Boise Cascade Leads This Week’s 7 IPOs

As investors plow money into stocks, some of the capital has been spilling over into IPOs. For instance, just last week, we saw the largest offering since Facebook (NASDAQ:FB) — a $2.2 billion offering from Zoetis (NYSE:ZTS). The Pfizer (NYSE:PFE) spinoff is the world’s largest operator of animal medicines and vaccines, and it surged 19% on its first day of trading.

Expect the good times to keep on rolling this week, with seven deals set to hit the markets:

Boise Cascade

Boise Cascade (NYSE:BCC) is a vertically integrated wood products manufacturer and building materials distributor with extensive operations in the U.S. and Canada. Considering that most of BCC’s products are for residential construction repair and remodeling products, Boise definitely is a play on the real estate rebound.

The company currently has more than 4,500 customers. For the first nine months of 2012, BCC’s revenues increased by 22% to $2.1 billion and profits came to $40.2 million, up from a loss of $32.6 million in the same period a year ago.

Boise Cascade plans to issue 11.8 million shares at a range of $16 to $18. Underwriters include Bank of America Merrill Lynch (NYSE:BAC) and Goldman Sachs (NYSE:GS).


ExOne (NASDAQ:XONE) builds three-dimensional printers that are focused on industrial applications, specializing in casting molds and cores, which are made from silica sand and ceramics. Customers can industries like aerospace, automobiles, heavy equipment and energy. XONE also generates revenues from consumables and replacement parts, and services.

Despite the wide reach, ExOne is a small operation. The company did $15.9 million in sales for the first nine months of 2012, an improvement of 23% from the year-ago period, but the company’s net loss also doubled, to $11 million.

XONE plans to issue 5 million shares at a range of $14 to $16. The lead underwriter is FBR Capital Markets.

QGOG Constellation

Founded more than 30 years ago, QGOG Constellation (NYSE:QGOG) is one of the 10 largest drilling companies in the world, as measured by ultra-deepwater and deepwater drilling rigs in operation. The company is primarily focused on Brazil, which has seen some major discoveries of late, and its main client is the Brazilian integrated energy giant Petrobras (NYSE:PBR).

For the first nine months of 2012, revenues grew from $415.3 million to $575.9 million, and net income flipped from a $24.7 million loss to a $111.3 million profit.

The company plans to issue 27.5 million shares at a range of $19 to $21. Lead underwriters include JPMorgan Chase (NYSE:JPM), BofA Merrill Lynch, Itau BBA, Credit Suisse (NYSE:CS) and Bradesco (NYSE:BBI)

New Source

New Source (NYSE:NSLP), a master limited partnership, is a developer of oil and natural gas properties in Oklahoma with a 90-year history of exploration and development.

For the first nine months of 2012, revenues increased by 34% to $35.3 million, and the company went from $1.3 million in the red to $13.6 million in the black.

The company plans to issue 4 million shares at a range of $19 to $21. Lead underwriters include Baird, Stifel Nicolaus Weisel, BMO Capital Markets and Oppenheimer & Co.


AutoGenomics (NASDAQ:AGMX) develops a molecular diagnostics system that helps with genetic tests. Customers include labs and specialty clinics.

Revenues spiked to $14.5 million during the first nine months of 2012, up from $5.2 million in the same period a year ago. The company also turned a $1.2 million profit after losing $8.1 million in 2011.

AGMX plans to issue 6 million shares at a range of $9 to $11. The lead underwriter is Leerink Swann.

Health Insurance Innovations

Health Insurance Innovations (NASDAQ:HIIQ) operates a cloud-based system to sell and manage low-cost health insurance plans. So, expect there to be tremendous demand for these kinds of systems with the roll-out of Obamacare. Over the next couple years, HIIQ’s addressable market is expected to go from 14 million people to 100 million, according to a study from McKinsey.

For the first nine months of 2012, revenues climbed by 38.2% to $30.1 million and EBITDA spiked by 90% to $3.6 million.

The company plans to issue 4.7 million shares at a range of $14 to $16. Lead underwriters include Credit Suisse, Citigroup (NYSE:C) and BofA Merrill Lynch.

National Commercial Bank Jamaica

National Commercial Bank Jamaica (NYSE:NCJ) is the largest bank in Jamaica, with assets of $4.2 billion and a network of 38 full-service branches. The company’s shares already trade in Jamaica.

However, the Jamaican economy has been weak of late. For the quarter ended June 30, 2012, real GDP fell by 0.2%, and the unemployment rate was 12.8%. Negative factors impacting the country include high government debt, natural disasters (such as hurricanes), crime and civil unrest.

NCJ plans to issue 16.1 million shares at a range of $13 to $15. Lead underwrites include JPMorgan and Macquarie Capital.

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.

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