First IPOs of 2015 Due Next Week

Now we are off and running in a new year, and three IPOs are lined up for the week beginning January 12 and one more on tap for the following week. We will start with that one because it is the best known of the current crop of potential IPOs.

Box Inc., a cloud-based storage and collaboration platform, set terms for its IPO Friday morning. The company plans to offer 12.5 million shares of Class A common stock in an IPO price range of $11 to $13. At the mid-point of the price range, Box’s fully diluted market value is $1.6 billion. Joint bookrunners for the offering are Morgan Stanley & Co., Credit Suisse Securities and J.P. Morgan Securities. Other underwriters include BMO Capital Markets, Canaccord Genuity, Pacific Crest Securities, Raymond James and Wells Fargo Securities. The underwriters have a 30-day option on an additional 1.875 million shares of Class A common stock. We covered the story with more detail on Friday. Shares are expected to begin trading in the week of January 19 on the New York Stock Exchange under the ticker symbol BOX.

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County Bancorp Inc. is a Wisconsin-based commercial bank focused on providing financial services to the state’s agriculture industry, with special focus on dairy-related lending. The bank plans to offer 1.2 million shares in an IPO price range of $16 to $18 to raise $20.1 million at a market cap of $93.3 million. Joint bookrunners for the offering are Baird and Sterne Agee. Shares are expected to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol ICBK.

Patriot National Inc. is a national provider of comprehensive outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives. The company is offering 8.3 million shares in a price range of $16 to $18, and it expects to raise about $141 million at a market value of $432.2 million. Joint bookrunners for the offering are UBS Investment Bank, BMO Capital Markets and Suntrust Robinson Humphrey. Co-managers are JMP Securities and William Blair. The stock is expected to price on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol PN.

Sutherland Asset Management Corp. is a real estate investment trust (REIT) that acquires, originates, manages, services and finances primarily small-balance commercial loans. The company plans to offer 8.1 million shares in an expected price range of $15 to $16. The firm expects to raise $125 million at a market value of around $554 million. Joint bookrunners for the offering are J.P. Morgan, Morgan Stanley, FBR Capital Markets, Citigroup and Keefe Bruyette Woods. Co-managers are JMP Securities and Ladenburg Thalmann. The stock is expected to price on Thursday and to begin trading Friday on the New York Stock Exchange under the ticker symbol SLD.

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