Poised to raise about $1 billion in proceeds, the IPO calendar for the week of June 20 lists 10 companies planning to price IPOs.

The last time there were more IPOs on the calendar was for the week of February 7, when 15 companies planned to go public. They were hoping to raise $3.3 billion. By the time the IPO curtain was lowered on Friday, February 11, 10 companies had gone public. They raised $3.1 billion.

Another 10 companies went public the following week, which began on Valentine’s Day, February 14, 2005. Then the IPO calendar dried up. No more IPOs were priced during February. There was a reason. It was the stock market. Declining stock markets have been known to take the juice out of the IPO calendar.

On February 28 this year, the Nasdaq Composite Index closed at 2,051.72, down nearly 6 percent from its close at 2,175.44 on December 31, 2004. The sun was sinking on the IPO market.

But lately, things have been looking up. The Nasdaq Composite closed at 2,089.15 on Thursday, June 16, up nearly 10 percent from 1,908.18, its 2005 closing low, on April 28.

The sun is rising again on the IPO market, with the IPO calendar starting to build back up.

On the Road Again

But bankers need some lead time to get the IPO market moving. The first step is what is known as “the road show.” It is a series of due diligence meetings with potential investors that sometimes stretch from coast to coast, or at the very least, take place in major U.S. cities.

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A typical road show takes about two weeks to crisscross the country. When it ends, bankers and their corporate clients, the issuers, have a good idea what the demand will be for their deal and at what price the investors will pay for it. Should everything come together (if issuers and investors are in agreement), then the deal gets priced at the end of the road show. In the meantime, the issuer’s name has gone on the IPO calendar with a tentative offering date.

That’s why some say the roadmap to the IPO market is through the IPO calendar. If a deal is not on the calendar, it isn’t going to get priced. It’s that simple. This week has 10 examples.

Hang 10

These IPO hopefuls range in size. On the larger end, Eagle Bulk Shipping, a New York City-based operator of 11 Handymax dry bulk vessels, expects to raise $225 million. On the smaller end, NuVim, a Paramus, New Jersey-based distributor of dietary supplement beverages, hopes to raise $2.7 million.

The favorite of the group, according to IPO professionals, seems to be the Lincoln Educational Services IPO. Here’s the story on Lincoln Educational.

Based in West Orange, New Jersey, Lincoln Educational Services provides career-oriented post-secondary education. The company offers recent high school graduates and working adults degree and diploma programs in four areas of study, such as automotive technology, allied health (which includes medical administrative assistants, medical assistants, pharmacy technicians and massage therapists), skilled trades and business, and information technology. Lincoln Educational Services had about 17,630 students enrolled at 32 different campuses, as of March 31.

West Orange, New Jersey

Passing Observations:

Solid sales growth: Lincoln Educational Services reported revenues of $261.3 million for the year ending December 31, 2004, up from $81.5 million for the year ending December 31, 2000.

Profitable: Lincoln Educational Services reported net income of $13 million for the year ending December 31, 2004, up from net income of $1.3 million for the year ending December 31, 2000.

Experiencing significant growth: As of March 31 this year, Lincoln Educational Services operated 32 campuses, up from 13 campuses on December 31, 2000.

Inside This Week’s IPO Calendar

The healthcare sector dominates on this week’s calendar, with three IPOs. They are:

-- Accentia Biopharmaceuticals plans to price 6.25 million shares at $11 to $13 each to raise $75 million. The company will offer 5.25 million shares and selling shareholders will offer 1 million shares. The IPO is to start trading on Friday, June 24.

-- Accentia Biopharmaceuticals plans to price 6.25 million shares at $11 to $13 each to raise $75 million. The company will offer 5.25 million shares and selling shareholders will offer 1 million shares. The IPO is to start trading on Friday, June 24.

Based in Tampa, Florida, Accentia is a biopharmaceutical company focusing on developing drugs to treat respiratory disease and oncology. The company has two products entering or in Phase III clinical trials. Formed in 2002, Accentia has about 259 employees.

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As of March 31, the company had an accumulated deficit of $91.8 million.

The Underwriters: Jefferies & Co. is the lead manager. Acting as co-managers are Robert W. Baird, Ferris Baker Watts, and Stifel Nicolaus.

Venture Capitalists: The Hopkins Capital Group and Pharmaceutical Product Development.

52-Week Percentage Change:

Dow Jones U.S. Pharmaceutical Index: down 8% percent

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Nasdaq Composite Index: up nearly 4 percent

-- Allion Healthcare plans to price 4 million shares at $12 to $14 each to raise $52 million. The IPO is to start trading on Wednesday, June 22.

Based in Melville, New York, Allion is a national provider of specialty pharmacy and disease management services focused on HIV/AIDS patients. The company delivers about 1,000 branded and generic prescription medications and sells HIV/AIDS medications, ancillary drugs and nutritional supplies under the trade name MOMS Pharmacy. Allion’s distribution centers are located in or near metropolitan areas in those states where a majority of HIV/AIDS patients in the United States live, including New York, California, Florida, New Jersey, and Washington state. In March of this year, Allion served about 8,600 patients. Formed in 1983 as The Care Group, the company changed its name to Allion Health in 1999. Allion Healthcare has about 126 employees.

Melville, New YorkNew YorkFloridaWashington

The Underwriters: Thomas Weisel Partners is the lead manager. Acting as co-managers are William Blair and First Albany Capital.

Venture Capitalists: Edgewater Private Equity Fund II

52-Week Percentage Change:

Dow Jones U.S. Health Care Providers Index: up 48 percent

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Nasdaq Composite Index: up nearly 4 percent

-- Celldex Therapeutics plans to price 4 million shares at $8 to $10 each to raise $36 million. The IPO is to start trading on Friday, June 24.

Based in Bloomsbury, New Jersey, Celldex Therapeutics is a development stage biotechnology company developing therapeutic vaccines, monoclonal antibodies and other products to treat cancer, infectious diseases and immune system disorders. Formed in 1999, Celldex Therapeutics has four employees.

Bloomsbury, New Jersey

As of March 31, Celldex Therapeutics had an accumulated deficit of $25.3 million.

The Underwriters: Janney Montgomery Scott is the lead manager. Acting as a co-manager is ThinkEquity Partners.

Venture Capitalists: Medarex and Alteris Therapeutics.

52-Week Percentage Change:

Dow Jones U.S. Biotechnology Index: up nearly 9 percent

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Nasdaq Composite Index: up nearly 4 percent

The marine transportation sector has two IPOs on this week’s IPO calendar. They are:

-- Eagle Bulk Shipping plans to price 13.25 million shares at $16 to $18 each to raise $225.3 million. The IPO is to start trading on Wednesday, June 21.

Based in New York City, Eagle Bulk Shipping is a newly formed Marshall Islands corporation. The company owns and operates 11 Handymax dry bulk vessels transporting a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer. Eagle Bulk Shipping has about 203 employees.

Marshall Islands

The company said its policy is to declare quarterly dividends to stockholders in February, April, July, and October. It expects to declare a quarterly dividend of 56 cents per share in October 2005 and a dividend of 60 cents per share in February 2006.

The Underwriters: UBS Investment Bank, Bear Stearns, and Citigroup are co-lead managers. Acting as a co-manager is Credit Suisse First Boston.

Venture Capitalists: Eagle Ventures, Kelso Investment Associates VII, and KEP VI.

-- TBS International Limited plans to price 8.5 million shares at $15 to $17 each to raise $136 million. The company will offer 4.75 million shares and selling shareholders will offer 3.75 million shares. The IPO is to start trading on Thursday, June 23.

Based in Hamilton, Bermuda, TBS International Limited is an ocean transportation services company offering worldwide shipping solutions through liner, parcel, bulk and vessel chartering services. The company operates 28 vessels with trade routes between Latin America, China, Japan, South Korea, North America, Africa and the Caribbean. Formed in 1997, the company emerged from Chapter 11 bankruptcy protection in February 2001. TBS International Limited had 11 employees, as of December 31, 2004.

HamiltonJapanCaribbean

TBS International has incurred net losses in three of its last five fiscal years.

The Underwriters: Merrill Lynch and Jefferies are co-lead managers.

Venture Capitalists: None

52-Week Percentage Change:

Dow Jones U.S. Marine Transportation Index: up nearly 36 percent

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Nasdaq Composite Index: up nearly 4 percent

Now for the rest of the week’s IPO calendar, in alphabetical order:

-- Builders FirstSource plans to price 11.25 million shares at $15 to $17 each to raise $180 million. The company will offer 7.5 million shares and selling shareholders will offer 3.75 million shares. The IPO is to start trading on Wednesday, June 22.

Based in Dallas, Texas, Builders FirstSource is a major supplier and manufacturer of structural and related building products for residential new construction in the United States. The company operates 62 distribution centers and 50 manufacturing facilities principally in the southern and eastern U.S. Formed in 1998, Builders FirstSource has about 6,200 employees.

DallasUnited States

The Underwriters: UBS Investment Bank and Deutsche Bank Securities are co-lead managers. Acting as co-managers are JP Morgan, Robert W. Baird, and BB&T Capital Markets.

Venture Capitalists: None

52-Week Percentage Change:

Dow Jones U.S. Construction & Materials Index: up 29 percent

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Nasdaq Composite Index: up nearly 4 percent

-- Inergy Holdings plans to price 3.4 million common units representing limited partnership interests at $19 to $21 each to raise $68 million. The IPO is to start trading on Tuesday, June 21.

Based in Kansas City, Missouri, Inergy Holdings is a general partner and 12.4 percent owner of Inergy, a retailer of propane gas to about 600,000 customers through about 280 service centers in 26 states. Formed in 1996, the company has about 2,773 employees.

Kansas City, Missouri

Inergy plans to make cash distributions of 30 cents per unit per quarter.

The Underwriters: Lehman Brothers and A.G. Edwards & Sons are co-lead managers. Acting as co-managers are Citigroup and Wachovia Securities.

Venture Capitalists: None

52-Week Percentage Change:

Dow Jones U.S. Exploration & Production Index: up 61 percent

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Nasdaq Composite Index: up nearly 4 percent

-- Kenexa plans to price 5 million shares at $14 to $16 each to raise $75 million. The IPO is to start trading sometime during the week of June 20.

Based in Wayne, Pennsylvania, Kenexa provides software, services and proprietary content to assist organizations to more effectively recruit and retain employees. The company sells its solutions to about 2,100 companies, including about 90 companies on the Fortune 500. Formed in 1987, Kenexa has about 533 employees.

Wayne, Pennsylvania

As of March 31, Kenexa had an accumulated deficit of $51 million.

The Underwriters: SG Cowen is the lead manager. Acting as co-managers are Needham and JMP Securities.

Venture Capitalists: Parthenon Investment Partners, Wafra Acquisition Fund 14, Westbury Equity Partners SBIC, JMH Partners, Shad Run Investments, and Southfield Communications.

52-Week Percentage Change:

Dow Jones U.S. Business Support Services Index: down 5 percent

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Nasdaq Composite Index: up nearly 4 percent

-- Lincoln Educational Services plans to price 4 million shares at $19 to $21 each to raise $80 million. The company will offer 3 million shares and selling shareholders will offer 1 million shares. The IPO is to start trading on Thursday, June 23.

Based in West Orange, New Jersey, Lincoln Educational Services was formed in 1946 and has about 2,350 employees, including 818 full-time faculty and 275 part-time faculty.

West Orange, New Jersey

The Underwriters: Merrill Lynch is the lead manager. Acting as co-managers are Banc of America Securities, Lehman Brothers, Harris Nesbitt, Jefferies, and Robert W. Baird.

Venture Capitalists:Stonington Partners II and Hart Capital.

52-Week Percentage Change:

Dow Jones U.S. Specialized Consumer Services Index: off 15 percent

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Nasdaq Composite Index: up nearly 4 percent

The last, or 10th deal, on this week’s IPO calendar is the NuVim unit offering. When the deal was originally filed on December 4, 2004, the company was to offer 1.5 million units at $5.50 to $6.50 each to raise $9 million. Since then, the deal has been on and off the calendar for weeks. It has been cut countless times.

-- NuVim now plans to price 2.7 million units at $1 each to raise $2.7 million. Each unit will consist of one share of common stock, one Class A warrant and one Class B warrant. The IPO is to start trading during the week of June 20.

Based in Paramus, New Jersey, NuVim produces, markets and distributes NuVim dietary supplements in beverage form. The company claims its products have been shown in independent clinical studies to help strengthen the immune system, support muscle flexibility and promote sturdy joints when consumed over time in certain quantities. NuVim markets its products in 13 states and the District of Columbia. Formed in 1999, NuVim has four employees.

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The Underwriters: Paulson Investment is the sole underwriter.

Venture Capitalists: Entities affiliated with Spencer Trask Specialty Group.

52-Week Percentage Change:

Dow Jones U.S. Beverage Index: down 8 percent

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Nasdaq Composite Index: up nearly 4 percent

Now, here’s what makes the NuVim offering so interesting. On the cover page of NuVim’s prospectus is a line you can’t miss. It states in bold lettering:

“THE COMPANY IS CONSIDERED TO BE IN UNSOUND FINANCIAL CONDITION. PERSONS SHOULD NOT INVEST UNLESS THEY CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. INVESTING IN OUR SECURITIES INVOLVES SIGNIFICANT RISKS. SEE ‘RISK FACTORS’ BEGINNING ON PAGE 7.”

That’s telling like it is. Welcome to Wall Street.