Based in North Palm Beach, Florida, Bankrate (proposed RATE) is scheduling a $300 million IPO with a market capitalization of $1.5 billion at the price range mid-point of $15 for Friday June 17, 2011. The IPO calendar includes three IPOs this week.
Summary - This 35-year-old company provides financial rate information through its own web sites and through distribution agreements. It was public for 10 years and then was taken private in August 2009, then loaded up with debt where the proceeds likely went out to the new owners as dividends.
Valuation - At the price range mid-point of $15, based on annualizing results for the March 211 quarter, RATE is valued at 3.8 times sales, 74 times annualized earnings for the March 2011 quarter, 2 times book and -12 times tangible book value (which indicates a lot of debt, in this case incurred to pay dividends to pre-IPO shareholders
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AMAZONCOM AMERICA MOVIL AMKOR TECHNOLOGY AMPHENOL ANIXTER INTERNATIONAL
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