12 IPOs Scheduled For The Week Of May 7

12 IPOs Scheduled For May 7th Week

FINANCIAL

Customers Bancorp (CUBI)

Based in Wyomissing, PA, Customers Bancorp scheduled a $99 million with a market capitalization of $218 million at a price range mid-point of $14 million, for Friday, May 11, 2012.

Customers Bancorp is a regional bank growing by acquisitions & internal growth. New management took over in 2009.

Community Choice Financial (CCFI)

Based in Dublin, Ohio, Community Choice Financial scheduled a $150 million IPO with a market capitalization of $260 at a price range mid-point of $14 for Tuesday, May 8, 2012.

CCFI is a leading retailer of alternative financial services to unbanked and underbanked consumers through a network of 433 retail storefronts across 14 states.

It's also a private equity sponsored specialty retailer that is growing both by acquisition and growing sales organically: same store sales up 7% in 2011 vs. 2010. CCFI is in the process of making two acquisitions for $67 mm. CCFI expects to have a market cap of $260mm, so those are significant acquisitions.

WageWorks (WAGE)

Based in San Mateo, California, WageWorks scheduled a $75 million IPO with a market capitalization of $283 million at a price range mid-point of $11, for Thursday, May 10, 2012.

WAGE is an on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits, or CDBs, in the United States.

The March quarter is seasonally high, and for 2012 WAGE generated revenue of $44 million up from $35 million for the March 2011 quarter. Adjusted, fully taxed earnings were $2 million up from $1.9 million for the year earlier quarter.

Western Asset Mortgage Capital (WMC)

Based in Pasadena, California, Western Asset Mortgage Capital scheduled a $160 million IPO with a market capitalization of $ 206 million for Thursday, May 10, 2012. [S-1]

WMC is a start-up mortgage REIT IPOing at book value.

NOT U.S.BASED

Edwards Group (EVAC)

Based in the Cayman Islands with executive offices in West Sussex, UK, Edwards Group scheduled a $150 million IPO with a market capitalization of $1.2 billion at a price range mid point of $12 per ADS (one ADS represents one ordinary share), for Friday, May 11, 2012. [S-1]

EVAC is a global leading manufacturer of sophisticated vacuum products and abatement systems. It's the product of a leveraged buyout.

Loyalty Alliance Enterprise (LAEC)

Based in the Cayman Islands with executive offices in Hong Kong, Loyalty Alliance Enterprise scheduled a $66 million IPO. LAEC's IPO at the price range mid-point of $13 per ADR (1 ADR represents 12 ordinary shares) would have a market capitalization of $195 million. It's scheduled for Friday, May 11, 2012.

LAEC is a multi-channel direct marketing and customer loyalty solutions company in the mobile telecommunications sector.

TIM W.E. SGPS, S.A. (TMWE)

Based in Portugal, TIM W.E. SGPS, S.A. scheduled a $75 million with a market capitalization of $340 million at a price range mid-point of $5.50, for Thursday, May 10, 2012.

TMWE provides mobile monetization solutions to mobile carriers, media groups, governments, nongovernmental organizations brand owners and content owners. TMWE is one of the largest providers of mobile solutions in Latin America. TMWE is a global market participant with 25 local offices and offerings in more than 75 different countries.

TMWE tried to IPO in August, 2011 at about double the current projected $340 million market cap. At that time the trailing 12 months P/E was 42, now it's 19.

OTHER

Audience (ADNC)

Based in Mountain View, California, Audience scheduled a $79 million IPO with a market capitalization of $290 million at a price range mid-point of $15 for Thursday, May 10, 2012.

ADNC provides intelligent voice and audio solutions that improve voice quality and the user experience in mobile devices. Apple is the largest customer. In the March 2012 quarter ADNC shifted to licensing the product to Apple and received $19mm in revenue.

Ignite Restaurant Group (IRG)

Based in Houston, Texas, Ignite Restaurant Group scheduled a $75 million IPO with a market capitalization of $322 million at a price range mid-point of $13 for Friday, May 11, 2012. [S-1]

IRG operates two specialty restaurant brands: Joe's Crab Shack and Brick House Tavern+Tap. IRG expects to open about 10% more restaurants in 2012.

LINC Logistics (LLGX)

Based in Warren, Michigan, LINC Logistics scheduled a $170 million IPO with a market capitalization of $460 million at a price range mid-point of $13, for Thursday, May 10, 2012.

LINC provides custom-developed third-party logistics solutions to help customers and clients to reduce costs and manage their global supply chains more efficiently. 2012 March quarter income was flat relative to the 2011 March quarter. LINC ranked number 38 on the Transport Topics 2011 list of the top 50 logistics companies in the United States

New Source Energy (NSE)

Based in Oklahoma City, OK, New Source Energy scheduled a $100 million IPO with a market capitalization of $363 million at a price range mid-point of $11 for Wednesday, May 9, 2012.

NSE is an exploration & production company with 90% of revenue from natural gas, 65 times 2011 earnings.

Rib-X Pharmaceuticals (RIBX)

Based in New Haven, CT, Rib-X Pharmaceuticals scheduled a $75 million IPO with a market capitalization of $204 million at a price range mid-point of $13 for Wednesday, May 9, 2012.

RIBX us a money losing pharmaceutical in clinical trials, but has a very strong partner, Sanofi (SNY), that has already paid RIBX $22 million dollars since June, 2011. Sanofi S.A. is a French multinational pharmaceutical company headquartered in Paris, France, the world's fourth-largest by prescription sales.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.