Keep on waiting
HCA Inc. announced its plan for a $2 billion dividend for shareholders in Q4 as the company continues its IPO holding pattern. And it seems we shouldn't expect the offering any time soon: The hospital operator told investors on this morning's conference call that it continues to assess the timing of the launch of its initial public offering based on overall market conditions, sector performance and input from its underwriters. Because of the securities registration, the company is in a quiet period and didn't field analyst questions. Nov 9, 2010 11:08 AM
Spheris parent
Middle Tennessee soon will have another locally based public company — though its "localness" may come as a surprise. CBaySystems Holdings — whose MedQuist subsidiary purchased Franklin-based Spheris out of bankruptcy for $116 million earlier this year — has filed for a $115 million initial public offering and listed Spheris' Carothers Parkway office as its headquarters. Though CBaySystems never formally announced it was going to call Franklin its home after the Spheris deal closed in April, the 48,000-square-foot facility is now the "administrative headquarters for our United States operations" and the address of most of its executive officers and directors, including CEO Robert Aquilina. Also deep inside the document are some details about Spheris' finances: The company's customer defections slowed early this year after topping $24 million in 2009 and integration cost savings are running at a $28 million annual pace. CBaySystems Inc. owns about 82.5 percent of New Jersey-based medical transcription firm MedQuist and is already is listed in London, where it has a market cap of about $290 million. Oct 20, 2010 8:17 AM
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So don't look for HCA's offering soon, OK?
The IPO market stinks pretty bad right now. Oct 18, 2010 7:28 AM
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Logan's sold to private-equity firm
Restaurant chain's IPO plans make way for NY financial backer
Aug 30, 2010 12:07 PM
$40 billion, maybe
That's what Imperial Capital Douglas Dieter estimates will be the market cap of HCA after it completes its IPO. Forbes' David Whelan breaks down the numbers in this magazine piece — and then blogs about one insider's doubts about the deal even happening. Aug 26, 2010 11:43 AM
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Why more Nashville health care companies don't go public
MarketWatch's Russ Britt talks to some area health care players about the public markets and the depth of the local industry. Nothing new to people familiar with Music City's health care prowess but I'm guessing the folks at the chamber won't mind the pub. Jul 27, 2010 12:17 PM
HCA backer hits NYSE July 15
HCA's big private equity backer, KKR & Co. L.P., will begin trading on the New York Stock Exchange July 15 under the symbol KKR. The Wall Street Journal has some context:In a separate regulatory filing with the Securities and Exchange Commission Tuesday, the company said its top two executives took home $22.4 million in cash apiece last year. Henry R. Kravis and George R. Roberts, founders of the private-equity company, generated total compensation of $70.5 million each in 2009, the majority of which was in non-cash stock awards, according to the filing with the Securities and Exchange Commission. The $70.5 million figure doesn't include the cash they earned. Each owns a 13% stake in the company, according to the filing.Bloomberg's got more at this link.
Jul 7, 2010 7:49 AM
While we're waiting on HCA
"Despite recent market hurdles, the IPO pipeline continues to build with an additional 68 companies registering new deals during the second quarter," said Scott Gehsmann, capital markets partner with PricewaterhouseCoopers' Transaction Services. "While recent market swings have posed a short-term threat to companies looking to price their IPOs, the path to a successful IPO is a journey -- not a sprint. Interim market challenges provide opportunities to reflect on the adequacy of the issuer's readiness to enter the public equity markets and the post-IPO strategic plan."
Jul 6, 2010 11:41 AM
Venture-backed IPOs rise, M&A falls
The second quarter of 2010 saw 15 initial public offerings by companies backed by venture capital firms. Collectively, the IPOs raised nearly $900 million — a nice jump from the three IPOs and $232 million raised in last year's Q2 and the highest level since 2007."Venture-backed IPOs hitting double-digits for the first time since 2007 is promising, but a spate of recent withdrawals by IPO candidates signals some instability in the market," said Jessica Canning, global research director for Dow Jones VentureSource. "Three companies withdrew their IPO registration in the second quarter, most citing unfavorable market conditions, leaving 41 companies in the pipeline."Merger and acquisition activity was down in the quarter, though it's risen 12 percent in the first six months of the year compared to the start of 2009. Get the rest of the stats at this link.
Jul 1, 2010 12:45 PM
Analyst action: Noranda, Regions
Six weeks after Noranda Aluminum went public with a bit of a thud, four of the firms that helped manage its IPO have launched coverage of the Franklin-based company. Bank of America Merrill Lynch is the only one to come out with a 'buy' rating, while Credit Suisse and Morgan Stanley see the stock (Ticker: NOR) merely outperforming, albeit rising to the same $11 price target BofA envisions. Goldman is a bit more sober. Meanwhile, outspoken analyst Dick Bove at Rochdale Securities has begun covering Regions Financial with a 'neutral' rating. Bove, who recently said banks active in the Gulf Coast will benefit from the spill-related claims BP is paying, sees Regions (Ticker: RF) rising a couple of percentage points to $7.50. Jun 23, 2010 1:55 PM
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