Financial Engines Strong IPO Excites Wall Street

Financial Engines (FNGN), a provider of portfolio management services, priced its IPO at $12 on March 15, above the expected range of $9 to $11 per share. According to Renaissance Capital, return from the IPO was 39.1% and the first day return was 43.8%. We are a leading provider of independent, technology-enabled portfolio management services, investment advice and retirement help to participants in employer-sponsored defined contribution retirement plans, such as 401(k) plans. We help investors plan for retirement by offering personalized plans for saving and investing, as well as by providing assessments of retirement income needs and readiness, regardless of the investor’s personal wealth or investment account size. We use our proprietary advice technology platform to provide our services to millions of retirement plan participants on a cost-efficient basis. Offering: 10.6 million shares at $12 per share. [Read the full article]

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Brazilian wind power and hydroelectric generator Renova Energia (RNEW11.SA) halted a planned initial public offering for up to 60 days, underscoring concern about weak investor demand for richly valued IPOs in the country after shipbuilder OSX Brasil (OSXB3.SA) sharply pared its proposed sale.

Renova Energia said in a securities filing early on Thursday that its decision stemmed from “strategic reasons and market conditions.” The Sao Paulo-based company had filed to raise as much as 867.9 million reais ($491.4 million) to build new wind farms and small hydroelectric plants.

Like OSX, which slashed its IPO price and reduced the amount of shares in its offering this week, Renova Energia’s start-up business has failed to entice investors amid uncertainty about the winding down of fiscal stimulus packages around the world and higher borrowing costs. [Read the full article]

Shipper Scorpio Tankers Inc. on Thursday increased how much it hopes to raise from its expected initial public offering to about $187.5 million from $150 million.

The company, which is based in the Marshall Islands, said in a regulatory filing that it expects to sell 12.5 million shares for $14 to $16 each.

If shares price at the high end of that range and the underwriters, led by Morgan Stanley and Dahlman Rose, bought additional shares to cover over-allotments, Scorpio could raise as much as $230 million.

Scorpio Tankers ships crude oil and other petroleum products. It was formed in 2009 by Simon Financial Ltd. Simon is owned by the Lolli-Ghetti family, which has been involved in the shipping sector since the 1950s.

The company plans to use proceeds from the IPO, which it estimates at about $172.9 million, to buy tankers. It currently owns three tanker vessels. [Read the full article]

Oil tanker operator Scorpio Tankers Inc filed with U.S. regulators on Thursday to raise up to about $173 million in an initial public offering of its common stock. The company said it expects the IPO to be priced between $14 and $16 per share and plans to issue about 12.5 million shares.

The company, which is incorporated in the Marshall Islands, but headquartered in Monaco, will list the shares under the symbol “STNG” on the New York Stock Exchange.

Scorpio Tankers said it will use proceeds from the offering to repay debt and pursue vessel acquisitions.

Underwriters for the IPO, led by Morgan Stanley and Dahlman Rose & Co, will have an over-allotment option of about 1.9 million shares. [Read the full article]

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