IPOs are at it again. Seven of them are expected on U.S. exchanges this week, according to Renaissance Capital. It marks some brave but apparently pretty good timing, considering how markets are rebounding from last week’s allegedly glitch-induced selloff.
Private equity and venture investors stand to earn some nice returns on several of those offerings. By my count, five of the companies on the list have private equity backing, while one previously raised venture capital.
Mobile navigation service provider TeleNav (TNAV) is the standout venture-backed deal. which is the leading provider of mobile navigation services on the Sprint and AT&T networks, plans to raise $84 million by offering 7 million shares at a price range of $11-$13. The company has raised $35 million in venture funding to date, according to Thomson Reuters. Principal shareholders listed in the IPO filing include Menlo Ventures (14% pre-IPO stake), iGlobe Partners Fund (10%), and Sycamore Venture Capital (4%).
Clothing retailer Express (EXPR), ubiquitous in American malls, priced its 16 million share offering Wednesday evening at $17 per share, slightly below the proposed $18 to $20 price range. The Columbus, Ohio-based company, booked $1.7 billion in sales last year. Golden Gate Private Equity owns 67% of the company, which it bought from Limited Brands.
JinkoSolar Holding (JKS), a China-based manufacturer of silicon wafers for use in solar cells, plans to raise $70 million by offering 5.8 million share offering. Principal shareholders are listed as Brilliant Win Holding (36% pre-IPO stake), Yale Pride Limited (21.5%), Peaky Investments Limited (14.3%), SCGC Capital Holding Co. (9%) and Flagship Desun Shares Co. (6.4%)
Niska Gas Storage Partners LLC (NKA), the largest independent operator of natural gas storage assets in North America, plans to raise $368 million by offering 17.5 million shares at a price range of $20-$22. Niska is majority-owned by a holding company controlled by Carlyle Riverstone Global Energy and Power Funds II and III.
Noranda Aluminum Holding (NOR), a producer of aluminum products owned by Apollo Management, plans to raise $250 million by offering 16.7 million shares.
And Roadrunner Transportation Systems (RRTS), a transportation and logistics services provider, plans to raise $148 million in an offering that priced Wednesday evening. The company priced shares at $14 apiece, the low end of its proposed range. It’s owned by Thayer Hidden Creek (72.5% pre-IPO stake), American Capital Strategies (7.3%) and Eos Capital Partners (18.5%).