VC-Backed IPO Pipeline Fills Up

Fallbrook Technologies today filed for a $50 million IPO, although I can’t for the life of me figure out why. The company has decreasing revenue, increasing losses and is looking to raise the type of equity infusion that its existing VC backers should be able to provide. If it weren’t for Vringo, this would be in contention for the year’s “WTF IPO?!?!” prize.

All of that is a way of leading into our monthly look at VC-backed companies that are in registration to go public on U.S. exchanges. There are of 37 them, representing more than $4.25 billion in targeted raise. This includes 11 additions since our last list, and two removals (Ironwood Pharma and Quinstreet, which both priced).

We lead off with the new ones, and then proceed alphabetically:

[slideshow]

[slide title=”Fallbrook Technologies”]
Fallbrook Technologies Inc., a San Diego-based provider of technology for improving the performance and flexibility of transmissions for vehicles and equipment, filed for a $50 million IPO on February 16. CIBC and Mackie Research Capital are serving as co-lead underwriters.

The company reports $871,000 in revenue for the nine months ending Sept. 30, 2009, compared to $1.96 million during the same period in 2008. Its income loss for the 2009 period was $11.7 million.

Fallbrook has raised around $24 million in VC funding from Robeco (24.1% pre-IPO stake) and NGEN Partners (23.7%). www.fallbrooktech.com

[slide title=”Nexx Systems”]

NEXX Systems Inc., a Billerica, Mass.-based provider of processing equipment for wafer-level packaging applications, filed for a $42 million IPO on February 11. Canaccord Adams and CIBC are serving as co-lead underwriters.

It reported $22.2 million in net revenue for the first nine months of 2009.

NEXX has raised around $33 million in VC funding, from firms like Sigma Partners and Enterprise Partners Venture Capital. www.nexxsystems.com

[slide title=”GameFly”]
GameFly Inc., a subscription-based videogame rental company, filed for a $50 million IPO on February 10. It plans to trade on the Nasdaq under ticker symbol GFLY, with BoA Merrill Lynch and Piper Jaffray serving as co-lead underwriters.

The company reports around $47 million in revenue for the second and third quarters of 2009, compared to $39 million over the same period in 2008. Its operating income for the 2009 period was nearly $6 million.

GameFly has raised venture capital from Sequoia Capital (51.56% pre-IPO stake) and Tenaya Capital (5.9%). www.gamefly.com

[slide title=”Tesla Motors”]
Tesla Motors, a San Carlos, Calif.-based maker of electric vehicles, filed for a $100 million IPO on January 30.

The company reported a $31.5 million loss for the first nine months of 2009, down from a $57.3 million loss during the same period in 2008. It said to expect continued losses until it begins making “significant” deliveries of its Model S, which is not expected until 2012.

Tesla has raised over $220 million in VC funding from firms like Draper Fisher Jurvetson, Daimler AG and VantagePoint Venture Partners.

[slide title=”Vringo”]
Vringo, a New York-based provider of video ringtone sharing solutions, filed to for an IPO of stock and warrants. The company plans to trade on the Nasdaq, with Maxim Group serving as lead underwriter.

The company reported just $36,000 in revenue for the first nine months of 2009. Shareholders include Warburg Pincus, with a 31.9% ownership stake. www.vringo.com

[slide title=”BG Medicine”]
BG Medicine Inc., a Waltham, Mass.-based developer of molecular diagnostics based on biomarkers, filed for an $86.25 million IPO on January 29. It plans to trade on the Nasdaq under ticker symbol BGMD, with Jefferies & Co. and UBS serving as co-lead underwriters. The company previously filed for a $72 million IPO in 2007 with Cowen & Co. as lead underwriter, but later pulled the offering due to “unfavorable market conditions.”

BG Medicine has raised over $37 million in VC funding since 2000, from firms like Flagship Ventures (44.4% pre-IPO stake), Gilde Investment Management (14.1%) and Koniklijke Philips Electronics (5.6%). www.beyondgenomics.com

[slide title=[“Glasshouse Technologies”]
GlassHouse Technologies Inc., a Framingham, Mass.-based provider of storage consulting and services, filed for a $75 million IPO on January 28. It plans to trade on the NYSE, with Goldman Sachs and Credit Suisse serving as co-lead underwriters.

The company reports $65 million in revenue for the first three quarters of 2009, compared to $62 million over the same period in 2008.

GlassHouse has raised over $72 million in VC funding, from firms like Sigma Partners (25.81% pre-IPO stake), GrandBanks Capital (12.49%), Kodiak Venture Partners (10.75%), Paladin Capital Group (9.3%), Jafco, Cisco Systems, Montagu Newhall Associates, Shiprock Capital and Dell Computer.

The company had filed for a $100 million IPO in 2007, but withdrew in early 2008 due to “current public market conditions.” Goldman Sachs was lead underwriter on the offering, which would have had GlassHouse listing on the Nasdaq. www.glasshousetech.com

[slide title=”Convio”]
Convio Inc., an Austin, Texas-based provider of online constituent relationship management solutions for nonprofit organizations, filed for a $57.5 million IPO on January 25. It previously filed for an $86.25 million IPO in August 2007, but withdrew registration one year later due to “unfavorable market conditions.”

The company plans to trade on the Nasdaq under ticker symbol CNVO, with Piper Jaffray and Thomas Weisel Partners serving as co-lead underwriters. It has raised over $47 million in VC funding, and lists shareholders like Granite Ventures (20.1% pre-IPO stake), Austin Ventures (15.7%), El Dorado Ventures (9.2%), Adams Street Partners (8.9%), Silverton Partners (5.2%), Pacific Partners (2.8% and Rembrandt Ventures (2.7%). www.convio.com

[slide title=”Everyday Health”]
Everyday Health Inc., a Brooklyn, N.Y.-based, filed for a $100 million IPO on January 22. The company plans to trade on the Nasdaq under ticker symbol EVDY, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.

Shareholders include WF Holding Co. (29.5% pre-IPO stake), Rho Ventures (24.6%), Scale Venture Partners (7.5%), Foundation Capital (6.1%) and NeoCarta Ventures (6%).

[slide title=”Motricity”]
Motricity Inc., a Durham, N.C.-based provider of mobile marketplace management solutions, filed for a $250 million IPO on January 22. It plans to trade on the Nasdaq under ticker symbol MOTR, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.

The company has raised over $365 million in VC funding, from Advanced Equities (26.4% pre-IPO stake), Carl Icahn (21.12%), New Enterprise Associates (8.38%), Technology Crossover Ventures (5.54%), Massey-Burch Capital, Noro-Moseley Partners, Intel Capital, Qualcomm Ventures, Sienna Ventures, TriState Investment Group and Wakefield Group.

[slide title=”JinkoSolar”]
JinkoSolar Holding Co. Ltd., a Chinese developer of silicon wafers for use in solar paneling, filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol JKS, with Goldman Sachs (Asia) and Credit Suisse serving as co-lead underwriters.

The company raised $35 million in 2008 from CIVC, Shenzhen Capital Group Co. and Pitango Venture Capital.

[slide title=”Accretive Health”]
Accretive Health Inc., a Chicago-based provider of healthcare revenue cycle management services, filed for a $200 million IPO on 9/29/09. It plans to trade on the NYSE under ticker symbol AH, with Goldman Sachs and Credit Suisse serving as co-lead underwriters.

The company reported around $398 million in 2008 revenue, and that Oak Hill Capital Partners holds around a 21% pre-IPO ownership position. www.accretivehealth.com

[slide title=”Aldagen”]
Aldagen Inc., a Durham, N.C.-based developer of clinical-stage regenerative therapies, filed for an $80.5 million IPO on 10/28/09, just weeks after withdrawing an earlier IPO registration due to “market conditions.”

It plans to trade on the Nasdaq, with Wells Fargo and Cowen & Co. serving as co-lead underwriters.

Aldagen has raised around $64 million in VC funding since 2000, from firms like Intersouth Partners, Harbert Venture Partners, The Aurora Funds, Tullis-Dickerson and Trelys Funds. www.aldegen.com

[slide title=”Alimera Sciences”]

Alimera Sciences Inc., an Atlanta-based ophthalmic pharmaceutical company, filed for an $80 million IPO on 10/30/09. This came less than two months after Alimera withdrew registration for a $75 million IPO due to “current public market conditions.”

It had planned to trade on the Nasdaq under ticker symbol ALIM, with Credit Suisse and Citi serving as co-lead underwriters.

Alimera has raised just over $71 million in VC funding since 2004, from firms like Scale Venture Partners (18.44% pre-IPO stake), Domain Associates (18.44%), Intersouth Partners (18.44%), Polaris Venture Partners (18.44%) and Venrock Associates (14.93%).

It also received a total of $16.7 million from the sale of two OTC allergy products and a lubricating eye from to Bausch & Lomb. www.alimerasciences.com

[slide title=”Anthera Pharmaceuticals”]

Anthera Pharmaceuticals Inc., a San Mateo, Calif.-based developer of anti-inflammatory drugs, filed for a $70 million IPO on 9/15/09. It plans to trade on the Nasdaq under ticker symbol ANTH, with Deutsche Bank Securities serving as lead underwriter. It later set its IPO terms to 4.61 million common shares being offered at between $13 and $15 per share.

The company has raised around $75 million in VC funding, from firms like VantagePoint Venture Partners (32.97% pre-IPO stake), Sofinnova Ventures (21.24%), Caxton Advantage Life Sciences Fund (6.09%), HBM BioCapital (6.07%), Pappas Ventures (5.55%) and Mitsubishi International Corp. www.anthera.com

[slide title=”AVEO Pharmaceuticals”]

AVEO Pharmaceuticals Inc., a Cambridge, Mass.-based oncology drug company, filed for an $86.25 million IPO on 12/16/09. It plans to trade on the Nasdaq under ticker symbol AVEO, with J.P. Morgan and Morgan Stanley serving as co-lead underwriters.

The company has raised around $151 million in VC funding, from firms like Biogen Idec (14% pre-IPO stake), MPM Capital (10.7%), Highland Capital Partners (9.9%), Venrock (8%), Prospect Venture Partners (7.8%), Bessemer Venture Partners, Merlin BioMed Group, Mitsubishi UFJ Financial Group, Flagship Ventures, Oxford Bioscience Partners, Greylock Partners, Lotus Biosciences, GE Capital and Vatera Holdings. www.aveopharma.com

[slide title=”Broadview Networks”]
Broadview Networks Inc., a Rye Brook, N.Y.-based provider of integrated communications and managed security services, has filed for a $287.5 million IPO on 11/30/07 (yes, you read that correctly).

Its most recent amended S-1 filing was in June 2008. It said that the company still plans to trade on the Nasdaq, with Deutsche Bank Securities and Jefferies & Co. serving as co-lead underwriters.

Last August, the company bought select assets of VC-backed Natural Convergence.

Broadview has raised nearly $300 million in total VC funding since 1997, with current shareholders including Baker Capital, MCG Capital, New Enterprise Associates, ComVentures and Lightspeed Venture Partners. www.broadviewnet.com

[slide title=”Calix Networks”]

Calix Networks Inc., a Petaluma, Calif.-based provider of communications access systems and software, filed for a $100 million IPO on 11/20/09. It plans to trade on the NYSE under ticker symbol CALX, with Goldman Sachs and Morgan Stanley serving as co-lead underwriters.

The company reported $144 million in revenue for the first nine months of 2009, with net loss of $28 million.

The company has raised around $220 million in VC funding from Foundation Capital (9% pre-IPO stake), TeleSoft Partners (8.4%), Azure Capital Partners (8.26%), Meritech Capital Partners (6.62%), Redpoint Ventures (6.02%), Contrarian Capital Management, Credit Suisse, Kinetic Ventures, Menlo Ventures and Integral Capital Partners. It also secured venture debt funding from Silicon Valley Bank. www.calix.com

[slide title=”Codexis”]
Codexis Inc., a Redwood City, Calif.-based provider of solutions for pharma chemical process development and manufacturing, filed for a $100 million IPO on 12/28/09.

The company reported product revenue of $13.4 million in the nine months ended Sept. 30, up from $10.8 million in the same period a year ago.

Codexis has raised just over $80 million in VC funding since 2002, from firms like CCTV Investments, CMEA Ventures, Pequot Capital, Bio*One Capital and Pfizer. It canceled a previous $100 million IPO attempt in September 2008. www.codexis.com

[slide title=”Digital Domain”]
Digital Domain Inc., a Venice, Calif.-based visual effects and animation company, filed for a $100 million IPO on 12/11/07. It later amended the terms to six million common shares being offered at between $12 and $14 per share. The company would have an initial market cap of approximately $268 million, were it to price at the high end of its offering range.

Digital Domain plans to trade on the Nasdaq under ticker symbol DTWO, with Thomas Weisel Partners and CIBC World Markets serving as co-lead underwriters. Shareholders include Falcon Mezzanine Partners and GunnAllen Venture Partners. www.digitaldomain.com

[slide title=”Fabrinet”]
Fabrinet Inc., a Thailand-based provider of foundry services to optical component, module/subsystem and optics OEMs, filed for a $150 million IPO on 11/20/09. It plans to trade on the NYSE under ticker symbol FN, with Morgan Stanley and Deutsche Bank Sercurities.

Last year, Fabrinet canceled a proposed $250 million IPO, due to “market conditions.”

Shareholders include H&Q Asia Pacific (58.3% pre-IPO stake), JDS Uniphase Corp. (6.5%) and J.F. Shea Co. (6.5%). www.fabrinet.th.com

[slide title=”Financial Engines”]
Financial Engines, a Palo Alto, Calif.-based provider of technology-enabled portfolio management and investment services, filed for a $100 million IPO on 12/09/09. It plans to trade on the Nasdaq under ticker symbol FNGN, with Goldman Sachs serving as lead underwriter. Shareholders include Foundation Capital (17.4% pre-IPO stake), New Enterprise Associates (14.4%) and Oak Hill Capital Partners (9.3%).

Financial Engines posted revenue of $58.8 million in the nine months ended September 30, up 12.6% from $52.3 million a year ago. The company posted net income of $1.7 million, compared with a $1.5 million loss a year ago. www.financialengines.com

[slide title=”GAIN Capital Group”]
GAIN Capital Group, a Bedminster, N.J.-based provider of online foreign exchange trading services for individuals and institutions, filed for a $125 million IPO on 8/31/09. It plans to trade on the Nasdaq, with Morgan Stanley and Deutsche Bank Securities serving as co-lead underwriters.

The company has raised around $172 million in VC funding, from firms like 3i Group, Cross Atlantic Capital Partners, Edison Venture Funds and VantagePoint Venture Partners. www.gaincapital.com

 

[slide title=”MaxLinear”]
Maxlinear Inc., a Carlsbad, Calif.-based fabless chipmaker, filed for a $100 million IPO on 11/6/09. It plans to trade on the NYSE, with Morgan Stanley and Deutsche Bank Securities serving as co-lead underwriters.

 

The company raised around $35 million in VC funding, from firms like U.S. Venture Partners (21.62% pre-IPO stake), Battery Ventures (13.75%), Mission Ventures (13.03%) and UMC Capital (7.09%).

Maxlinera’s net revenue for the first nine months of 2009 was just over $36 million, with $2.4 million in net income. www.maxlinear.com

[slide title=”Meru Networks”]

Meru Networks Inc., a Sunnyvale, Calif.-based developer of wireless infrastructure solutions, filed for an $86.25 million IPO on 12/18/09. It plans to trade on the NYSE under ticker symbol MERU, with BoA Merrill Lynch serving as lead underwriter.

The company reported $31.8 million in revenue for the first nine months of 2009, with a net loss of $9.43 million.

The company has raised over $160 million in VC funding since 2002, from Clearstone Venture Partners (21% pre-IPO position), Vision Capital (19.1%), NeoCarta Ventures (18.5%), BlueStream Ventures (16.4%), The D. E. Shaw Group (15.6%), Tenaya Capital (10.1%), Evercore Partners and Monitor Ventures. www.merunetworks.com

[slide title=”Metropark USA”]
Metropark USA Inc., a City of Industry-based specialty retailer whose mall-based stores are focused on fashion-oriented 20-30 year-olds, filed for a $100 million IPO on 6/13/08. It plans to trade on the Nasdaq under ticker symbol MTPK, with Goldman Sachs serving as lead underwriter.

The company raised a small amount of expansion capital in 2007 from Claritas Capital. www.metropark.com

[slide title=”Newegg”]
NewEgg Inc., a City of Industry, Calif.-based ecommerce company focused on IT products for small and mid-sized businesses, filed for a $175 million IPO on 9/28/09. J.P. Morgan, BoA Merrill Lynch and Citi are serving as co-lead underwriters.

The company said it had been profitable every year since 2001 and generated sales of $2.1 billion in 2008.

Insight Venture Partners holds a 12.7% pre-IPO position, based on a $20 million investment in 2005.

[slide title=”Prometheus Laboratories”]
Prometheus Laboratories Inc., a San Diego-based drug and diagnostics company, filed for a $100 million IPO on 12/19/07.

The company has raised $72.8 million in VC funding, from DLJ Merchant Banking Partners (21.4% stake), Split Rock Partners (17.4%), New Leaf Ventures (12.5%), Apax Partners (11%) , Wachovia Capital Partners (11%) and Brentwood Venture Capital (7.5%). Last April, Prometheus invested $8 million of equity into Rosetta Genomics Ltd. (Nasdaq: ROSG), as part of a licensing and collaboration agreement. www.prometheuslabs.com

 

[slide title=”ReachLocal”]

 

ReachLocal Inc., a Woodland Hills, Calif.-based provider of online advertising solutions for local businesses, filed for a $100 million IPO on 12/22/09.

J.P. Morgan and BoA Merrill Lynch are serving as co-lead underwriters.

The company reported over $143 million in revenue for the first nine months of 2009, compared to around $100 million over the same period one year ago. Its net income for the 2009 period is $11.66 million, compared to a $4.47 million loss in 2008.

ReachLocal raised around $68 million in VC funding, from VantagePoint Venture Partners (53.22% pre-IPO stake), Rho Ventures (12.94%) and Galleon Group (6.76%). There is no mention of Galleon’s current troubles in the S-1 filing. www.reachlocal.com

[slide title=”Rules-Based Medicine”]
Rules-Based Medicine Inc., an Austin, Texas-based multiplexed biomarker testing laboratory, filed for a $90 million IPO on 12/23/09. It plans to trade on the Nasdaq under ticker symbol RULE, with Jefferies & co. serving as lead underwriter.

The company reported $14.5 million in revenue and a $911k net loss for the nine months ending 9/30/09.

Rules-Based Medicine raised a $25 million Series A round in 2007 led by Equity Group Investments, with Cross Creek Capital and Stephens Capital Partners also participating. www.rbmmaps.com

[slide title=”Solyndra”]
Solyndra Inc., a Fremont, Calif.-based provider of solar energy systems for commercial rooftops, filed for a $300 million IPO on 12/19/09. Goldman Sachs and Morgan Stanley are serving as co-lead underwriters.

The company has raised over $500 million in VC funding, from firms like Argonaut Ventures (35.74%), U.S. Venture Partners (10.19%), RockPort Capital Partners (7.5%), CMEA Ventures (6.81%) and Redpoint Ventures (5.94%).

Last March, Solyndra got a $535 million loan guarantee from the Department of Energy to build a second solar panel fabrication plant in California — the first cleantech company to get such a loan. It also applied for a second loan from the DOE of $469 million, according to the S-1, and estimates that the next phase of the fab will cost $642 million.

[slide title=”SPS Commerce”]
SPS Commerce, a Minneapolis-based provider of on-demand supply chain management solutions, filed for a $46 million IPO on 12/3/09. It plans to trade on the Nasdaq under ticker symbol SPSC, with Thomas Weisel Partners serving as lead underwriter.

The company raised around $71 million in VC funding, with current shareholders include Adams Street Partners, Granite Ventures, River Cities Capital Funds and Split Rock Partners. www.spscommerce.com

[slide title=”SS&C Technologies”]
SS&C Technologies Inc., a Windsor, Conn.-basedfinancial management software company backed by The Carlyle Group, filed for a $300 million IPO on 12/28/09.

It reported nearly $200 million in revenue for the nine months ending Sept. 30, down from $211.7 million in the same period a year ago. The company had canceled a proposed $200 million IPO in October 2008. www.ssctech.com

[slide title=”Telegent Systems”]

Telegent Systems Inc., a Sunnyvale, Calif.-based provider of mobile TV solutions, filed for a $250 million IPO on 11/23/09. It plans to trade on the Nasdaq under ticker symbol TLG, with Goldman Sachs and J.P. Morgan serving as co-lead underwriters.

The company reported $111 million in revenue for the six months ending Sept. 30, with $39 million in net income.

Telegent has raised around $50 million in VC funding since 2000, from firms like New Enterprise Associates (24% pre-IPO stake), Walden International (24%), Index Ventures (12.8%) and Northern Light Venture Capital. www.telegent.com

[slide title=”TeleNav”]
TeleNav Inc., a Sunnyvale, Calif.-based provider of voice-guided navigation services for mobile phones, filed for a $75 million IPO on 10/31/09. J.P. Morgan and Deutsche Bank Securities are serving as co-lead underwriters.

The company has raised around $35 million in VC funding, from firms like Menlo Ventures (14.25% pre-IPO stake), iGlobe Partners (10.31%), Tenaya Capital and Sycamore Ventures. www.telenav.com

[slide title=”Tengion”]

Tengion Inc., an East Norriton, Penn.-based regenerative medicine company focused on replacement organs like bladders, filed for a $40.25 million IPO on 12/24/09. It plans to trade on the Nasdaq under ticker symbol TNGN, with Piper Jaffray serving as lead underwriter.

Tengion has raised over $140 million in VC funding, from Oak Investment Partners (19.6% pre-IPO stake), HealthCap (14.3%) Johnson & Johnson Development Corp. (12.5%), Brookside Capital (8.6%), Bain Capital Ventures (8.5%), Quaker BioVentures (8.3%), L Capital Partners (6.4%), Deerfield Partners and Safeguard Scientifics. www.tengion.com

[slide title=”Trius Therapeutics”]

Trius Therapeutics Inc., a San Diego-based developer of antibacterial drugs, filed for an $86.25 million IPO on 11/12/09. It plans to trade on the Nasdaq under ticker symbol TSRX, with Credit Suisse serving as lead underwriter.

The company has raised nearly $50 million in VC funding, from firms like Sofinnova Ventures (21.2% pre-IPO stake), Interwest Partners (17.7%), Versant Ventures (17.7%), Prism VentureWorks (13.5)%, Kleiner Perkins Caufield & Byers (11.9%) and FinTech Global Capital. www.triusrx.com

[/slideshow]