Saxon Joins Growing List of IPO Filers

The company expects to raise approximately $386.8 million and the offering is scheduled to close on Sept. 24. Friedman, Billings, Ramsey & Co., Inc. is the sole book runner and lead manager; Credit Suisse First Boston LLC, JP Morgan Securities Inc. and Jefferies & Co. Inc. are co-managers. Saxon's production subsidiaries, Saxon Mortgage Inc., and America's MoneyLine Inc. originate and purchase loans through wholesale, correspondent and retail business channels. As of June 30, Saxon Mortgage serviced a mortgage loan portfolio of $11.4 billion.

Earlier this month, GlobeSt.com reported that Las Vegas Sands Corp., an affiliate of Las Vegas Sands Inc., filed a registration statement for its IPO which is expected to raise $350 million. The company intends to use the proceeds for general corporate purposes and working capital on development projects in Asia, the UK and other jurisdictions. The company owns and operates the Venetian Casino Resort and the Sands Expo and Convention Center in Las Vegas, and the Sands Macao Casino in Macau, China. It also is developing a Venetian Casino Resort in Macau and the Palazzo Casino Resort next to the existing Venetian property in Las Vegas. Its filing with the SEC did not include the number of shares to be issued or the price at which they would be offered.

Over the past several months, a number of REITs launched initial public offerings. Locally based REIT New York Mortgage Trust priced its 15 million share offering at $8, for proceeds of $135 million. Chicago-based Strategic Hotel Capital put out an offering of 17.6 million shares at $14, expecting to generate proceeds of $246.4 million.

Real estate services giant CB Richard Ellis launched an IPO earlier this year. And in late March REIT financial specialist Cohen & Steers took the next step and filed a registration for an IPO. Arbor Realty Trust, based in Uniondale, NY priced each share of common stock at $20 and offered approximately 6.272 million shares--6.25 million are being offered by Arbor and 22,500 are being offered by a stockholder.