--Five IPOs set to price Wednesday evening
--Analysts see strong demand for Trulia
--Capital Bank Financial moves IPO pricing to Wednesday, from
Thursday -Source
NEW YORK--The market's appetite for initial public offerings
will be tested Wednesday evening, with the first deals after the
end-of-summer lull set to price before their Thursday trading
debuts.
Trulia Inc., the week's highest-profile launch, is expected to
garner strong demand. Real-estate-listing company Trulia is looking
to price six million shares at between $14 and $16 in a deal
estimated to deliver net proceeds of $65.8 million.
San Francisco's Trulia provides home listings through the Web
and mobile applications, and makes money selling subscriptions and
advertisements. The company said it had 22 million site users in
the first six months of the year, and more than 21,000 paying
subscribers.
Trulia's "road show" to pitch the deal to investors met strong
interest from retail and institutional investors, according to
Scott Sweet, an adviser with IPO Boutique, who noted he expected
shares to price at the high end of the expected range.
The stock is slated to list on the New York Stock Exchange under
the symbol "TRLA."
Trulia competes with Zillow Inc. (Z) and Realtor.com, a property
of Move Inc. (MOVE). Zillow has managed strong post-IPO stock gains
since its offering in July 2011, closing at $45.55 Wednesday, more
than double its $20 IPO price.
Trulia is scheduled to price late Wednesday alongside three
other new offerings, the IPO market's first action since Hi-Crush
Partners LP (HCLP) jumped 18% in its trading debut Aug. 16.
Recent IPOs have performed strongly, as markets hover near
multiyear highs. Six of the past seven IPOs to hit the market since
the start of August have climbed at least 25%. The lone exception
is famed football club Manchester United Ltd. (MANU), which has
struggled since going public last month.
"There's a lot of momentum for IPOs in general right now," said
James Krapfel, an IPO analyst at Morningstar Inc.
National Bank Holdings Corp., of Greenwood Village, Colo., is
looking to price 7.15 million shares for between $20 and $22 each
and list on the NYSE with the ticker "NBHC."
Capital Bank Financial Corp., a Southeastern U.S. bank franchise
based in Miami, will price its IPO Wednesday, after moving ahead
the timing for its launch by one day, according to a person
familiar with the IPO's timing. Capital Bank will look to sell
11.36 million shares between $21 and $23, listing on the Nasdaq
Stock Market Thursday with the ticker "CBF."
GlobeImmune Inc., a biopharmaceutical company based in
Louisville, Colo., is expected to sell five million shares for
between $11 and $13. GlobeImmune will list on the Nasdaq with the
ticker "GBIM."
Susser Petroleum Partners LP, a wholesale distributor of motor
fuels, is looking to sell 9.5 million limited partnership units for
between $19 and $21 and trade with the ticker "SUSP" on the
NYSE.
Write to Chris Dieterich at
christopher.dieterich@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires