The Joplin Globe, Joplin, MO

Business

August 9, 2013

Frank’s, Cvent lead advancing Friday’s IPOs

NEW YORK — A spate of initial public offerings started trading at higher-than-expected prices on Friday, with shares of software provider Cvent Inc. and oil and gas industry services company Frank’s International NV making the biggest gains in midday trading.

Frank’s International, which is based in the Netherlands, had the largest of the IPOs. Its offering of 30 million shares priced at $22 per share, above the company’s estimate of $19 to $21 a share. The stock gained $4.15, or 18.9 percent, to $26.15 in midday trading while the broader markets traded lower.

Frank’s provides tubular services to the oil and gas industry. The company said it expects $616.8 million in proceeds after expenses and discounts. It will use most of that money to repay notes held by FWW BV, which owns most of its stock. Frank’s said FWW held $415.4 million in notes as of June 30. The remaining proceeds will be used for general corporate purposes.

Cvent sold 5.6 million shares for $21 each, raising $117.6 million before discounts and expenses. It expected to price the offering at $17 to $19 a share. The shares gained $12.45, or 59.3 percent, to $33.45.

Cvent, based in McLean, Va., develops cloud-based event management software.

A total of six IPOs priced on Friday. That’s the highest number of companies to list on the same day since May 8, when seven IPOs priced, according to Renaissance Capital.

The IPO of QEP Midstream Partners LP priced at $21 per unit, at the top of the Denver company’s expectations. QEP is a limited partnership that owns midstream assets in Wyoming, Colorado, Utah and North Dakota. Its units rose $1.80, or 8.6 percent, to $22.80.

American Depositary Shares of MiX Telematics Ltd. priced at $16, the high end of its expectations. The South African company provides fleet and mobile management solutions delivered as software-as-a-service, or SaaS.

The shares gained $1.83, or 11.4 percent, to $17.83.

Shares of World Point Terminals LP priced at $20 per unit, at the midpoint of expectations. The St. Louis company was formed to own, operate, develop and acquire storage terminals for light refined products, heavy refined products and crude oil.

Its units lost 47 cents, or 2.4 percent, to $19.35.

The IPO of Stock Building Supply Holdings Inc. priced at $14 per share, below the company’s estimate of $16 to $18 a share. Stock Building Supply, based in Raleigh, N.C., manufactures and distributes wood products for the building industry in the U.S. Its shares added 50 cents, or 3.6 percent, to $14.50.

 

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