By Greg Hazley
PR firms are supporting several clients pursuing IPOs this month, including two which debuted this week to mixed results.
Summit Hotel Properties, a Sioux Falls, S. Dak., real estate trust, announced an IPO of 26M shares at $9.75 Feb. 9, expected to close on Feb. 14. Daly Gray PR of Herndon, Va., is handling financial communications. Shares debuted Wednesday by closing slightly below the IPO debut.
Peppercom and Stern IR are working with Gevo Inc., an Englewood, Colo., company which priced a 7M-plus-share offering at $15 Feb. 9. The company is developing systems to covert renewable raw materials into additives for fuel and other chemical products for green and economic benefits. Gevo’s debut surpassed expectations on Wednesday, closing at $16.44.
Christensen IR, New York, is working with Beijing-based TV advertising company China Century Dragon Media which filed Feb. 8 to offer 1.2M shares on the New York Stock Exchange at $5.25 each. CCDM sells blocks of ad time on Chinese state TV.
Pacira Pharmaceuticals, a Parsippany, N.J.-based specialty pharma producer, went public on Feb. 3 after cutting a target price in the $14 range down to $7. Pure Communications, New York, handles PR. Bloomberg BusinessWeek called it a “flat” debut.
Trunkbow International Holdings Ltd., a Beijing-based company which provides mobile technology for telecom operators, priced at the low end of a $5 to $7 range in selling 4M shares on the Nasdaq Global Market on Feb. 3. CCG Investor Relations provides support in Shanghai and New York. Shares fell in the first day of trading.
Israel-based RedHill Biopharma worked with Tel Aviv IR firm GK IR as it went public on the Tel Aviv Stock Exchange raising about $13.6M, above initial expectations.
Looking ahead, Groupon, the buzzed-about social buying site, is planning an initial public offering in the spring. Its corporate communications staff works with Glenview, Ill.-based SSPR.
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