In total, five initial public offerings are expected to price, led by interest in the software firm ExactTarget Inc. The company, which makes tools that help businesses market to their customers via email, mobile, social media and website interactions, is hoping to raise as much as $144 million through a listing on the New York Stock Exchange as "ET."
ExactTarget sports a roster of high-profile customers who pay on a subscription basis according to variables such as usage, including Angie's List Inc. (ANGI), Groupon Inc. (GRPN) and Microsoft Corp. (MSFT). It had good top-line performance -- 44 consecutive quarters of revenue growth -- and in 2011, revenue rose 55% to $207 million. However, it has a history of losses, and its net loss widened to $35 million in 2011 compared to a loss of $12 million in 2010.
Though ExactTarget is likely to be the headliner this week, there are two other deals that could also draw interest: payment processor Vantiv Inc. and electronic exchange BATS Global Markets.
Vantiv, which wants to raise $592 million on the NYSE under the symbol "VNTV," allows businesses to accept and process credit, debit and prepaid payments. Vantiv also provides payment services to financial institutions. It says its customers are heavily weighted toward non-discretionary spending categories, such as grocery and pharmacy, while its financial institution client base includes over 1,300 customers. The company generates revenues based primarily on transaction fees paid by merchants or financial institutions. Its revenue rose 40% to $1.6 billion in 2011, and net income increased 54% to $84.8 million.
BATS, the third-largest exchange in the U.S., wants to raise $113 million on its own exchange under the symbol "BATS." Since its formation in 2005, BATS has launched two U.S. stock exchanges, an options platform and now lists some exchange-traded funds. In U.S. share trading, BATS ranks behind NYSE Euronext and Nasdaq OMX; it also runs the largest pan-European stock market by value of stocks traded following its acquisition last year of rival platform Chi-X Europe. BATS's total revenue in 2011 rose 11% to $927 million from a year earlier; net income increased 18.7% to $23.5 million.
The remaining deals of the week are from quartz countertop maker Caesarstone Sdot-Yam Ltd. and Chinese online retailer Vipshop Holdings Ltd.
Caesarstone, based in Israel, aims to raise $107 million on the Nasdaq as "CSTE." It gets the majority of its revenue in the U.S., where the use of quartz as a counter material is relatively new but growing, trailing more common materials like granite. Caesarstone reported 2011 revenue rose 31% to $260 million, while net income remained essentially flat at $29.3 million compared to 2010. Higher operating expenses dragged the company's operating income down in 2011 despite its revenue gains.
Vipshop, which aims to raise $118 million through an NYSE listing as "VIPS," will be the first Chinese company to test the U.S. IPO market since Tudou Holdings Ltd. (TUDO) went public in August. Chinese stocks have been a tough sell in the states after accusations of fraud and accounting irregularities cropped up last year, so it will be interesting to see whether Vipshop can get its deal done at the price it seeks. Its e-commerce site, vipshop.com, operates on a flash sale format, which limits the products available for purchase, a tactic aimed at driving higher sales from consumers who don't want to miss out on deals. In 2011, revenue rose nearly sevenfold to $227 million, and it booked a net loss of $107.3 million compared to a loss of $8.4 million in 2010. Vipshop has never been profitable, and faces steep competition from other online retailers like Taobao Mall, 360Buy and Dangdang, which adds to the hurdles the company must overcome to win investors.
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