foster City, Calif. company raised about $140 million after expenses by selling 10 million shares for $15 in its initial public offering. It had hoped its stock which fetch between $17 to $19.
Worries about European debt, Chinese lending and U.S. unemployment and government policy are roiling stock markets, making it difficult for companies to raise money from risk-shy investors.
Companies that do go public are cutting prices or the amount of stock they’re offering to get their deals done.
Generator manufacturer Generac Holdings Inc. raised about $244.4 million, selling 18.8 million shares for $13 apiece. [Read the full article]
Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) has filed a preliminary prospectus supplement to its amended and restated short form base shelf prospectus with the securities commissions in each of the provinces of Canada, other than Quebec, Newfoundland and Labrador and Prince Edward Island, and has made a similar filing with the United States Securities and Exchange Commission in connection with a public offering of its common shares to raise gross proceeds of approximately US$100 million (the “Offering”).
The company will also grant to the underwriters of the Offering an option, exercisable for a period of 30 days following the closing of the Offering, to purchase additional common shares for additional gross proceeds of up to approximately US$15 million. [Read the full article]
The McClatchy Company (NYSE: MNI) today announced that it has closed its offering of $875 million aggregate principal amount of its 11.50% Senior Secured Notes due 2017 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.
Pat Talamantes, McClatchy’s CFO said, “We are pleased to have completed this offering and appreciate the confidence that investors have demonstrated in our company. [Read the full article]
Labopharm Inc. (TSX: DDS; NASDAQ: DDSS) today announced that it has commenced an underwritten public offering of up to US$20,000,000 of units, with each unit to be comprised of one common share and a warrant to purchase a portion of a common share. The offering is being conducted in the United States pursuant to the Company’s effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”) and in Canada pursuant to a final short form base shelf prospectus filed with the securities regulatory authorities in each of the provinces of Canada. The number of units to be issued, the price of each unit, the portion of a common share underlying each warrant and the exercise price per warrant will be determined at the time of pricing the offering.
Deutsche Bank Securities will act as sole book-running manager for the offering and Canaccord Adams will act as co-manager for the offering. [Read the full article]