9/24/09

Two more IPOs are schedule to price tonight and begin trading on Friday following the debut of five IPOs on Thursday. China-based Shanda Games Limited (GAME), a spin-off of Shanda Interactive's online games business, plans to raise $960mm, after increasing its deal size earlier this week. If successful, that will make it the largest IPO so far this year, topping the $810mm raised by REIT Starwood Property Trust (STWD) in August. Shanda also has the opportunity to perform like Changyou.com (CYOU), another online game developer and Sohu spin-off, which is up nearly 150% from its April IPO price of $16, and is the top performing IPO this year.

Select Medical Holdings, a leading operator of specialty hospitals and outpatient rehabilitation clinics, is also expected to begin trading on Friday. Led by Goldman Sachs, Morgan Stanley and BofA Merrill Lynch, Select Medical plans to raise $400 million by offering 33.3 million shares at a price range of $11.00 to $13.00. Select Medical and Shanda Games were highlighted as our Featured IPOs this week.

Mortgage REIT Foursqaure Capital (FSQR), will not price tonight as expected, after postponing its offering earlier today. Apollo Commercial (ARI) and Colony Financial (CLNY), two other REITs that began trading today, both closed below their IPO prices.

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