Two U.S. IPOs price, four others postponed

NEW YORK Wed Aug 10, 2011 8:30pm EDT

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NEW YORK (Reuters) - SandRidge Permian Trust raised about $540 million in its initial public offering but had to price its shares a dollar under the expected price range, according to an underwriter.

The Trust, which is promising investors a cut of its proceeds from selling oil, natural gas and natural gas liquids, sold 30 million shares at $18 per share. It had planned to sell 31.5 million units for $19 to $21 each.

Carbonite, which sells Web-based computer backup products, priced shares in its initial public offering at the bottom of a lowered range on Wednesday, the first company to complete an IPO in what has turned into a dramatic market rout.

Carbonite and its owners raised $62.5 million by selling 6.25 million shares at $10 each, according to an underwriter. The company earlier on Wednesday lowered its expected price range to $10 to $11 per share from $15 to $17 per share.

Underwriters had also expected security software company Trustwave Holdings to price on Wednesday but the company said in the evening that it had delayed the transaction due to market conditions. It had been planning to sell 6.25 million shares for $15 to $17 each.

The Standard & Poor's 500 is down nearly 18 percent since a peak at the start of May and concerns about the U.S. economy and high levels of public debt in Europe have led to volatile trading over the last two weeks.

So far this week, more than half of the 12 deals that were scheduled to price have run into problems. On Wednesday, four companies postponed their U.S. IPOs.

WageWorks Inc, which runs employee benefit programs, postponed indefinitely its $49 million initial public offering due to volatile market conditions, an underwriter said.

Hong Kong-based marketing and data analytics company Loyalty Alliance Enterprise Corp put off its $75 million IPO, as did medical services provider WhiteGlove Health with its $27.5 million IPO.

(Additional reporting by Sinead Carew; Editing by Bernard Orr, Gary Hill)

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