IPOs: Weekly Review and Preview

We also published our list of the top 10 IPOs for 2014 last week.

Last week’s only scheduled IPO was Sundance Energy Australia, an onshore oil and gas E&P company operating in Texas, Oklahoma, Colorado and North Dakota. The Colorado-based company planned to raise $136 million by offering 7.75 million American Depositary Shares (ADS) at a price range of $16.50 to $18.50. At the midpoint of the proposed range, Sundance Energy Australia would command a fully diluted market value of $542 million. Each ADS is equal to 20 ordinary shares. The company is already traded on the Australian Stock Exchange under the ticker symbol ‘SEA’. The ADS will eventually trade on the Nasdaq under the ticker symbol ‘SNDE’. This one may launch next week — or not.

Lumenis Ltd. is an Israel-based maker of “minimally invasive clinical solutions for surgical, ophthalmic and aesthetic applications.” Products include specialized laser, intense pulsed light (IPL) devices, and RF technologies. The company will offer 6.25 million class B ordinary shares in an expected range of $15 to $17. Underwriters have a 30-day option on an additional 937,500 shares. Lumenis anticipates net proceeds of $90.2 million at the midpoint of the offering range, and the company says it will use the funds for operations and for other general corporate purposes. The company’s other class of shares are called simply “ordinary” shares and carry no additional voting or other privileges. The “ordinary” shares will automatically convert to class B shares when the the lock-up period ends, 181 days after the IPO. Lumenis stock will trade on the Nasdaq under the ticker symbol “LMNS”.

Varonis Systems Inc. is based in New York and has a substantial engineering presence in Israel. The company makes a software platform that helps enterprises make sense of their unstructured data. Varonis plans to offer 4.8 million shares of common stock in an expected price range of $17 to $19 a share. The underwriters have an option on an additional 720,000 shares. At the midpoint of the offering Varonis anticipates net proceeds of $77.9 million. The company said in its filing that it is using the IPO to raise capital and to create a public market for its common stock. Share will trade on the Nasdaq under the ticker symbol “VRNS”.