A real estate investment trust and a Chinese on-line video game maker are set to price initial public offerings next week, joining a flurry of prospective deals that could make September the busiest month for IPOs in nearly two years.
Foursquare Capital Corp, a real estate investment trust that will be run and advised by a unit of money manager AllianceBernstein, will price its initial public offering and make its trading debut the week of Sept. 21, according to one of deal's underwriters.
Foursquare said in prospectus filed on Monday with the U.S. Securities and Exchange Commission that it plans to sell 25 million shares and estimated they would price for $20 each.
Foursquare, which specializes in commercial and residential mortgage-backed securities, aims to buy assets at reduced prices under the U.S. Treasury's Public-Private Investment Program, or PPIP, which is meant to rid banks' balance sheet of assets whose values have fallen during the financial crisis.
Shanda Games Ltd, a unit of Chinese media company Shanda Interactive, also set the terms on Monday for its planned $725 million IPO, which an underwriter said would price on Sept. 24 and begin trade the next day.
Shanda Games said in an updated prospectus filed with U.S. regulators that it planned to sell 63 million American depositary shares for between $10.50 and $12.50 apiece.
If all the IPOs launch, they would make September the busiest for IPOs since Dec. 2007 when 15 IPOs came to market.
One IPO is due to price this week. A REIT, Crexus Investment Corp, seeking $500 million to manage and finance commercial mortgage loans, is scheduled for pricing on Wednesday and expected to start trading Thursday.
Other IPOs expected to price next week are: lithium battery maker A123 Systems Inc; online health supplement retailer Vitacost.com VITC.O; hospital operator Select Medical Holdings Corp SEM.N; asset manager Artio Global Investors Inc; and two REITs, Apollo Commercial Real Estate Finance Inc and Colony Financial Inc.
There have been 21 IPOs in 2009, including REITs.
(Reporting by Phil Wahba; Editing by Tim Dobbyn)