10/9/09

Four IPOs debuted this week, with Verisk Analytics the clear winner of the group. Verisk Analytics (VRSK), which provides data, statistical models and tailored analytics for P&C insurance firms, raised $1.9 billion by offering 85.3 million shares at $22.00, 10% above the midpoint of the proposed $19.00 to $21.00 range. BofA Merrill Lynch and Morgan Stanley acted as lead managers on the deal, which was the largest domestic offering since Visa's (V) landmark IPO in March 2008. Verisk saw a first day return of 23.7%, closing at $27.22. The company was highlighted as our Featured IPO.

Though not duplicating Verisk's performance, this week's other notable IPO was Banco Santander Brasil (BSBR), the fourth-largest bank in Brazil. The company priced its 525 million unit offering at R$23.50 (US$13.40), the midpoint of the R$22-R$25 range, on Tuesday evening, making it the largest IPO so far this year. The offering consisted of both ADSs that are trading on the NYSE under the ticker BSBR and units that are trading on Brazil's BOVESPA under the ticker SANB11. Santander Investment, Credit Suisse, BofA Merrill Lynch and UBS were the bookrunners on the deal. Banco Santander closed nearly 3% below its offer price on its first day of trading, but has rebounded slightly.

Rounding out this weeks IPOs were Mistras Group and Omeros, which both began trading on Thursday. 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. 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. Deutsche Bank was lead manager on the deal. Omeros fell over 12% on its first day of trading.

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