Toys ‘R’ Us Withdraws IPO

Nearly three years after filing to go public, the private equity-backed Toys ‘R’ Us decides to pull back from a market debut.


Toys ‘R’ Us on Friday asked to withdraw its filing for an initial public offering. The company cited “unfavorable market conditions,” and recent management changes.

The withdrawal was not a surprise. A year ago, a Toys “R” Us IPO seemed to many to be like a wind-up toy that was running out of steam. The company is facing management defections, a decline in same-store sales and relentless competition from Walmart and Amazon

Toys “R” Us had first filed to go public in May 2010. An offering would have given its private equity backers an exit from one of the most famous deals of the buyout boom era in the years before the financial crisis. The private equity giants Bain Capital and Kohlberg Kravis Roberts & Company along with the real estate developer Vornado Realty Trust acquired the company for $6.6 billion in 2005.

Also on Friday, the company, which operates 1,540 stores, said that fourth-quarter net sales fell 2.6 percent, to $5.77 billion. Net earnings for the quarter slid to $239 million, compared with $343 million in the previous year — a decline the company attributed largely to a $34 million increase in interest expense and a $33 million increase in income tax expense.

Pinnacle Foods (PF)

Pinnacle Foods Inc. CEO Bob Gamgort rings the Opening Bell to celebrate their IPO at the New York Stock Exchange on March 28, 2013 in New York City. 

Marin Software (MRIN) started trading on the NYSE on 22 March 2013

• cloud-based advertising management software 

Marin Software Founder and CEO Chris Lien rings the Opening Bell to celebrate their IPO at the New York Stock Exchange on March 22, 2013 in New York City. 

Enanta Pharmaceuticals (ENTA) started trading on the NASDAQ on 21 March 2013

Model N (MODN) started trading on the NYSE on 20 March 2013

Zack Rinat, CEO of Redwood City-based Model N, rang the opening bell at the New York Stock Exchange Wednesday after hi company raised $100 million in an IPO. It shares sold at at $15.50, above the target range of $12.50 to $14.50, and soared by more than 35 percent in early trading.

Model N continued the momentum of enterprise software companies by raising $100 million in its initial public offering and jumping by as much as 35 percent in the opening minutes of its trading debut Wednesday on the New York Stock Exchange.

CEO Zack Rinat kicked off trading Wednesday when he rang the bell at the NYSE. The Redwood City company's stock (NYSE:MODN) jumped as high as $20.87 after opening at $20.30.

There were about 6.7 million shares sold on Tuesday at $15.50 a share, above the target range of $12.50 to $14.50 that te company had set. Underwriters have the option to buy a little over 1 million more shares in the next 30 days.

Model N's software is used by the life science and technology industries to manage business functions such as pricing, contracting, incentives and rebates.

Its customers include Johnson & Johnson, Merck & Co, Dell, Nokia and VMWare and its revenue grew 29 percent in the past two years to $84.3m last year.

It is backed by a Accel Partners/KKR joint venture and Meritech Capital Partners.

Zack Rinat, founder and CEO of Model N.

Silver Spring Networks (SSNI) began trading on the NYSE on 13 March 2013

• Itron (ITRI) completed its acquisition of Silver Spring Networks in January 2018, two American providers of smart meters, grid networks, and software and services. Silver Spring’s Gen5 platform, which provided many of the same features as Itron's OpenWay Riva, has been integrated into a common framework.

Shares opened at $22 on the New York Stock Exchange, 29% above their IPO price, then traded at $21.15 in the minutes after the offering.

Silver Spring sold 4.75 million shares at $17 each, the midpoint of the $16-to-$18 range outlined in registration documents filed with the Securities and Exchange Commission. But the company sold roughly one million more shares than previously expected, and the deal raised $80.6 million, nearly 30% more than expected.

Silver Spring operates a hardware and software network designed to help utility companies create what is known as a "smart grid," or a responsive electrical infrastructure that can provide data on usage to help lower costs and maximize efficiency.

The company provides sensors and relays that are hooked up to power lines, as well as software that helps utilities monitor usage. The company's network can allow power producers to save money through the automation of manual services like meter reading. The smart grid also allows consumers to watch in close to real-time how much electricity they are consuming, allowing for adjustments during pricier peak demand hours. These advanced grids also can integrate renewable energy sources such as rooftop solar panels.

Silver Spring's IPO registration has been on the shelf since July 2011. The 18 months since the company filed its plans with the SEC were difficult for clean-energy IPOs. 

USA Compression Partners (USAC) began trading on the NYSE on January 15, 2013

USA Compression Partners, LP began trading on the NYSE on January 15, 2013 under the ticker symbol “USAC”.

Eric D. Long, P.E., USA Compression President and Chief Executive Officer rings the Closing Bell at the New York Stock Exchange on March 11, 2013 in New York City.

Sector: Energy > Industry: Oil Well Services and Equipment

USA Compression Partners, LP (USA Compression) is a provider of compression services in the United States. The Company operates in a range of United States natural gas shale plays, including the Fayetteville, Marcellus, Woodford, Barnett, Eagle Ford and Haynesville shales. The Company focuses primarily on large-horsepower infrastructure applications. The Company provides domestic compression services to oil companies and independent producers, processors, gatherers and transporters of natural gas. USA Compression generally provides its compression services primarily under long-term, fixed fee contracts. Its contracts have initial contract terms of up to five years. The Company provides compression services for a monthly service fee. As part of its services, the Company engineer, design, operates, service and repair its fleet of compression units and maintain related support inventory and equipment.

Address

Suite 450 100 Congress Avenue
AUSTIN, TX 78701-2747
United States
+1-512-4732662 (Phone)
+1-302-6555049 (Fax)

Website links

http://www.usacpartners.com/

Groupon Fires CEO Andrew Mason

Ticker: GRPN

"After four and a half intense and wonderful years as CEO of Groupon, I've decided that I'd like to spend more time with my family. Just kidding - I was fired today." -Andrew Mason

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Twenty-four hours after reporting disappointing first-quarter earnings (a move that sent its stock down more than 25% in after-hours), Groupon announced Thursday afternoon that co-founder and CEO Andrew Mason will no longer hold the top post at the company.

Groupon Executive Chairman Eric Lefkofsky and Vice Chairman Ted Leonsis will assume leadership of the four-and-a-half-year-old daily deals business while its board of directors seeks out a new chief executive, according to a release issued by the company.