Intermolecular IPO prices below expected range – CBS News

(AP) NEW YORK — Intermolecular Inc., which helps makers of chips, glass and solar panels with research and design, said it has priced its initial public offering at $10 per share, below the expected range, and expects the shares to start trading Friday.

The San Jose, Calif.-based company and its shareholders are selling 9.65 million shares, putting the value of the IPO at $96.5 million.

The company had expected to price the shares at $12 to $14.

Underwriters include Morgan Stanley & Co., J.P. Morgan Securities and Barclays Capital and have the option to buy up to an additional 1.4 million shares in case of excess demand.

The company was founded in 2004. In the first nine months of this year, it lost $4.5 million, compared with a loss of $2.9 million in the same period last year. Revenue was $38.7 million, up 36 percent from $28.5 million last year.

The shares are set to start trading on Nasdaq under the symbol “IMI.”

via Intermolecular IPO prices below expected range – CBS News.

CORRECT: Mattress Firm Opens 16% Higher At $22 Post-IPO – WSJ.com

Mattress Firm Holding Corp. MFRM shares surged on its first day as a public company.The company’s stock opened at $22 a share on the Nasdaq, up from its initial public offering price of $19 and was recently trading up 17% at $22.25. It sold 5.56 million shares at the high end of its expected $17 to $19 range.Mattress Firm is a mattress retailer that operates 640 stores and franchises another 117 in 25 states. The market is highly fragmented, with no single retailer holding more than a 7% market share and the top eight participants accounting for approximately one quarter of the total market. The company says based on its analysis of publicly available store information for competitors, it believe 75% of its company-operated stores are located in markets in which it has the No. 1 market share position as of Nov. 1, according to its prospectus.The Houston-based company, which was founded in 1986, sells both national mattress brands such as Sealy and Simmons, as well as its own exclusive brands. According to its prospectus, it believes the U.S. mattress retail market will benefit from a number of factors, including improvements in the national economy and what it calls “pent-up demand for mattresses and related products.”

via CORRECT: Mattress Firm Opens 16% Higher At $22 Post-IPO – WSJ.com.

Yelp IPO: Reviews site files to raise $100 million – Nov. 17, 2011

Yelp is the newest member of the Internet company IPO parade this year. The local business reviews site filed on Thursday afternoon to raise up to $100 million in a public offering.

Yelp, based in San Francisco, has not yet said which exchange its stock will trade on or how many shares it plans to sell.

Founded in 2004, Yelp has developed a ubiquitous brand and amassed more than 22 million reviews of restaurants, salons, dentists and other businesses. But like many other tech companies testing the public markets this year, it isn’t yet profitable.

For the first nine months of 2011, Yelp had a net loss of $7.6 million on sales of $58.4 million. During the same period in 2010, Yelp lost $8.6 million on $32.5 million in revenue.

Yelp’s main revenue stream is selling advertising to local and national businesses. It also runs daily deals, but in August Yelp cut half its sales staff in that unit.

Yelp’s filing revealed that Google (GOOG, Fortune 500), which is developing its own Yelp-like offerings, is a key traffic source — which puts Yelp in a precarious position. At a Senate hearing earlier this year on Google, Yelp CEO Jeremy Stoppelman testified about Yelp’s growing rivalry with the search Goliath.

“[Google] has promoted its own competing products, including Google’s local products, in its search results,” Yelp wrote in its filing. “Given the large volume of traffic to our website and the importance of the placement and display of results of a user’s search, similar actions in the future could have a substantial negative effect on our business and results of operations.

Last quarter, about 61 million unique visitors hit Yelp’s site, and around 5 million used its mobile app.

via Yelp IPO: Reviews site files to raise $100 million – Nov. 17, 2011.

Northern Rock sold to Richard Branson’s Virgin Money ‘at a loss’ – Telegraph

UK Financial Investments said it has agreed to sell 100pc of Northern Rock to Virgin Money for £747m in cash immediately, but this could potentially rise to around £1bn.

Under the deal, another £50m is “expected” to be paid within six months. The Treasury will also benefit by up to £80m if the bank floats in the next five years and retain £150m of Tier 1 capital notes.

Northern Rock, which signalled the start of the financial crisis in Britain when it collapsed in August 2007, is the first bank to be returned to the private sector.

The Newcastle-based lender received a £1.4bn bail-out when it was nationalised in February 2008 at the height of the credit crunch. So on paper, taxpayers end up with a loss of £400m, but this could rise to £650m.

George Osborne said the deal was a “good thing” for taxpayers, consumers and the banking system.

via Northern Rock sold to Virgin Money ‘at a loss’ – Telegraph.

New China Life gets regulatory approval for Shanghai IPO | Reuters

Nov 17 (Reuters) – New China Life Insurance Co Ltd, 15 percent owned by Swiss insurer Zurich Financial , has received regulatory approval for the Shanghai leg of its planned $2.6 billion Shanghai-Hong Kong dual listing.

In a widely expected move, the China Securities Regulatory Commission (CSRC) said it had given the nod to China’s third-biggest life insurer’s plans to sell up to 158.54 million shares in Shanghai. The CSRC made the announcement on its website late on Wednesday, without elaborating.

The company, controlled by Central Huijin, a unit of China’s sovereign wealth fund, did not give a fundraising target but a source with direct knowledge of the matter has said the firm is aiming to raise about 6 billion yuan ($945.4 million) in Shanghai and 10 billion yuan in Hong Kong.

The insurer plans to sell as many as 358.4 million shares in Hong Kong, with an option to expand it by another 15 percent, according to a draft prospectus.

via New China Life gets regulatory approval for Shanghai IPO | Reuters.

Delphi Raises $530 Million in IPO, Pricing at Low End of Range – Businessweek

Nov. 17 (Bloomberg) — Delphi Automotive Plc, the former parts unit of General Motors Co., raised $530 million in its initial public offering, pricing the shares at the low of the range.

The company sold 24 million shares for $22 each, according to data compiled by Bloomberg, after offering them for $22 to $24 apiece. Delphi, based in Troy, Michigan, will trade on the New York Stock Exchange under the symbol DLPH.

The price range valued Delphi at a discount to other North American auto-parts makers as most of the proceeds went to the largest shareholder, Paulson & Co. The company had originally discussed a $1 billion IPO, with plans to use the funds for debt payments and working capital.

“It is impressive that they are able to get a cyclical company like Delphi public in a tough market,” said Wayne Wilbanks, chief investment officer at Wilbanks, Smith & Thomas in Norfolk, Virginia, which manages about $1.8 billion. “The recent bump in the market” gave them a short window to get the deal done, he said.

via Delphi Raises $530 Million in IPO, Pricing at Low End of Range – Businessweek.

Stifel Is Said to Be in Exclusive Talks to Buy Morgan Keegan – Businessweek

Nov. 16 (Bloomberg) — Stifel Financial Corp. is in exclusive talks to buy Regions Financial Corp.’s Morgan Keegan brokerage after prevailing over private-equity bidders, said people with knowledge of the matter.

Stifel remains days or weeks away from agreeing to an acquisition and may not reach a deal, said the people, who spoke on condition of anonymity because the discussions are private. Regions dropped talks with two groups of buyout firms, one comprising Carlyle Group and Blackstone Group LP, and the other made up of Thomas H. Lee Partners LP and Aquiline Capital Partners LLC, the people said.

via Stifel Is Said to Be in Exclusive Talks to Buy Morgan Keegan – Businessweek.

peHUB » Angie’s List Prices IPO at $13 a Share, Battery Ventures’ Stake Worth $111M

(Reuters) – Angie’s List Inc., which provides consumer reviews of local professionals and businesses, priced its initial public offering at $13 a share, the higher end of the expected price range, according to an underwriter.

The offering consisted of about 6.3 million shares being sold by the company, with the rest by certain stockholders, including some members of Angie’s List’s senior management.

The IPO generated $114.3 million in proceeds. The company had planned to sell shares at between $11 and $13 per share in its IPO.

via peHUB » Angie’s List Prices IPO at $13 a Share, Battery Ventures’ Stake Worth $111M.

China state media slam Obama over currency remarks – Yahoo! News

Chinese state media have accused US President Barack Obama of “scapegoating” Beijing for his country’s economic woes after he hit out at China’s currency policy.

Obama on Sunday betrayed increasing frustration over Beijing’s control of the yuan, saying it has not done enough to allow the unit to reach a fair market level and calling on a now “grown up” China to act more responsibly.

The official Xinhua news agency accused Obama of using the issue to attract votes, and said forcing the yuan to appreciate more quickly would bankrupt Chinese companies without resolving the US trade deficit with China.

“Squeezing China, especially on the yuan, is an old trick in the run-up to (the) US presidential election,” it said in a commentary late Monday.

“Such a tactic of scapegoating others may attract some voters’ attention, but is definitely no answer to America’s real problems.”

The state-run Global Times, a daily known for its nationalistic stance, said the United States felt “insecure” in the face of a rising China and Washington would have to accept that its economy was in decline.

“The US intends to solve economic problems by exerting political pressure on China. Such a mission is hollow and ultimately doomed to failure,” it said in an editorial Tuesday, accusing the US of “over-confidence”.

“Maybe the US should learn to accept the reality of a multi-polar world and change its mentality.”

via China state media slam Obama over currency remarks – Yahoo! News.