ExamWorks, SeaCube IPOs are met with weak demand

By Clare Baldwin

NEW YORK (BestGrowthStock) – Two U.S. initial public offerings met with tepid investor demand on Wednesday, with one pricing at the bottom of the expected range and the other raising 25.5 percent less than anticipated, according to underwriters.

A third IPO was still expected to price.

Medical services provider ExamWorks Group (EXAM.N: ) priced shares in its initial public offering at the bottom of its expected range, raising $164.8 million.

The Atlanta-based company sold 10.3 million shares for $16 each, according to an underwriter. It had planned to sell shares for $16 to $18 each.

SeaCube Container Leasing Ltd (BOX.N: ), which leases and sells refrigerated and dry containers and generator sets, sold more shares but priced below range, raising 25.5 percent less than anticipated.

The company sold 9.5 million shares for $10 each, raising about $95 million, according to an underwriter. It had planned to sell 7.5 million shares for $16 to $18 each.

Wind-farm owner and operator First Wind Holdings Inc (WIND.O: ) was still expected to price on Wednesday. Earlier in the day, it cut the value of its IPO by 24 percent.

Analysts are searching for signs of stability in what has proven an uncertain U.S. IPO market.

Right now the number of companies that want to raise equity capital in the United States but are waiting for the right time to issue shares has surged to its highest level since 2007, according to the quarterly Ernst & Young LLP U.S. IPO Pipeline study released on Tuesday.

At the end of the third quarter, there were 133 companies in the U.S. pipeline hoping to raise $26.4 billion, the study showed.

ExamWorks shares are expected to begin trading on the New York Stock Exchange on Thursday under the symbol “EXAM.” The underwriters on the offering were led by Goldman Sachs, Credit Suisse and Barclays Capital.

SeaCube is expected to begin trading under the symbol “BOX.” It is also expected to trade on the New York Stock Exchange on Thursday. Underwriters on the offering were led by JPMorgan, Citi, Deutsche Bank and Wells Fargo.

Credit Suisse, Morgan Stanley, Goldman Sachs and Deutsche Bank are leading underwriters on the First Wind IPO.

(Reporting by Clare Baldwin; Editing by Phil Berlowitz, Gary Hill)

ExamWorks, SeaCube IPOs are met with weak demand