For a roughly three-month period between Thanksgiving and the end of February, the number of initial public offerings (IPO) approaches zero. The last (and first) of the year’s most hyped IPOs occurred last week when Twitter Inc. (NYSE: TWTR) went public at $26, and those who were able to get IPO stock earned a gain of more than 70% as soon as the stock began to trade.
Since then at least one analyst dropped the stock’s price target and another analyst firm initiated coverage Monday morning with a Neutral rating. The Sterne Agee analyst said that Twitter’s stock already trades at a premium to other social media high-growth stocks. The firm did not put a price target on Twitter’s shares. By most accounts Twitter’s IPO was a huge success, for what that is worth.
If you missed that one, there are 10 more IPOs scheduled to price this week, including online textbook marketplace Chegg and publisher Houghton Mifflin Harcourt. Here is a look at the four IPOs scheduled to price tomorrow and begin trading on Wednesday.
Chegg, which first launched in 2007 as an online textbook rental firm, now offers an online marketplace for textbooks, homework help and an array of other services for college students. Chegg plans to raise $172.5 million by selling 15 million shares in a price range of $9.50 to $11.50. The company’s stock will trade on the NYSE under the ticker symbol CHGG.
Dynagas LNG Partners is a Greece-based limited partnership that plans to raise $250 million by offering 12.5 million shares in a price range of $19 to $21. The company’s stock will trade on the NASDAQ under the ticker symbol DLNG.
Extended Stay America is owned by Blackstone Group L.P. (NYSE: BX), Centerbridge Partners and Paulson & Co., which bought the hotel chain in 2010. The company expects to raise up to $593 million by selling 28.25 million shares at $18 to $21 each. The stock will trade on the NYSE under the ticker symbol STAY.
Levy Acquisition is a blank-check company that expects to raise $150 by issuing 15 million shares at $10 each. The shares will trade on the NASDAQ under the ticker symbol LEVYU.