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IPO Story
Las Vegas Sands Considers IPO Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 6, 2004 Las Vegas Sands, a holding company that owns the popular Venetian Hotel & Casino on the strip, is reportedly considering an initial public offering. Such plans confirm previous indications from management that the gaming concern was to complete an IPO. The firm didn�t indicate when the potential offering may occur. William Weidner, the company�s president and chief operating officer, said in April that the Las Vegas Sands could go public late this year or early next year. While Adeza Biomedical (proposed: ADZA) filed plans for an IPO today. The transaction seeks to price $69 million in the deal that UBS Investment Bank is to manage. The company focuses on reproductive healthcare. Proceeds from the IPO have been earmarked for expansion of sales and marketing efforts, R&D;, relocation of its facilities and general corporate purposes. Unlike most biotech IPOs, the company is profitable. It reported profits of $2 million on $15.6 million in product sales during the first half of 2004. And, success certainly came from today�s debut of Navteq (NVT), a digital mapping affiliate of Philips Consumer Electronic Services. After pricing 40 million shares at $22 through Credit Suisse First Boston and Merrill Lynch, shares of the company rose 15% on its first day of trading. Adjusted for shares sold in the IPO, Philips maintains a 42% stake in the firm. �We believe Navteq's digital map database is viewed as the most accurate solution for enabling 'turn-by-turn' driving directions in Europe and the U.S.,� said Peter Friedland, an analyst with Fulcrum Global Partners in a newly released research note. �We are bullish on the prospects for Navteq's business, as we expect the company to grow revenues 25%-30% for at least the next three years.� What�s wrong with the current landscape for IPOs? For a detailed view of the new issues market, check back on Current Offerings for extensive analysis. E-mail: jeffh@currentofferings.com. |
