One out of four IPOs prices this week, others postpone

In a continuation of what was a rocky start to the 2010 IPO market last month, three of the four deals that were scheduled to price this week were postponed.

Workers' compensation risk insurer Patriot Risk Management (PMG) pushed its IPO out to next week before cutting the deal size, while investment bank Imperial Capital (ICG) indefinitely postponed its $113 million deal. Patriot Risk revised its terms this morning and cut the deal size from $187 million; instead of offering 17 million shares of the NYSE at $10-$12, it now plans to list 20.2 million shares at $8 per share. FBR Capital Markets, Macquarie Securities and Oppenheimer are the lead underwriters on the deal.

FriendFinder Networks (FFN), an online adult social networking company, joined the growing list of postponements this morning and announced plans to shelve its deal only two days after filing an amendment that switched its proposed listing from the NYSE to the NYSE Amex. The company had hoped to raise $220 million.

Ironwood Pharmaceuticals (IRWD) was the only company to successfully complete its IPO and raised $187 million by offering 6.7 million shares on the NASDAQ at $11.25, 25% below the midpoint of its proposed range of $14-$16. It was the biggest biotech company to go public in two years. Despite the buzz surrounding its debut, Ironwood saw its stock rise modestly in its first day of trading, closing 40 cents above its listing price. Its rich valuation and dependence on a single drug still in clinical trials may have deterred investors, along with this week's general setbacks in the markets.

Including Patriot Risk, next week is slated to see six deals on the IPO calendar; they span a wide range of industries and should shed some light on the direction the IPO market is headed. Graham Packaging (GRM), Piedmont Realty Trust (PDM), and JinkoSolar Holdings (JKS) are expected to begin trading on the NYSE on Wednesday, Feb. 10. Graham Packaging is a leading supplier of plastic consumer products, Piedmont is an office REIT and JinkoSolar is a China-based solar company. Generac Holdings (GNRC), a PE-backed manufacturer of standby generators, and Quinstreet (QNST), an Internet marketing company that offers lead generation to over 2,600 clients, are scheduled to trade on the NYSE and the NASDAQ (respectively) the following Thursday, Feb. 11.