5 IPOs Are on Tap This Week

Energy, steelmaking, and a REIT will see renewed action

   

It’s been about a month since an IPO hit the market. But the slumber ends this week, with five offerings on tap.

Here’s a look at each:

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CyrusOne (NASDAQ:CONE): This is a spinout of Cincinnati Bell‘s (NYSE:CBB) data-center business in the form of a real estate investment trust (REIT). It has roughly 500 customers, which include nine of the Fortune 20 and 108 of the Fortune 1000.

CyrusOne’s properties are located in five of the 10 largest cities in the U.S. The facilities have redundant power, advanced cooling systems and high-end security.

For the first nine months of 2012, revenues increased from $133.7 million to $162.8. Although during this time, operating income fell from $28 million to $13 million.

The company plans to issue 16.5 million shares at a range of $16 to $18. The lead underwriters include Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC).

Norwegian Cruise Line (NASDAQ:NCLH): This is the No. 3 cruise operator in North America, with 11 ships. During the nine months ended September 30, 2012, NCL posted revenues of $2.26 billion and adjusted EBITDA of $540.4 million, which was above the prior-year figures of $1.73 billion and $417.8 million.

The cruise sector has been hot lately, especially with gains from Royal Caribbean Cruises (NYSE:RCL, +24%).

NCL plans to issue 23.5 million shares at a range of $16 to $18. Lead underwriters include UBS Investment Bank (NYSE:UBS) and Barclays (NYSE:BCS).

USA Compression Partners (NYSE:USAC): The company is one of the largest independent providers of compression services in the U.S. for natural gas. The energy is primarily used to power vehicles.

During the first nine months of 2012, revenues came to $87 million, up from $70.3 million in the same period a year ago. In this time, adjusted EBITDA went from $37.1 million to $46.7 million.

The company plans to issue 10 million shares at a range of $19 to $21. The lead underwriters include Barclays, Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM) and Wells Fargo Securities (NYSE:WFC).

CVR Refining (NYSE:CVRR): The company operates two refiners — in Coffeyville, Kan., and Wynnewood, Okla., — that generate 1150,000 barrels per day. The majority owner is legendary investor and shareholder activist Carl Icahn.

Business has certainly been strong. For the first nine months of 2012, revenues came to $6.5 billion, up from $3.8 billion in the same period a year before. Adjusted EBITDA went from $525 million to $989 million.

CVR plans to issue 20 million shares at a price range of $24 to $26. The lead underwriters include Credit Suisse (NYSE:CS), Citi (NYSE:C) Barclays, UBS Securities and Jefferies.

SunCoke Energy Partners (NYSE:SXCP): The company operates facilities for coke-making, which is key for the creation of steel. Much of its revenues come from two customers, AK Steel (NYSE:AKS) and ArcelorMittal (NYSE:MT).

So far, SunCoke’s ovens are operating at capacity, which crank out about 1.7 million tons per year. For the first nine months of 2012, revenues were $554 million and adduced EBITDA was $93.8 million. This compares to $309.7 million and $46.1 million, respectively, during the same period in 2011.

The company plans to issue 13.5 million shares at a range of $19 to $21. The lead underwriters include Barclays, BofA Merrill Lynch, Citi, Credit Suisse and JPMorgan.

Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook” and “High-Profit IPO Strategies: Finding Breakout IPOs for Investors and Traders.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, http://investorplace.com/ipo-playbook/5-ipos-are-on-tap-this-week/.

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