The VC-Backed IPO Pipeline

There has been lots made of the past year’s anemic VC-backed IPO market, but let’s leave the past behind and look at what could be coming up over the liquidity horizon.

Our records indicate that there are 28 VC-backed companies currently in registration to price IPOs on U.S. exchanges, representing more than $3.75 billion in targeted raise. 

More than half of the registrations occured last quarter, but there’s one from 2008 and even a pair from 2007. Also worth noting that for all the talk of 2010 being the year of the social network-related IPO (Facebook? LinkedIn? Zynga?), no such company is currently in registration. Closest we get are a pair of online marketing/advertising companies. Get the full lot of them below, in alphabetical order:

[slideshow]
[slide title="Accretive Health"]
Accretive Health Inc., a Chicago-based provider of healthcare revenue cycle management services, filed for a $200 million IPO on 9/29/09. It plans to trade on the NYSE under ticker symbol AH, with Goldman Sachs and Credit Suisse serving as co-lead underwriters.

The company reported around $398 million in 2008 revenue, and that Oak Hill Capital Partners holds around a 21% pre-IPO ownership position. www.accretivehealth.com

[slide title="Aldagen"]
Aldagen Inc., a Durham, N.C.-based developer of clinical-stage regenerative therapies, filed for an $80.5 million IPO on 10/28/09, just weeks after withdrawing an earlier IPO registration due to “market conditions.”

It plans to trade on the Nasdaq, with Wells Fargo and Cowen & Co. serving as co-lead underwriters.

Aldagen has raised around $64 million in VC funding since 2000, from firms like Intersouth Partners, Harbert Venture Partners, The Aurora Funds, Tullis-Dickerson and Trelys Funds. www.aldegen.com

[slide title="Alimera Sciences"]

Alimera Sciences Inc., an Atlanta-based ophthalmic pharmaceutical company, filed for an $80 million IPO on 10/30/09. This came less than two months after Alimera withdrew registration for a $75 million IPO due to “current public market conditions.”

It had planned to trade on the Nasdaq under ticker symbol ALIM, with Credit Suisse and Citi serving as co-lead underwriters.

Alimera has raised just over $71 million in VC funding since 2004, from firms like Scale Venture Partners (18.44% pre-IPO stake), Domain Associates (18.44%), Intersouth Partners (18.44%), Polaris Venture Partners (18.44%) and Venrock Associates (14.93%).

It also received a total of $16.7 million from the sale of two OTC allergy products and a lubricating eye from to Bausch & Lomb. www.alimerasciences.com

[slide title="Anthera Pharmaceuticals"]

Anthera Pharmaceuticals Inc., a San Mateo, Calif.-based developer of anti-inflammatory drugs, filed for a $70 million IPO on 9/15/09. It plans to trade on the Nasdaq under ticker symbol ANTH, with Deutsche Bank Securities serving as lead underwriter.

The company has raised around $75 million in VC funding, from firms like VantagePoint Venture Partners (32.97% pre-IPO stake), Sofinnova Ventures (21.24%), Caxton Advantage Life Sciences Fund (6.09%), HBM BioCapital (6.07%), Pappas Ventures (5.55%) and Mitsubishi International Corp. www.anthera.com

[slide title="AVEO Pharmaceuticals"]

AVEO Pharmaceuticals Inc., a Cambridge, Mass.-based oncology drug company, filed for an $86.25 million IPO on 12/16/09. It plans to trade on the Nasdaq under ticker symbol AVEO, with J.P. Morgan and Morgan Stanley serving as co-lead underwriters.

The company has raised around $151 million in VC funding, from firms like Biogen Idec (14% pre-IPO stake), MPM Capital (10.7%), Highland Capital Partners (9.9%), Venrock (8%), Prospect Venture Partners (7.8%), Bessemer Venture Partners, Merlin BioMed Group, Mitsubishi UFJ Financial Group, Flagship Ventures, Oxford Bioscience Partners, Greylock Partners, Lotus Biosciences, GE Capital and Vatera Holdings. www.aveopharma.com

[slide title="Broadview Networks"]
Broadview Networks Inc., a Rye Brook, N.Y.-based provider of integrated communications and managed security services, has filed for a $287.5 million IPO on 11/30/07 (yes, you read that correctly).

Its most recent amended S-1 filing was in June 2008. It said that the company still plans to trade on the Nasdaq, with Deutsche Bank Securities and Jefferies & Co. serving as co-lead underwriters.

Last August, the company bought select assets of VC-backed Natural Convergence.

Broadview has raised nearly $300 million in total VC funding since 1997, with current shareholders including Baker Capital, MCG Capital, New Enterprise Associates, ComVentures and Lightspeed Venture Partners. www.broadviewnet.com

[slide title="Calix Networks"]

Calix Networks Inc., a Petaluma, Calif.-based provider of communications access systems and software, filed for a $100 million IPO on 11/20/09. It plans to trade on the NYSE under ticker symbol CALX, with Goldman Sachs and Morgan Stanley serving as co-lead underwriters.

The company reported $144 million in revenue for the first nine months of 2009, with net loss of $28 million.

The company has raised around $220 million in VC funding from Foundation Capital (9% pre-IPO stake), TeleSoft Partners (8.4%), Azure Capital Partners (8.26%), Meritech Capital Partners (6.62%), Redpoint Ventures (6.02%), Contrarian Capital Management, Credit Suisse, Kinetic Ventures, Menlo Ventures and Integral Capital Partners. It also secured venture debt funding from Silicon Valley Bank. www.calix.com

[slide title="Codexis"]
Codexis Inc., a Redwood City, Calif.-based provider of solutions for pharma chemical process development and manufacturing, filed for a $100 million IPO on 12/28/09.

The company reported product revenue of $13.4 million in the nine months ended Sept. 30, up from $10.8 million in the same period a year ago. 

Codexis has raised just over $80 million in VC funding since 2002, from firms like CCTV Investments, CMEA Ventures, Pequot Capital, Bio*One Capital and Pfizer. It canceled a previous $100 million IPO attempt in September 2008. www.codexis.com

[slide title="Digital Domain"]
Digital Domain Inc., a Venice, Calif.-based visual effects and animation company, filed for a $100 million IPO on 12/11/07. It later amended the terms to six million common shares being offered at between $12 and $14 per share. The company would have an initial market cap of approximately $268 million, were it to price at the high end of its offering range.

Digital Domain plans to trade on the Nasdaq under ticker symbol DTWO, with Thomas Weisel Partners and CIBC World Markets serving as co-lead underwriters. Shareholders include Falcon Mezzanine Partners and GunnAllen Venture Partners. www.digitaldomain.com

[slide title="Fabrinet"]
Fabrinet Inc., a Thailand-based provider of foundry services to optical component, module/subsystem and optics OEMs, filed for a $150 million IPO on 11/20/09. It plans to trade on the NYSE under ticker symbol FN, with Morgan Stanley and Deutsche Bank Sercurities.

Last year, Fabrinet canceled a proposed $250 million IPO, due to “market conditions.”

Shareholders include H&Q Asia Pacific (58.3% pre-IPO stake), JDS Uniphase Corp. (6.5%) and J.F. Shea Co. (6.5%). www.fabrinet.th.com

[slide title="Financial Engines"]
Financial Engines, a Palo Alto, Calif.-based provider of technology-enabled portfolio management and investment services, filed for a $100 million IPO on 12/09/09. It plans to trade on the Nasdaq under ticker symbol FNGN, with Goldman Sachs serving as lead underwriter. Shareholders include Foundation Capital (17.4% pre-IPO stake), New Enterprise Associates (14.4%) and Oak Hill Capital Partners (9.3%).

Financial Engines posted revenue of $58.8 million in the nine months ended September 30, up 12.6% from $52.3 million a year ago. The company posted net income of $1.7 million, compared with a $1.5 million loss a year ago. www.financialengines.com

[slide title="GAIN Capital Group"]
GAIN Capital Group, a Bedminster, N.J.-based provider of online foreign exchange trading services for individuals and institutions, filed for a $125 million IPO on 8/31/09. It plans to trade on the Nasdaq, with Morgan Stanley and Deutsche Bank Securities serving as co-lead underwriters.

The company has raised around $172 million in VC funding, from firms like 3i Group, Cross Atlantic Capital Partners, Edison Venture Funds and VantagePoint Venture Partners. www.gaincapital.com

[slide title="Ironwood Pharmaceuticals"]

Ironwood Pharmaceuticals Inc. (f.k.a. Microbia), a Cambridge, Mass.-based antibacterial drug company focused on gastrointestinal disorders, filed for a $172.5 million IPO on 11/20/09. It plans to trade on the Nasdaq under ticker symbol IRWD, with Credit Suisse, J.P. Morgan and Morgan Stanley serving as co-lead underwriters.

The company has raised over $250 million in total VC funding since 1998, from firms like Ridgeback Capital (13.41% pre-IPO stake), Venrock (11.27%), Polaris Venture Partners (8.14%), Morgan Stanley (6.9%), Fidelity Biosciences and Paperboy Ventures. www.ironwoodpharma.com

[slide title="MaxLinear"]
Maxlinear Inc., a Carlsbad, Calif.-based fabless chipmaker, filed for a $100 million IPO on 11/6/09. It plans to trade on the NYSE, with Morgan Stanley and Deutsche Bank Securities serving as co-lead underwriters.

The company raised around $35 million in VC funding, from firms like U.S. Venture Partners (21.62% pre-IPO stake), Battery Ventures (13.75%), Mission Ventures (13.03%) and UMC Capital (7.09%).

Maxlinera’s net revenue for the first nine months of 2009 was just over $36 million, with $2.4 million in net income. www.maxlinear.com

[slide title="Meru Networks"]

Meru Networks Inc., a Sunnyvale, Calif.-based developer of wireless infrastructure solutions, filed for an $86.25 million IPO on 12/18/09. It plans to trade on the NYSE under ticker symbol MERU, with BoA Merrill Lynch serving as lead underwriter.

The company reported $31.8 million in revenue for the first nine months of 2009, with a net loss of $9.43 million.

The company has raised over $160 million in VC funding since 2002, from Clearstone Venture Partners (21% pre-IPO position), Vision Capital (19.1%), NeoCarta Ventures (18.5%), BlueStream Ventures (16.4%), The D. E. Shaw Group (15.6%), Tenaya Capital (10.1%), Evercore Partners and Monitor Ventures. www.merunetworks.com

[slide title="Metropark USA"]
Metropark USA Inc., a City of Industry-based specialty retailer whose mall-based stores are focused on fashion-oriented 20-30 year-olds, filed for a $100 million IPO on 6/13/08. It plans to trade on the Nasdaq under ticker symbol MTPK, with Goldman Sachs serving as lead underwriter.

The company raised a small amount of expansion capital in 2007 from Claritas Capital. www.metropark.com

[slide title="Newegg"]
NewEgg Inc., a City of Industry, Calif.-based ecommerce company focused on IT products for small and mid-sized businesses, filed for a $175 million IPO on 9/28/09. J.P. Morgan, BoA Merrill Lynch and Citi are serving as co-lead underwriters.

The company said it had been profitable every year since 2001 and generated sales of $2.1 billion in 2008.

Insight Venture Partners holds a 12.7% pre-IPO position, based on a $20 million investment in 2005.

[slide title="Prometheus Laboratories"]
Prometheus Laboratories Inc., a San Diego-based drug and diagnostics company, filed for a $100 million IPO on 12/19/07.  

The company has raised $72.8 million in VC funding, from DLJ Merchant Banking Partners (21.4% stake), Split Rock Partners (17.4%), New Leaf Ventures (12.5%), Apax Partners (11%) , Wachovia Capital Partners (11%) and Brentwood Venture Capital (7.5%). Last April, Prometheus invested $8 million of equity into Rosetta Genomics Ltd. (Nasdaq: ROSG), as part of a licensing and collaboration agreement. www.prometheuslabs.com

[slide title="QuinStreet"]

QuinStreet Inc., a Foster City, Calif.-based provider of online vertical marketing solutions, filed for a $250 million IPO on 11/19/09. The company reported $260 million in revenue for the fiscal year ending June 30, with net income of around $17.2 million.

QuinStreet has raised nearly $60 million in VC funding, from firms like Split Rock Partners (16.4% pre-IPO stake), Sutter Hill Ventures (10.55%), Granite Global Ventures (7.05%), Catterton Partners (5.87%), Focus Ventures, Rosewood Capital,Charter Growth Capital, VSP Capital, J&W Seligman and Stanford University. Direct secondaries firm W Capital Partners holds a 6.86% stake. www.quinstreet.com

[slide title="ReachLocal"]

ReachLocal Inc., a Woodland Hills, Calif.-based provider of online advertising solutions for local businesses, filed for a $100 million IPO on 12/22/09.

J.P. Morgan and BoA Merrill Lynch are serving as co-lead underwriters.

The company reported over $143 million in revenue for the first nine months of 2009, compared to around $100 million over the same period one year ago. Its net income for the 2009 period is $11.66 million, compared to a $4.47 million loss in 2008.

ReachLocal raised around $68 million in VC funding, from VantagePoint Venture Partners (53.22% pre-IPO stake), Rho Ventures (12.94%) and Galleon Group (6.76%). There is no mention of Galleon’s current troubles in the S-1 filing. www.reachlocal.com

[slide title="Rules-Based Medicine"]
Rules-Based Medicine Inc., an Austin, Texas-based multiplexed biomarker testing laboratory, filed for a $90 million IPO on 12/23/09. It plans to trade on the Nasdaq under ticker symbol RULE, with Jefferies & co. serving as lead underwriter.

The company reported $14.5 million in revenue and a $911k net loss for the nine months ending 9/30/09.

Rules-Based Medicine raised a $25 million Series A round in 2007 led by Equity Group Investments, with Cross Creek Capital and Stephens Capital Partners also participating. www.rbmmaps.com

[slide title="Solyndra"]
Solyndra Inc., a Fremont, Calif.-based provider of solar energy systems for commercial rooftops, filed for a $300 million IPO on 12/19/09. Goldman Sachs and Morgan Stanley are serving as co-lead underwriters.

The company has raised over $500 million in VC funding, from firms like Argonaut Ventures (35.74%), U.S. Venture Partners (10.19%), RockPort Capital Partners (7.5%), CMEA Ventures (6.81%) and Redpoint Ventures (5.94%).

Last March, Solyndra got a $535 million loan guarantee from the Department of Energy to build a second solar panel fabrication plant in California — the first cleantech company to get such a loan. It also  applied for a second loan from the DOE of $469 million, according to the S-1, and estimates that the next phase of the fab will cost $642 million.

[slide title="SPS Commerce"]
SPS Commerce, a Minneapolis-based provider of on-demand supply chain management solutions, filed for a $46 million IPO on 12/3/09. It plans to trade on the Nasdaq under ticker symbol SPSC, with Thomas Weisel Partners serving as lead underwriter.

The company raised around $71 million in VC funding, with current shareholders include Adams Street Partners, Granite Ventures, River Cities Capital Funds and Split Rock Partners. www.spscommerce.com

[slide title="SS&C Technologies"]
SS&C Technologies Inc., a Windsor, Conn.-basedfinancial management software company backed by The Carlyle Group, filed for a $300 million IPO on 12/28/09.

It reported nearly $200 million in revenue for the nine months ending Sept. 30, down from $211.7 million in the same period a year ago. The company had canceled a proposed $200 million IPO in October 2008. www.ssctech.com

[slide title="Telegent Systems"]

Telegent Systems Inc., a Sunnyvale, Calif.-based provider of mobile TV solutions, filed for a $250 million IPO on 11/23/09. It plans to trade on the Nasdaq under ticker symbol TLG, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.

The company reported $111 million in revenue for the six months ending Sept. 30, with $39 million in net income.

Telegent has raised around $50 million in VC funding since 2000, from firms like New Enterprise Associates (24% pre-IPO stake), Walden International (24%), Index Ventures (12.8%) and Northern Light Venture Capital. www.telegent.com

[slide title="TeleNav"]
TeleNav Inc., a Sunnyvale, Calif.-based provider of voice-guided navigation services for mobile phones, filed for a $75 million IPO on 10/31/09. J.P. Morgan and Deutsche Bank Securities are serving as co-lead underwriters.

The company has raised around $35 million in VC funding, from firms like Menlo Ventures (14.25% pre-IPO stake), iGlobe Partners (10.31%), Tenaya Capital and Sycamore Ventures. www.telenav.com

[slide title="Tengion"]

Tengion Inc., an East Norriton, Penn.-based regenerative medicine company focused on replacement organs like bladders, filed for a $40.25 million IPO on 12/24/09. It plans to trade on the Nasdaq under ticker symbol TNGN, with Piper Jaffray serving as lead underwriter.

Tengion has raised over $140 million in VC funding, from Oak Investment Partners (19.6% pre-IPO stake), HealthCap (14.3%) Johnson & Johnson Development Corp. (12.5%), Brookside Capital (8.6%), Bain Capital Ventures (8.5%), Quaker BioVentures (8.3%), L Capital Partners (6.4%), Deerfield Partners and Safeguard Scientifics. www.tengion.com

[slide title="Trius Therapeutics"]

Trius Therapeutics Inc., a San Diego-based developer of antibacterial drugs, filed for an $86.25 million IPO on 11/12/09. It plans to trade on the Nasdaq under ticker symbol TSRX, with Credit Suisse serving as lead underwriter.

The company has raised nearly $50 million in VC funding, from firms like Sofinnova Ventures (21.2% pre-IPO stake), Interwest Partners (17.7%), Versant Ventures (17.7%), Prism VentureWorks (13.5)%, Kleiner Perkins Caufield & Byers (11.9%) and FinTech Global Capital. www.triusrx.com

[/slideshow]

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10 Comments

  • Anyone can file to go public, you should spend more time writing IPO’s that close not file.

  • It’s going to be an interesting year. Especially with the recent success of SharesPost and SecondMarket providing an additional option to the companies considering registering.

  • The volumes in the secondary market are small and i think most trades involve Facebook or Twitter, this does not provide for a lot of liquidity and will not replace IPO’s.

  • [...] Go to Article from peHUB » [...]

  • Would it be possible to provide these companies as linked lists on the main page instead of slow slideshows….across the site adoption of this change to present slideshows as lists would be much appreciated. Thanks!

  • I concur with bob’s first comment about closings rather than filings, and FastReader’s requet for a list.

    W/r/t Digital Domain, at this point, I think you can consider the company’s plan to go public scrapped:
    http://articles.latimes.com/2008/apr/26/business/fi-domain26

    My two cents.

  • Just to clarify, on slide 22, it says “Argonaut Ventures” invested in Solyndra. I think this should be “Argonaut Private Equity” – the two firms appear to be different. Argonaut Ventures seems exclusively focused on healthcare related investments.
    http://www.solyndra.com/About-Us/Investors

  • According to Renaissance Capital, there were only 12 VC-backed IPOs in 2009, but 21 VC-backed comapanies filed for IPOs in the last 4 months of the year. So we should see an uptick in VC-backed IPO volume for 2010.
    http://www.renaissancecapital.com/ipohome/Review/2009main.aspx

  • [...] ·         VC backed IPO pipeline: http://www.pehub.com/60174/the-vc-backed-ipo-pipeline/ [...]

  • Jasa Setting Mikrotik dan Proxy Cepat

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