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IPO Story
Capital Lodging Postponed; RightNow Priced Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 5, 2004 Market conditions, not to mention imminent terrorist problems in major metro areas have taken another initial public offering hostage. Capital Lodging (proposed: TCL), a Dallas-based real-estate investment trust, postponed its planned IPO. Citing market conditions, the company postponed the sale of 22.5 million shares at talk of $10. Banc of America Securities and Wachovia Securities were to jointly manage. The deal, which was initially slated to price last week, was initially expected to offer 19.9 million shares at talk of $12-$14. RightNow Technologies (RNOW) announced final pricing for its IPO at $7. The firm, which had its IPO led by Morgan Stanley, sold 6.3 million shares. Shares of the company briefly fell below issued during the trading day. Over three million shares changed hands. Syneron Medical (proposed: ELOS) cut proposed offering terms for its pending IPO. New talk on the deal: $12-$14 from $14-$16. Citigroup Global Markets is to lead the initial public offering of 5.5 million shares. While Mattress Holding (proposed: MFRM) filed plans for an IPO today. It seeks to raise $46 million through underwriters William Blair, SunTrust Robinson Humphrey and BB&T; Capital Markets. The company operates a total of 298 company-owned and franchised stores in 19 U.S. states. Commercial Vehicle (CVGI) priced its IPO of 9.3 million shares at $13, below indicated talk. Nearly, 4.7 million shares changed hands. Symmetry Medical (proposed: SMA) postponed its initial public offering tonight. And, New River Pharmaceuticals (NRPH) finalized its IPO through W.R. Hambrecht + Co. Dutch auction model. Terms for the deal included the sale of 4.2 million shares at $8. The pricing came in below talk of $10-$14. Shares of the firm fell in its first day of trading, having closed at $7.50 on over 1.7 million shares traded. With the market�s malaise, the current state of new issues is under question. Current Offerings will publish an update to the calendar later tonight. E-mail: jeffh@currentofferings.com. |
