Affinion Group Holdings Inc., a Norwalk, Conn.-based provider of integrated marketing and loyalty solutions, has withdrawn registration for an IPO. No explanation was provided. The company had filed to sell 32.5 million common shares at between $15 and $17 per share, with Morgan Stanley and Deutsche Bank Securities co-leading a roster of 10 underwriters. Apollo Management acquired Affinion in October 2005 from Cendant Corp. for approximately $1.83 billion.
Burger King Holdings Inc. (NYSE: BKC) has priced a secondary public offering of18 million common shares at $25 per share, or $450 million in proceeds. The sellers were Bain Capital, Goldman Sachs and TPG Capital, which held a combined79 million common shares prior to the offering, or a 58 percent position. Following the offering, the firms’ combined stake was expected to be reduced to 41 percent, or 38 percent if over-allotment options are fully exercised.
CreditCards.com Inc., an Austin, Texas-based online destination for consumers to search, compare, and apply for credit cards, has postponed its IPO due to “market conditions.” The company had planned to sell around 10.73 million common shares at between $13 and $15 per share. It would have an initial market cap of approximately $421 million, were it to price at the high end of its range. Credit Suisse and Citi are serving as co-lead underwriters. Austin Ventures sponsored a recap of CreditCards.com last fall, and holds a 65.6 percent pre-IPO position. Also participating on the recap were American Capital Strategies (9.6 percent) and company founder Dan Smith (16.1 percent).
EnergySolutions Inc., a Salt Lake City-based provider of low-level radioactive waste disposal services, raised approximately $690 million in its IPO. The company priced 30 million American depository shares at $23 per share ($19-$21 range), and will trade on the NYSE under ticker symbol ES. Credit Suisse, JPMorgan and Morgan Stanley served as co-lead underwriters. The company is owned by a private equity consortium of Lindsay Goldberg & Bessemer, Peterson Partners and Creamer Investments. The consortium retains a majority ownership position post-IPO.
MagnaChip Semiconductor LLC, a South Korean maker of analog and mixed-signal semiconductor products for high-volume consumer applications, has filed for a $575 million IPO. It plans to trade on the NYSE under ticker symbol MX, with Goldman Sachs, UBS and Credit Suisse serving as co-lead underwriters. The company was formed in 2004, via the $828.2 million carve-out of Hynix Semiconductor’s non-memory semiconductor operations, by Citigroup Venture Capital, CVC Asia Pacific Ltd. and Francisco Partners.
Milestone AV Technologies Inc. (f.k.a. CSAV Holding Corp.), a Savage, Minn.-based maker of audio-visual mounting equipment and display solutions, has set its IPO terms to 12 million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $542 million, where it to price at the high end of its range. The company plans to trade on the NYSE, with Wachovia Securities and Piper Jaffray serving as co-lead underwriters. Friedman Fleischer & Lowe led a 2003 buyout of Milestone, and currently stands as majority owner. Other shareholders include Fulham Investors and Performance Equity Management.
Paradigm Ltd., a Cayman Islands-based provider of enterprise software for the global oil and gas exploration and production market, has withdrawn registration for a $200 million IPO. No explanation was provided. The company had planned to trade on the Nasdaq, with Lehman Brothers, UBS and Banc of America Securities serving as co-lead underwriters. Fox Paine holds a 92.3 percent ownership stake.
Virtual Radiologic Corp., a Minnetonka, Minn.-based provider of remote diagnostic image interpretation services, has raised approximately $68 million in its IPO. The company priced four million common shares at $17 per share ($16-$18 range), for an initial market cap of around $278.79 million. Virtual Radiologic will trade on the Nasdaq under ticker symbol VRAD, while Goldman Sachs served as lead underwriter. Generation Capital Partners held a 33.3 percent pre-IPO position.