Agria Corp., a Chinese provider of upstream agricultural solutions like corn seeds, sheep breeding products and seedling products, has raised $282 million through its IPO. The company priced 17.15 million American depository shares at $16.50 per share ($14.50-$16.50 range), and will trade on the NYSE under ticker symbol GRO. Credit Suisse served as lead underwriter. Shareholders include Brothers Capital Ltd. (84.6 percent pre-IPO position), TPG (8.4 percent) and Dubai Investment Group (6.4 percent).
American Public Education Inc., a Charles Town, West Va.-based provider of online postsecondary education for the military and public service communities, raised $93.75 million in its IPO. The company priced around 4.69 million common shares at $20 per share ($15-$17 original range), for an initial market cap of $340.97 million. It finished its first day of trading up at $34 per share. William Blair & Co. and Piper Jaffray served as co-lead underwriters. Shareholders include ABS Capital Partners (41.4 percent pre-IPO stake) and Camden Partners (10.3 percent).
Burger King Holdings Inc. (NYSE: BKC) said that its three private equity shareholders plan to offer 23 million common shares in a secondary public offering. The three firms – Bain Capital, Goldman Sachs and TPG Capital, currently hold around 79 million common shares, or a 58 percent position. Following the offering, the firms’ combined stake will be reduced to 41 percent, or 38 percent if over-allotment options are fully exercised.
CDM Resource Partners LP, a Houston, Texas-based provider of turnkey natural gas contract compression services, has set its IPO terms to seven million common units being offered at between $19 and $21 per unit. It plans to trade on the NYSE under ticker symbol CDP, with Lehman Brothers and Merrill Lynch serving as co-lead underwriters. CDM is owned by management and Carlyle/Riverstone Global Energy & Power Fund II.
Deltek Systems Inc., a Herndon, Va.–based provider of enterprise applications software for project-focused organizations, has raised $162 million in its IPO. The company priced nine million common shares at $18 per share ($17-$19 range), for an initial market cap of approximately $775 million. It will trade on the Nasdaq under ticker symbol PROJ, while Credit Suisse served as lead underwriter. New Mountain Capital held a 73.7 percent pre-IPO position – which was reduced to 58.6 percent post-IPO.
EnergySolutions Inc., a Salt Lake City-based provider of low-level radioactive waste disposal services, has set its IPO terms to 30 million American depository shares being offered at between $19 and $21 per share. It plans to trade on the NYSE under ticker symbol ES, with Credit Suisse, JPMorgan and Morgan Stanley serving as co-lead underwriters. The company is owned by a private equity consortium of Lindsay Goldberg & Bessemer, Peterson Partners, and Creamer Investments.
Lumber Liquidators Inc., a Toano, Va.-based direct retailer of hardwood flooring, raised $110 million in its IPO. It had filed to price 11.5 million common shares at between $12 and $14 per share, but ended up pricing just 10 million shares at $11 per share – and ended its first day of trading down at $9.94 per share. Goldman Sachs and Merrill Lynch served as co-lead underwriters. TA Associates held a 34.6 percent pre-IPO position, based on a $35 million private equity infusion in December 2004.
NTK Holdings Inc. (Nortek), a Providence, R.I.-based maker of ventilation, air conditioning and heating products, has withdrawn registration for a $690 million IPO. No explanation was provided. It had planned to trade on the NYSE, with Goldman Sachs and Credit Suisse serving as co-lead underwriters. Thomas H. Lee Partners had acquired the company from Kelso & Co. in 2004, and currently holds a 66.48 percent stake.
SandRidge Energy Inc. (f.k.a. Riata Energy), an Oklahoma City-based oil and gas exploration and production company, has raised $746.2 million through its IPO. The company priced 26 million common shares at $26 per share, compared to its original plans to price 26 million shares at between $22 and $24 per share. It has an initial market cap of approximately $3.5 billion, and will trade on the NYSE under ticker symbol SD. Lehman Brothers served as lead underwriter. Ares Management holds a 12.3 percent ownership stake, based on a $250 million common stock investment it made earlier this year. SandRidge filed for a $276 million IPO last year, but later withdrew its registration.
Symetra Financial Corp., a Bellevue, Wash.-based life insurance company, has postponed its IPO, due to “current market conditions.” The company had filed to sell 39.5 million common shares at between $19 and $20 per share. It plans to trade on the NYSE under ticker symbol SYA, with underwriters including Merrill Lynch, Goldman Sachs, JPMorgan and Lehman Brothers. Shareholders include Vestar Capital Partners, Och-Ziff Capital Management, Highfields Capital Management, Caxton Associates, White Mountains Insurance Group and Berkshire Hathaway.