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Three of this week's 10 planned IPOs to debut today

March 28, 2012

Three IPOs are expected to begin trading today, with two pricing above the range.

Annie's, which is a leading natural and organic packaged food company known for its mac-n-cheese, raised $95 million by offering 5 million shares (81% insider) at $19, above the upwardly revised range of $16 to $18. The company had originally planned to offer 5 million shares (79% insider) at $14 to $16. Annie's plans to list on the NYSE under the symbol BNNY. Credit Suisse and J.P. Morgan acted as lead managers on the deal.

Vocera Communications, which provides a mobile communications platform for hospitals and healthcare facilities, raised $94 million by offering 5.85 million shares (15% insider) at $16, above the range of $12 to $14. The company had originally planned to offer 5.75 million shares; the extra shares were all secondary. The deal size was 25% greater than expected. Vocera plans to list on the NYSE under the symbol VCRA. J.P. Morgan and Piper Jaffray were the joint bookrunners on the deal.

Regional Management was the only one in today's group to price below its range. The provider of installment, auto and furniture/appliance loans to underbanked consumers in six southeastern and southwestern states, raised $63 million by offering 4.2 million shares at $15, below its proposed $17-$19 range. Jefferies and Stephens Inc. acted as lead managers for the IPO, and the stock is expected to commence trading on the NYSE under the symbol RM on Wednesday.

There are seven additional deals on this week's IPO calendar, including two companies with ties to the cleantech industry. Luca Technologies Inc., which uses biotechnology to create and produce coalbed methane (natural gas), plans to raise $102 million. Enphase Energy, which is a leading provider of microinverter solutions for the solar industry, slashed its price range this morning and now plans to raise $47 million in IPO proceeds, 41% less than previously anticipated.

Mobile advertising platform Millennial Media plans to raise $122 million after raising its range earlier this week. At the new midpoint, the proceeds from the IPO would be 20% greater than previously expected. Rounding out this week's list of deals are e-commerce site CafePress, natural gas transporter GasLog and industrial manufacturer Rexnord Corporation. Merrimack Pharmaceuticals, which postponed its IPO in February, is back on the calendar for this week as well.

While it is clear that IPO investors are being selective, IPO performance as a whole has been strong. The FTSE Renaissance US IPO Index, a float-weighted index of IPO performance, has returned 20.1% so far this year, compared to 12.3% for the S&P 500.