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www.marketwatch.com/news/story/...2CF81AF0%7D&siteid=yhoof
Rosetta Stone's IPO Jumps Nearly 40%
Language Firm's Deal Is Part of Modest Revival for the New-Issues MarketArticle
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By LYNN COWAN
The IPO market continued its winning streak, with Rosetta Stone Inc.'s initial public offering of stock gaining nearly 40% in its first day of trading.
The language-software company was the fourth deal in 2009 to rise on the first day of trading and the best-performing IPO in the U.S. in a year.
More
MarketBeat: Decoding the Secrets of a Strong IPOThe Arlington, Va., company's stock closed at $25.12 a share on the New York Stock Exchange, up from the IPO price of $18. A total of 6.25 million shares were sold for a dollar more per share than the expected range of $15 to $17, which was set by underwriters Morgan Stanley and William Blair & Co.
The IPO market had been nearly extinguished during the credit crisis. But Rosetta's deal brings April's U.S. IPO count to three, the busiest month since July 2008, when a trio of deals also came to market.
Its gain follows three other debuts in 2009 that also rose on their first days of trading. Earlier this week, online college Bridgepoint Education Inc. priced below its expected range but gained 6% on its first day of trading. Earlier in the month, online videogames developer Changyou.com Ltd. priced at the high end of its range and rose 25% during its debut on the Nasdaq Stock Market. In February, Mead Johnson Nutrition Co. rose 10% in its debut.
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NYSE EuronextRosetta is the best-performing U.S. IPO since fertilizer company Intrepid Potash Inc. rose 58% on its debut in April 2008. It is also the first IPO to price above its range in nearly a year; the last was industrial pump and valve company Colfax Corp., which went public in May 2008.
Rosetta Stone warns that a weaker economy and slower airport and mall traffic could affect its results, but it still delivered a strong fourth quarter in 2008, generating a third of its annual revenue in the final months of the year.
Rosetta is more buffered from economic slumps than many other software firms, according to Morningstar equity analyst Brady Lemos. About 20% of its sales come from a stable base of institutional customers such as schools, corporations and government agencies, while its retail customers are likely to seek new language skills in a tough job market, he said.
In the longer term, Americans are beginning to see the need to speak more than one language, something that is the norm abroad, according to Carlos Lizarralde, co-founder of Fluenz, a competing brand of language software.
"The growth potential is enormous," said Mr. Lizarralde. "We see doctors in the U.S. who want to speak Spanish and executives who need to travel to China for work."
Rosetta is gearing up for more expansion both domestically and internationally; only 5% of its sales in 2008 were generated outside of the U.S.
"We have a real opportunity to grow globally," said Rosetta Chief Executive Tom P.H. Adams after the stock began trading.
Rosetta has gained brand visibility through an advertising blitz and its kiosks in airports and malls; its revenue rose by 52% and earnings increase fivefold in 2008 to $13.9 million.
Write to Lynn Cowan at lynn.cowan@dowjones.com
Language Firm's Deal Is Part of Modest Revival for the New-Issues MarketArticle
Comments (2)
more in Tech »Email Printer Friendly Share:
Yahoo Buzz facebook MySpace LinkedIn Digg del.icio.us NewsVine StumbleUpon Mixx Text Size
By LYNN COWAN
The IPO market continued its winning streak, with Rosetta Stone Inc.'s initial public offering of stock gaining nearly 40% in its first day of trading.
The language-software company was the fourth deal in 2009 to rise on the first day of trading and the best-performing IPO in the U.S. in a year.
More
MarketBeat: Decoding the Secrets of a Strong IPOThe Arlington, Va., company's stock closed at $25.12 a share on the New York Stock Exchange, up from the IPO price of $18. A total of 6.25 million shares were sold for a dollar more per share than the expected range of $15 to $17, which was set by underwriters Morgan Stanley and William Blair & Co.
The IPO market had been nearly extinguished during the credit crisis. But Rosetta's deal brings April's U.S. IPO count to three, the busiest month since July 2008, when a trio of deals also came to market.
Its gain follows three other debuts in 2009 that also rose on their first days of trading. Earlier this week, online college Bridgepoint Education Inc. priced below its expected range but gained 6% on its first day of trading. Earlier in the month, online videogames developer Changyou.com Ltd. priced at the high end of its range and rose 25% during its debut on the Nasdaq Stock Market. In February, Mead Johnson Nutrition Co. rose 10% in its debut.
View Full Image
NYSE EuronextRosetta is the best-performing U.S. IPO since fertilizer company Intrepid Potash Inc. rose 58% on its debut in April 2008. It is also the first IPO to price above its range in nearly a year; the last was industrial pump and valve company Colfax Corp., which went public in May 2008.
Rosetta Stone warns that a weaker economy and slower airport and mall traffic could affect its results, but it still delivered a strong fourth quarter in 2008, generating a third of its annual revenue in the final months of the year.
Rosetta is more buffered from economic slumps than many other software firms, according to Morningstar equity analyst Brady Lemos. About 20% of its sales come from a stable base of institutional customers such as schools, corporations and government agencies, while its retail customers are likely to seek new language skills in a tough job market, he said.
In the longer term, Americans are beginning to see the need to speak more than one language, something that is the norm abroad, according to Carlos Lizarralde, co-founder of Fluenz, a competing brand of language software.
"The growth potential is enormous," said Mr. Lizarralde. "We see doctors in the U.S. who want to speak Spanish and executives who need to travel to China for work."
Rosetta is gearing up for more expansion both domestically and internationally; only 5% of its sales in 2008 were generated outside of the U.S.
"We have a real opportunity to grow globally," said Rosetta Chief Executive Tom P.H. Adams after the stock began trading.
Rosetta has gained brand visibility through an advertising blitz and its kiosks in airports and malls; its revenue rose by 52% and earnings increase fivefold in 2008 to $13.9 million.
Write to Lynn Cowan at lynn.cowan@dowjones.com
Winners of the Rosetta Stone IPO
Posted by: Spencer Ante on April 17
Hard to believe but there was actually a successful venture-backed IPO yesterday—the first in many months.
Rosetta Stone, a profitable and fast-growing maker of language software, went public. The shares priced at $18, above the offering range, and closed the first day up 39% at $25 under the ticker RST.
Rosetta Stone sold 6.25 million shares, raising $112.5 million. After the first day close, Rosetta was worth about $315 million.
Investors’ embrace of Rosetta Stone stands in contrast to the reception given Tuesday to college operator Bridgepoint Education Inc, which had to shave 30 percent off its estimated price to get its IPO to the market.
The two largest shareholders of Rosetta are ABS Capital Partners, a late stage growth equity firm; and Norwest Equity Partners, a large private equity and growth investment firm.
Before the offering, ABS owned 46% of Rosetta and Norwest owned 30%. In January 2006, to get the company off the ground, ABS ponied up $29 million and Norwest invested $19 million.
Those investments have paid off handsomely. ABS’s 46% stake is worth about $145 million, while Norwest’s stake is worth about $95 million. So they each made about five times their money in 3 years. Not too shabby in this environment.
- Spencer Ante also publishes the Creative Capital blog. Click here to see more.
Posted by: Spencer Ante on April 17
Hard to believe but there was actually a successful venture-backed IPO yesterday—the first in many months.
Rosetta Stone, a profitable and fast-growing maker of language software, went public. The shares priced at $18, above the offering range, and closed the first day up 39% at $25 under the ticker RST.
Rosetta Stone sold 6.25 million shares, raising $112.5 million. After the first day close, Rosetta was worth about $315 million.
Investors’ embrace of Rosetta Stone stands in contrast to the reception given Tuesday to college operator Bridgepoint Education Inc, which had to shave 30 percent off its estimated price to get its IPO to the market.
The two largest shareholders of Rosetta are ABS Capital Partners, a late stage growth equity firm; and Norwest Equity Partners, a large private equity and growth investment firm.
Before the offering, ABS owned 46% of Rosetta and Norwest owned 30%. In January 2006, to get the company off the ground, ABS ponied up $29 million and Norwest invested $19 million.
Those investments have paid off handsomely. ABS’s 46% stake is worth about $145 million, while Norwest’s stake is worth about $95 million. So they each made about five times their money in 3 years. Not too shabby in this environment.
- Spencer Ante also publishes the Creative Capital blog. Click here to see more.
auch durch eine relativ Kurs-Umsatz-Verhältnis von 1,5:
In 2008, Rosetta Stone’s revenue rose 52 percent to $209.4 million from 2007, with net income of $13.9 million, according to a regulatory filing.
In 2008, Rosetta Stone’s revenue rose 52 percent to $209.4 million from 2007, with net income of $13.9 million, according to a regulatory filing.
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