Neiman Marcus leaves IPO bankers hanging: Reuters

(Reuters) — Investment bankers put on their best business attire to pitch luxury department store operator Neiman Marcus Group Inc for underwriter roles in an initial public offering. Yet more than a month after their beauty parade, banks are still in the dark. At stake for bankers are not just tens of millions of dollars in underwriting fees, but assignments in what was expected to be one of this year’s biggest and most high-profile IPOs in the United States. “For a marquee name such as Neiman Marcus, it is not just the fees you generated, but the ability to leverage that name. Everybody knows the name Neiman Marcus, whether you shop there or not,” said Timothy Golomb, executive director at Dresner Corporate Services, an investor relations and IPO advisory firm. Neiman Marcus’ delay in handing out roles finds IPO bankers already on the edge, with many of their deals having frozen due to the stock market turmoil that started last month. Among other high-profile IPOs that are waiting in wings are Spanish language broadcaster Univision Holdings Inc and payments processor First Data Corp. While Neiman Marcus has not provided a reason for the holdup to banks, carrying out underwriter interviews without following up with appointments is rare in investmentbanking, according to people familiar with the matter who requested anonymity to discuss the matter. “It’s like getting engaged without getting married,” one banking source said. Neiman Marcus, which also operates under the Bergdorf Goodman and MyTheresa brands, registered with the U.S. Securities and Exchange Commission on Aug. 4 for an IPO, close to two years after private equity firm Ares Management LLC (ARES.N) and Canada Pension Plan Investment Board acquired it for $6 billion. Earlier this month, Neiman Marcus reported that its adjusted earnings before interest, tax, depreciation and amortization were $710.6 million in the 12 months to Aug. 1, slightly up from $698.4 million the year prior.

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Neiman Marcus leaves IPO bankers hanging: Reuters

Element Partners-backed AquaVenture Holdings files for IPO

Tampa-based water purification solutions provider AquaVenture Holdings LLC has filed for an IPO. The number of shares that will be sold as well as the stock’s pricing terms have yet to be set. The company plans on trading the stock on the New York Stock Exchange under the ticker symbol “WAAS.” Citigroup, Deutsche Bank Securities and RBC Capital Markets are serving as the lead underwriters. AquaVenture’s backers include Element Partners. PRESS RELEASE TAMPA, Fla., Sept. 25, 2015 /PRNewswire/ — AquaVenture Holdings LLC today announced that it has publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The number of shares to be offered and the price range for the offering have not been determined. AquaVenture Holdings has applied to list its common shares on the New York Stock Exchange under the ticker symbol “WAAS.” Citigroup, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers and as representatives of the underwriters. Canaccord Genuity and Raymond James are acting as co-managers. The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (Telephone: (800) 831-9146), from Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall Street, New York, NY 10005 (Telephone: (800) 503-4611, Email: prospectus.cpdg@db.com), and from RBC Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; Attention: Equity Syndicate; Telephone: (877) 822-4089; Email: equityprospectus@rbccm.com. A registration statement related to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About AquaVenture Holdings AquaVenture Holdings is a provider of Water-as-a-Service (WAASTM) solutions that offer customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture Holdings is composed of two operating platforms: Quench, a U.S.-based provider of Point-of-Use, or POU, filtered water systems and related services to more than 40,000 institutional and commercial customers; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing 7 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.

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Element Partners-backed AquaVenture Holdings files for IPO

PE-backed Performance Food Group prices IPO

Virginia-based food products distributor Performance Food Group Company has priced its IPO of 14.5 million shares at between $22 and $25 per share. The stock will list on the New York Stock Exchange under the ticker symbol “PFGC.” Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Wells Fargo Securities LLC and Morgan Stanley & Co. LLC are serving as the lead underwriters. PFGC is backed by Wellspring Capital Management and Blackstone Group. PRESS RELEASE RICHMOND, Va.–(BUSINESS WIRE)–Performance Food Group Company (“PFGC”) today announced it has commenced its initial public offering of 14,500,000 shares of its common stock. PFGC is offering 12,777,325 shares and certain selling stockholders are offering 1,722,675 shares. The initial public offering price is currently expected to be between $22.00 and $25.00 per share. Certain selling stockholders have also granted the underwriters a 30-day option to purchase up to 2,175,000 additional shares at the initial public offering price. PFGC’s common stock has been approved for listing on The New York Stock Exchange under the symbol “PFGC.” Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. Blackstone Capital Markets, BB&T Capital Markets, Guggenheim Securities and Macquarie Capital are acting as co-managers for the offering. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering may be obtained from: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, by telephone at 1-800-221-1037, or by email at newyork.prospectus@credit-suisse.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847, or by emailing: Barclaysprospectus@broadridge.com. About Performance Food Group Company Through its family of leading foodservice distributors – Performance Foodservice, Vistar and PFG Customized – Performance Food Group Company (PFGC) markets and distributes approximately 150,000 food and food-related products from 68 distribution centers to over 150,000 customer locations across the United States. PFGC’s 12,000+ associates serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, big box retailers and theaters. The company sources its products from over 5,000 suppliers and serves as an important partner to its suppliers by providing them access to the company’s broad customer base.

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PE-backed Performance Food Group prices IPO