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Spate of Indiana firms lines up for IPOs

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High-profile Hoosier companies raced to go public in 2011, despite the topsy-turvy stock market.

The highest-profile Hoosier initial public offering was staged by Angie’s List Inc., the online provider of consumer reviews. The Indianapolis-based company raised $76 million by selling new shares, and existing stockholders raked in another $31 million by selling some of their holdings.

Investors scarfed up the shares, undeterred by the company’s deep losses and heavy spending on marketing. The stock debuted at $13 and shot as high as $18.75 before retreating to around $16.00

 The other Hoosier company to go public was West Lafayette-based Endocyte Inc., which hopes to bring an ovarian cancer drug to market. The company debuted at $6 a share in February and climbed as high as $14.80 in the summer. However, this month, the stock tumbled more than 60 percent, to $3.76, after clinical trial results showed the company’s ovarian cancer treatment led to shorter survival times than treatment with a standard cancer drug.

Other companies filed papers with the Securities and Exchange Commission to begin the process of going public. Indianapolis-based ExactTarget Inc. disclosed plans to raise $100 million in an IPO.

In addition, Allison Transmission Inc. in March said it planned to raise $750 million. It put an IPO on the back burner when markets soured, but filed papers in November to revive the process.

Pendleton-based Remy International, a maker of electrical components for vehicles, in March filed plans for a $100 million IPO. Company officials are monitoring market conditions before deciding whether to proceed.•

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