10/8/09

Though not quite the deal size magnitude the IPO market witnessed yesterday, volume continues as two new IPOs debut today.

Mistras Group (MG), which provides non-disruptive infrastructure testing primarily to the energy market, raised $109 million by offering 8,700,000 at $12.50, below the range of $14.00 to $16.00. Mistras Group plans to list on the NYSE under the symbol MG. J.P. Morgan, Credit Suisse, and BofA Merrill Lynch acted as lead managers on the deal. Mistras Group opened for trading below its IPO price, but has since edged slightly higher.

Omeros (OMER), which is developing drugs for the treatment of surgery-related inflammation and pain, raised $68 million by offering 6.82 million shares at $10, at low end of the proposed $10.00 to $12.00 range. Shares are expected to begin trading today on the NASDAQ under the symbol OMER. Deutsche Bank was lead manager on the deal.

Yesterday's large IPOs had mixed performance. Banco Santander Brasil and Verisk Analytics were the second and third deals to raise over $1 billion in proceeds this year. Banco Santander (BSBR), the fourth-largest bank in Brazil, ended its first day of trading nearly 3% below is offer price of $13.40. In contrast, Verisk Analytics (VRSK), which provides data, statistical models and tailored analytics for P&C insurance firms, ended up over 23% from its $22.00 IPO price.

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