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IPO Story
Cohen & Steers Prices; ASC Withdraws Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 12, 2004 Cohen & Steers (proposed: CNS), the nation�s largest manager of real estate mutual funds, priced its IPO of 7.5 million shares at $13, the low-end of projected talk. Managers for the initial public offering included Merrill Lynch, UBS Investment Bank, Wachovia Securities and Bear Stearns. Clearly, the firm has been built around the market savvy skills of its co-founders Martin Cohen and Robert H. Steers. Formed in 1986 as an investment advisor, the company is profitable and has seen revenues steadily rise. Prior to the IPO, the firm�s co-founders, who also serve in dual roles as co-chairman and co-CEO, were the sole stockholders. Adjusted for stock offered in the IPO, both founders stake have been reduced to 39%. Trading in the stock will begin on Friday. While the same can�t be said for longtime registration occupant American Seafoods (proposed: SEA). The company, which had structured its IPO in the form of an IDS or income deposit security, has been forced to withdraw due to market conditions, officials from lead manager CIBC World Markets tell Current Offerings. The withdrawal follows several deal modifications to enhance prospective shareholder value. Unfortunately, the deal, according to well placed sources, had a hard time attracting buyers � even at a reduced pricing level. At press time, we were awaiting pricing word from Lindows (proposed: LINE) and Polypore International (proposed: PPO). The other deal on this week�s docket � PRN Corporation (proposed: PRNC) � hadn�t price. No further information on the deal was available. E-mail: jeffh@currentofferings.com. |
