IPO filing activity surges; more than 30 companies file with SEC in April

The US IPO market has gained momentum with a total of 21 deals completed so far this month, raising an aggregate of $5.6 billion and posting an average return of 18%. The largest deal was completed by Arcos Dorados (ARCO), McDonald's largest franchisee with 1,755 locations in Latin America, which raised $1.2 billion in its IPO. China-based Internet security firm Qihoo 360 (QIHU) leads in terms of performance and has traded up 131% from its $14.50 offer price.

The recent surge in filing activity is another positive indicator for the US IPO market. A total of 31 companies have submitted their initial filings with the SEC since the beginning of April, already making it the most active month since 40 companies filed in August 2007. Nearly half of this month's filings were submitted in the past week alone. The diverse group covers a wide range of sectors, with notable themes including: 

Online portals/content providers: 

• Renren (RENN) operates the leading social networking online platform in China with 117 million users and filed to raise $531 million by offering 53.1 million ADSs at a range of $9 to $11.
• Bankrate (BR), a leading publisher, aggregator and distributor of personal finance content on the Internet, filed to raise up to $500 million. 
• Zillow (ZLOW), which operates an online marketplace providing detailed real estate information on 100 million US homes, filed to raise up to $52 million.
• Jiayuan.com International (DATE), China's largest online dating site with over 40 million registered users, filed on April 20 to raise up to $100 million.

On-demand software firms: 

• Trustwave (TWIH), which provides on-demand compliance management software, filed to raise up to $100 million. 

Retailers:

• Francesca's (FRAN), an affordable boutique offering women's apparel and jewelry with 236 locations in 38 states, filed to raise up to $150 million. 
• Party City (PRTY), a vertically integrated provider of decorated party supplies with roughly 800 locations in the US, filed to raise up to $350 million.
• Bluestem Brands (BSTM), a multi-brand retailer offering a wide range of products targeting low to middle income customers, filed to raise up to $150 million.

Renewable energy companies:

•  KiOR (KIOR), which operates a proprietary platform that converts non-food biomass into hydrocarbon-based oil, filed to raise up to $100 million.
• BrightSource Energy (BSE), a solar technology company that develops utility-scale solar electric power plants, filed to raise up to $250 million.