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    IPO Watch: Zillow, Skullcandy And Google-backed Xunlei

    By Tomio Geron | Forbes – Fri, Jul 15, 2011

    Seven IPOs are on tap for next week, ranging from online real estate to video in China to headphones. The ones to watch include Zillow, Xunlei and Skullcandy.

    On the consumer Internet front, online real estate company Zillow just raised the expected price range of its initial public offering to $16 to $18 per share, up from a previous estimate of $12 to $14. Zillow plans to offer 3.462 million shares which would value the company at $469 million after the offering at the middle of the price range.

    Zillow (proposed ticker, Nasdaq: Z) previously filed its S-1 in April. The company generated $30.5 million in revenue in 2010, up 74% from $17.5 million in 2009. However, the company had a net loss of $6.8 million in 2010, cutting its loss from $12.9 million in 2009 and $21.2 million in 2008.

    Video in China

    Shenzhen, China-based Xunlei plans to offer 7.6 million shares priced between $14 to $16 each. Lead underwriters are J.P. Morgan and Deutsche Bank.

    Xunlei (planned ticker, Nasdaq: XNET) provides digital media content downloading and online video streaming as well as cloud-based subscription services. The free Xunlei Downloader which accelerates media downloads, was used for about 138 million downloads per day in 2010. The Xunlei Kankan video streaming website is the third largest such site in China, with 120.7 million monthly uniques in April 2011.

    A notable name on Xunlei's board of directors is Kai-Fu Lee, CEO of Innovation Works and former vice president at Google and the president of Google Greater China from 2005 to 2009.

    The company generated $42.8 million in 2010 revenue, up from $29.6 million in 2009. Xunlei had a net loss of $8.5 million in 2010 up from a net loss of $5.4 million in 2009.

    In the most recent March quarter revenue rose 98.1% to $15.4 million, from $7.8 million in the year-ago period. Net income was $1.9 million, up from $1.5 million in the year-ago period.

    Major shareholders are Vantage Point Global, Morningside Technology Investments, IDG, Ceyuan Funds, Aiden and Jasmine Ltd. and Google, which owns 2.8% of common shares prior to the offering and will own 1.4% of voting power afterwards.

    Music to Investors' Ears?

    Skullcandy plans to offer 8.33 million shares at between $17 and $19 per share for a maximum offering of $182 million at the top of the range. The company (proposed ticker Nasdaq: SKUL) is selling 4.17 million shares and existing shareholders are selling 4.17 million shares. Bank of America and Morgan Stanley are leading the deal.

    Founded in 2003, Park City, Utah-based Skullcandy provides stylish headphones focused on the youth and sports markets. It is also planning to launch new speaker docks this year, add more mobile phone cases and more headphones designed for gaming and mobile phones. The company's marketing involves sponsoring athletes, DJs and musicians. Target and Best Buy accounted for more than 10% of the company's net sales in 2010. Competitors include Sony, JVC and Bose.

    Net sales in 2010 were $160.6 million, up from $118.3 million in 2009. Net income in 2010 available to common shareholders was a loss of $9.7 million in 2010 down from a net positive income of $2.4 million. For the quarter ending in March, Skullcandy posted $36.0 million in revenue, up from $21.7 million a year ago. Net income available to common shareholders was $1.07 million, up from a net loss of $0.80 million a year ago.

    Others on tap:

    Apollo Residential Mortgage, a REIT which invests in residential mortgage loans and assets, plans to offer 10 million shares at $20 per share.

    Francesca's Holdings, which runs a chain of women's boutiques in 38 states, plans to offer 10 million shares at $14 to $16 per share.

    Orchid Island Capital Inc, a financial company that invests in residential mortgage backed securities, plans to offer 7.5 million shares at $10 to $12 per share.

    SunCoke Energy, a producer of metallurgical coke, a raw material used in steelmaking, plans to offer 11.6 million shares at $15 to $17 per share.

    SOURCES: SEC.gov, IPOBoutique.com, IPOScoop.com and RenaissanceCapital.com.

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