Aecom Technology Corp., a Los Angeles-based provider of technical and management support services, priced 35.15 million common shares at $20 per share ($18-$20 range), for an IPO take of approximately $703 million. It will trade on the NYSE under ticker symbol ACM, while Morgan Stanley, Merrill Lynch and UBS served as co-lead underwriters. Shareholders include U.S. Trust (29.86 percent pre-IPO stake), GSO Capital Partners (10.68 percent), J.H. Whitney & Co. (10.68 percent), CalPERS/PCG Corporate Partners (3.74 percent), JPMorgan Partners and Weston Presidio.
Akrion Inc., an Allentown, Pa.-based provider of batch-immersion and single-wafer wet cleaning systems for the semiconductor industry, has filed for an $86.25 million IPO. It plans to trade on the Nasdaq under ticker symbol AKRI, with Credit Suisse and Deutsche Bank serving as co-lead underwriters. Sunrise Capital Partners holds a 97.7 percent pre-IPO position. Akrion had originally filed for a $50 million IPO in 2004, but withdrew registration last December, citing “current market conditions.”
Bare Escentuals Inc. (Nasdaq: BARE), a San Francisco-based cosmetics company, announced a secondary public offering of 10 million common shares. Selling shareholders include Berkshire Partners (approx. 4.94 million shares) and JH Partners (2.29 million), which will see their ownership stakes drop to 24 percent and 11.4 percent, respectively. Bare Escentuals priced a $352 million IPO last September.
CCS Medical Holdings Inc.
(a.ka. Chronic Care Solutions), a Clearwater, Fla.-based medical supply management company, has filed for a $172.5 million IPO. It plans to trade on the Nasdaq under ticker symbol CCSM, with Lehman Brothers and Goldman Sachs serving as co-lead underwriters. Warburg Pincus acquired the company in 2005.
Eurand NV, a Dutch drug company whose lead product treats exocrine pancreatic insufficiency, priced 7 million ordinary shares at $16 per share ($17-$19 range), for an IPO take of approximately $112 million. It began trading on the Nasdaq under ticker symbol EURX, and closed down $0.56 per share, or 3.5 percent. Deutsche Bank Securities and Lehman Brothers served as co-lead underwriters. Eurand was formed in 1999, when Warburg Pincus acquired the drug delivery business of American Hone Products Corp. (now Wyeth). It reported 2006 revenue of approximately $109 million.
Genpact Ltd. (f.k.a. Gecis Global), a Bermuda-based global business process outsourcing company, has filed for a $600 million IPO. It plans to trade on the NYSE under ticker symbol G, with Morgan Stanley, Citi and JPMorgan serving as co-lead underwriters. General Atlantic and Oak Hill Capital Partners acquired a 62.63 percent stake in Genpact from General Electric in 2005, for approximately $500 million (including $375 million in equity).
Hertz Global Holdings Inc. (NYSE: HTZ) said that three shareholders plan to sell 45 million shares in a secondary public offering. The sellers are The Carlyle Group, Clayton, Dubilier & Rice and Merrill Lynch – the three firms that bought Hertz from Ford Motor Co. in late 2005 for $15 billion. No pricing terms were disclosed. The firms would still retain a combined majority shareholding in Hertz following the offering, but it would shrink from 71.59 percent to 55.45 percent.
Limelight Networks Inc., a Tempe, Ariz.-based provider of an online network that delivers live and on-demand digital media, has set its proposed IPO terms to 14.4 million common shares being offered at between $10 and $12 per share. It plans to trade on the Nasdaq under ticker symbol LLNW, with Goldman Sachs and Morgan Stanley serving as co-lead underwriters. Limelight raised $130 million in VC funding last year from GS Capital Partners (45.2 percent pre-IPO stake) and Oak Investment Partners (9.2 percent).
Mercadolibre Inc., a Buenos Aires, Argentina-based online trading platform for Latin America, has filed for a $100 million IPO. It plans to trade on the Nasdaq under ticker symbol MELI, with Merrill Lynch and JPMorgan serving as co-lead underwriters. The company raised $54.3 million over two rounds of VC funding in 1999 and 2000, from firms like JPMorgan Partners, Flatiron Partners, Hicks Muse Tate & Furst, Goldman Sachs, Capital Riesgo Internet and GE Capital. Mercadolibre also lists eBay as a significant shareholder, deriving from a strategic partnership signed in 2001.
New World Restaurant Group Inc., a Golden, Colo.-based franchisor and operator of Einstein Bros. and Noah’s bagel shops, has set its proposed IPO terms to five million common shares being offered at between $19 and $21 per share. It plans to trade on the Nasdaq under ticker symbol BAGL, with Morgan Stanley and Cown & Co. serving as co-lead underwriters. The company already is quoted on the Pink Sheets, and plans to rename itself Einstein Noah Restaurant Group Inc. prior to the offering. Greenlight Capital holds a 94.1 percent pre-IPO position.
Orbitz Worldwide Inc., a Chicago-based operator of a travel reservations website, has filed for a $750 million IPO. Underwriters include Morgan Stanley, Goldman Sachs, Lehman Brothers and JPMorgan. Orbitz is a subsidiary of Travelport Ltd., which Blackstone Group and Technology Crossover Ventures bought last year from Cendant for $4.3 billion. It later added on PE-backed Worldspan for $1.4 billion.
RSC Holdings Inc., a Scottsdale, Ariz.-based construction equipment rental company, has set its proposed IPO terms to around 20.83 million common shares being offered at between $23 and $25 per share. It plans to trade on the NYSE under ticker symbol RRR, with Morgan Stanley, Deutsche Bank and Lehman Brothers serving as co-lead underwriters. The company is owned by Oak Hill Capital Partners and Ripplewood Holdings, with each firm expected to hold a 34 percent position post-IPO.
Skilled Healthcare Group Inc., a Foothill Ranch, Calif.-based provider of nursing facilities and rehabilitation therapy centers, priced around 16.67 million shares at $15.50 per share ($14-$16 range), for an IPO take of approximately $258 million. It will trade on the NYSE under ticker symbol SKH, while Credit Suisse served as lead underwriter. Onex Partners bought the company from Heritage Partners in 2005 for around $640 million.
Solera Holdings LLC, a San Ramon, Calif.-based claims processing company, priced 26.25 million common shares at $16 per share, for an IPO take of approximately $420 million. It had filed to sell around 21.88 million shares at between $15 and $17 per share. It will trade on the NYSE under ticker symbol SLH, while Goldman Sachs and JPMorgan served as co-lead underwriters. GTCR Golder-Rauner held a 90.6 percent pre-IPO ownership position, and originally planned to sell around 2.63 million shares during the IPO. GTCR’s post-IPO ownership was expected to be around 59.8 percent.
TriMas Corp., a Bloomfield Hills, Mich.-based manufacturer of engineered products, priced 11 million common shares at $11 per share ($11-$13 range), for an IPO take of approximately $121 million. It will trade on the NYSE under ticker symbol TRS, while Goldman Sachs and Merrill Lynch served as co-lead underwriters. TriMas operated as an independent company beginning in 1987, but was acquired in 1998 by Metaldyne Corp. (then known as MascoTech Inc.). In November 2000, Matladyne was acquired by an investor group led by Heartland Industrial Partners, which later spun the company out on its own. The pre-IPO shareholder structure included Heartland with a 72.7 percent stake, Masco Corp. with 11.82 percent and Credit Suisse with 5.71 percent.