Shipping industry IPOs lose sparkle

EXAMWORKS GROUP INC and SeaCube Container Leasing Ltd have failed to raise the maximum sought in their initial public offerings, while First Wind Holdings Inc. scrapped its sale after lowering its price 31 per cent.

ExamWorks, an Atlanta-based provider of medical legal services, raised US$165 million selling shares at the low end of its range, Bloomberg reports. SeaCube, a container leasing company based in New Jersey, completed its IPO after reducing the asking price by 44 per cent.

First Wind of Boston postponed a $240 million IPO scheduled because the terms that investors wanted were "not attractive," according to chief executive officer Paul Gaynor.

"While we received significant interest from potential investors during the marketing of our IPO, the terms that the IPO market was seeking at this time were not attractive to the company," First Wind's Gaynor said in the statement sent by spokesman John Lamontagne.

Source: SchedNet