You have seen the floodgates opening for secondary offerings dues to the market strength, but we are also seeing more legitimate filings from private companies looking to come public via an initial public offering.  Higher One Holdings Inc. and Oxford Resource Partners, LP are two initial public offerings we have seen this week.  We have also seen a quasi-IPO from National American University Holdings, Inc. (OTC: NAUH), although that is an offering to move up to NASDAQ.  Another company outside of the U.S. named Scorpio Tankers Inc. is out with an amended filing for an IPO.

We have listed the basic terms of each, underwriters, a description, and added color where applicable.

Higher One Holdings Inc.

Higher One Holdings Inc., a provider of technology and payment services to higher education institutions, did not disclose the terms but it listed up to $100 million in common stock would be sold in its IPO. The company also offers campus communities with convenient and student-oriented banking services.  It plans to trade on the NASDAQ, although no stock ticker was proposed.

Goldman Sachs is the sole bookrunner, UBS is a co-lead and co-managers are listed as Piper Jaffray, Raymond James, William Blair, and JMP Securities. Lightyear Capital holds a 32% pre-IPO stake.

Oxford Resource Partners, LP

Oxford Resource Partners, LP, a a low cost producer of high value steam coal listed as the largest producer of surface mined coal in Ohio, filed this week for an initial public offering.  The IPO terms are not disclosed, but it is planning to sell up to $250,000,000.00 in common units.  It has a proposed ticker of “OXF”” on the NYSE and the lead underwriters are listed so far as Barclays Capital and Citigroup.  Its reserves and operations are strategically located in Northern Appalachia and the Illinois Basin to serve our primary market area of Illinois, Indiana, Kentucky, Ohio, Pennsylvania and West Virginia; and it currently has 19 active surface mines that are managed as eight mining complexes.

It produced 5.8 million tons of coal during 2009; and as of December 31, 2009, it controlled 91.6 million tons of proven and probable coal reserves, of which 68.6 million tons were associated with its surface mining operations and the remaining 23.0 million tons consisted of underground coal reserves that it has subleased to a third party in exchange for an overriding royalty.

National American University Holdings, Inc.

National American University Holdings, Inc. (OTC: NAUH) is trying to move from the OTC to NASDAQ, so this is not exactly a genuine IPO.  The company filed to sell up to $80.5 million in its IPO and the 7 million shares is listed as 3.5 million by holders and 3.5 million by the company.  Stifel Nicolaus is the sole bookrunner, William Blair is the co-lead manager, and Signal Hill is co-manager.  Its self-description is as follows:

• We are a regionally accredited, for-profit, multi-campus institution of higher learning founded in 1941. We offer academic programs to our students through campus-based and online instruction. We provide Associate, Bachelor’s and Master’s degree programs in business-related disciplines, such as accounting, applied management, business administration and information technology, and in healthcare-related disciplines, such as nursing and healthcare management. Currently, our students may choose from 38 different degree and diploma programs.

Scorpio Tankers, Inc.

Scorpio Tankers, Inc. is a pending IPO selling 12.5 million shares in a range of $14 to $16 per share to raise up to $230 million.  The company is incorporated in Republic of The Marshall Islands and it offers seaborne transportation of crude oil and other petroleum products worldwide.  It plans to trade on the New York Stock Exchange under the symbol “STNG”.  Lead underwriters are Morgan Stanley and Dahlman Rose. The company owns and operates three Panamax tanker vessels in its fleet.

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JON C. OGG

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