Some investors expect the action in the IPO market in the coming week to be all Google, all the time. But the more one learns about this famous search engine’s proposed IPO, the more it looks like a waiting game. And so far, Google’s IPO has turned out to be more elusive than Godot.

At press time, it was not clear when the Google IPO will be launched into the marketplace.

Many IPO services reported the deal is coming to market as early as Wednesday, August 11. Investment banking firm Morgan Stanley, the bookrunner of the $3 billion IPO, was not as certain. A Morgan Stanley spokesperson said the deal was listed as: “TBA!” – Wall Street jargon for: “To be announced.” In other words, no definite date has been set for the coming IPO. And that has been Morgan Stanley’s official position on the timing of Google’s IPO since the get-go.

The three-ring circus of the Google offering got more bizarre on Wednesday, August 4, when the company made a new S-1 filing to register about 28.8 million shares of Class A and Class B stock. It was an offer to repurchase shares from persons (employees, former employees, and consultants) who are or were residents in 18 different states. It appears that Google might have failed to register these securities within those states.

The buyback price ranges from as low as $0.30 per share to as high as $80 per share. With the Google IPO’s proposed offering price of $108 to $135 per share, these investors will be more than happy to comply.

This is just another milepost on Google’s road to going public.

Last IPO dance of summer

So if the timing of Google’s deal turns out to be tricky, that may give investors some leeway to pore over the dance cards of this week’s 19 IPO wallflowers.

Now the good news: Those 19 would-be IPO debutantes hope to raise $2.8 billion. And it could be more.

The coming week ushers in the new-issue market’s last hurrah for the summer. After August’s second week, bankers usually fold their tents and head off to the Hamptons. They usually remain there, popping their champagne corks, until after the Labor Day weekend. Then it’s back to the canyons of lower Manhattan for a run to the end of the year.

Actually, the business of pricing IPOs doesn’t completely close down in mid- to late August. A few stragglers usually remain, looking to price their IPOs, but most of the circus acts have left town. This year looks no different.

After the 19 IPOs set for pricing in the week of August 9, bankers have only two deals for the week of August 16. Both are dot-coms.

·          eCOST.com, of Torrance, California, is a multi-category online discount retailer of new, close-out and refurbished brand-name merchandise, including computer hardware and software, home electronics, digital imaging, watches and jewelry, housewares, DVD movies, and video games.

·          WebSideStory, of San Diego, California, is a provider of on-demand Web analytic services, which collect, analyze and report on Internet user activity.

After that, the IPO pickings get slim.

Now, on to this week’s new-issues calendar.

New to the IPO calendar

·          American Campus Communities is an Austin, Texas-based real estate investment trust, or REIT, that owns, manages, and develops high quality student housing properties. American Campus Communities plans to price 12.1 million shares at $19 to $21 each to raise $242 million. Citigroup and Deutsche Bank are co-lead managers. Acting as co-managers are JP Morgan, UBS Investment Bank, ING Financial Markets, KeyBanc Capital Markets and Wells Fargo Securities. For the year ending December 31, 2003, American Campus reported funds from operations, or FFO, of $8 million on revenues of $59.9 million. Formed in 1993, American Campus Communities has about 570 employees. Bankers plan to price the deal Wednesday, August 11, to trade on Thursday, August 12.

·          Archipelago Holdings is a Chicago, Illinois-based operator of Archipelago Exchange, or ArcaEx, the first open, all-electronic stock market in the United States. Archipelago Holdings plans to price 11 million shares at $13.25 to $15.25 each to raise $156.75 million. The company will offer 5.5 million shares, while selling shareholders, including affiliates of managing underwriter Goldman Sachs, JP Morgan, Merrill Lynch, Credit Suisse First Boston, and Banc of America, will offer 5.5 million shares. Goldman Sachs and JP Morgan are co-lead managers. Acting as co-managers are Banc of America, Credit Suisse First Boston, Lehman Brothers, Merrill Lynch and Piper Jaffray. For the year ending December 31, 2003, Archipelago Holdings reported net income of $1.9 million on total revenues of $458.5 million. For the three months ending March 31, 2004, Archipelago Holdings reported net income of $23.6 million on total revenues of $275.6 million. For the three months ending March 31, 2003, Archipelago Holdings reported a net loss of $10.2 million on total revenues of $200.2 million. Formed in December 1996, Archipelago Holdings has about 232 employees. Bankers plan to price the deal Wednesday, August 11, to trade on Thursday, August 12.

·          Cohen & Steers is a New York City-based manager of real estate mutual funds, and a manager of income-oriented equity securities portfolios. Cohen & Steers plans to price 7.5 million shares at $13 to $15 each to raise $105 million. Merrill Lynch is the lead manager. Acting as co-managers are UBS Investment Bank, Wachovia Securities, and Bear Stearns. For the year ending December 31, 2003, Cohen & Steers reported net income of $12.1 million on total revenues of $70.3 million. Formed in 1986, Cohen & Steers has about 74 employees. Bankers plan to price the deal Tuesday, August 10, to trade on Wednesday, August 11.

·          DisplayTECH is a Longmont, Colorado-based designer of microdisplays, which are used as electronic viewfinders in digital still cameras and video camcorders. DisplayTECH plans to price 3.6 million shares at $10 to $14 each to raise $36.9 million. Allen & Co. and SG Cowen are co-lead managers. Acting as co-managers are Needham and C.E. Unterberg, Towbin.For the year ending December 31, 2003, DisplayTECH reported a net loss of $7.8 million on total revenues of $26.7 million. As of March 31, the company had an accumulated deficit of $118.6 million. Formed in 1984, DisplayTECH had about 53 employees. Bankers plan to price the deal Wednesday, August 11, to trade on Thursday, August 12.

·          EuroBancshares,ofSan Juan, Puerto Rico, is a full-service bank operating 21 branches across the island. EuroBancshares offers checking and savings account services, commercial and consumer loans, mortgages and other real estate loans, lease financing, and other installment and term loans. EuroBancshares plans to price 3,894,988 shares at $13.50 to $15.50 each to raise $56.5 million. Keefe, Bruyette & Woods and UBS Investment Bank are co-lead managers. Acting as a co-manager is Brean Murray. For the year ending December 31, 2003, EuroBancshares reported net income of $9.9 million on net interest income of $39.6 million. EuroBancshares has about 367 employees. Bankers plan to price the deal Wednesday, August 11, to trade on Thursday, August 12.

·          Extra Space Storage,of Salt Lake City, Utah, is an REIT formed to continue the business of its predecessor companies. Upon completion of this offering, Extra Space Storage will own and operate 136 self-storage properties in 20 states. Extra Space Storage plans to price 20.2 million shares at $13 to $15 each to raise $282.8 million. UBS Investment Bank and Merrill Lynch are co-lead managers. Acting as co-managers are A.G. Edwards & Sons, Banc of America, Raymond James & Associates, RBC Capital Markets, and Wells Fargo Securities. For the year ending December 31, 2003, Extra Space Storage reported pro forma net income of $1.8 million on pro forma total revenues of $79.3 million. Formed in 1977, Extra Space Storage has about 377 employees. Bankers plan to price the deal during the week of August 9.

·          Kite Realty Group Trust, ofIndianapolis, Indiana, is an integrated real estate company formed in March 2004 to succeed certain businesses of Kite Companies. Upon completion of the offering, the company will own a portfolio of 18 operating retail properties in Indiana, Florida, Texas, Washington, Oregon, New Jersey, Illinois and Georgia. Kite Realty Group Trust plans to price 16.3 million shares at $14 to $16 each to raise $244.6 million. Lehman Brothers and Wachovia Securities are the co-lead managers. Acting as co-managers are Goldman Sachs, UBS Investment Bank, KeyBanc Capital Markets and Raymond James & Associates.For the year ended December 31, 2003, the company reported funds from operations (FFO) of $23.2 million on total revenues of $61.4 million. Kite Realty Group Trust has about 75 employees. Bankers plan to price the deal Wednesday, August 11, to trade on Thursday, August 12.

·          Lindows, of San Diego, California, is a developer of Linux-based operating systems, application software and services designed for desktop and laptop computers. Lindows plans to price 4.4 million shares at $9 to $11 each to raise $44 million. Roth Capital Partners and JMP Securities are the co-lead managers. Acting as co-managers are Merriman Curhan Ford and Kaufman Brothers. For the year ending December 31, 2003, Lindows reported a net loss of $4.1 million on net revenues of $2.1 million. As of March 31, the company had an accumulated deficit of $13.5 million. Formed in 2001, Lindows has about 62 employees. Bankers plan to price the deal during the week of August 16.

·          PeopleSupport,of Los Angeles, provides offshore outsourcing services from its facilities in the Philippines to about 29 U.S.-based companies from a variety of industries, including travel and hospitality, technology, telecommunications, retail, consumer products, and financial services. PeopleSupport plans to price 6,818,182 shares at $10 to $12 each to raise $75 million. The company will be offering 4,545,455 shares and selling shareholders will be offering 2,272,727 shares.SG Cowen is the lead manager. Acting as co-managers are Piper Jaffray, A.G. Edwards & Sons and JMP Securities. For the year ending December 31, 2003, PeopleSupport reported net income of $8 million on revenues of $30 million. As of June 30, the company had an accumulated deficit of $58.2 million. Formed in 1998, PeopleSupport has about 2,915 employees. Bankers plan to price the deal during the week of August 16.

·          Placer Sierra Bancshares is a Sacramento, California-based bank holding company that owns Placer Sierra Bank, which offers financial services to small- to medium-sized businesses, their owners and employees, as well as to consumers through 23 branches in five counties in Northern California. Placer Sierra Bancshares plans to price 5.73 million shares at $19 to $21 each to raise $114.6 million. The company will offer 500,000 shares and selling shareholders will offer 5.23 million shares. Friedman Billings Ramsey is the lead manager. Acting as co-managers are Keefe Bruyette & Woods and RBC Capital Markets. For the year ending December 31, 2003, Placer Sierra Bancshares reported net income of $15.3 million on net interest income of $58.5 million. Formed in 2001 to acquire Placer Sierra Bank, Placer Sierra Bancshares has about 400 employees. Bankers plan to price the deal Tuesday, August 10, to trade on Wednesday, August 11.

·          Transportation Technologies Industries, of Chicago, Illinois, is one of North America’s largest manufacturers of truck components for the heavy- and medium-duty truck industries, including bus and specialty vehicle markets. Transportation Technologies plans to price 8.75 million shares at $15 to $17 each to raise $140 million. Lehman Brothers and UBS Investment Bank are co-lead managers. Acting as co-managers are Credit Suisse First Boston and Robert W. Baird. For the year ending December 31, 2003, Transportation Technologies reported a net loss of $14.3 million after preferred dividends of $18.8 million on net sales of $440 million. As of March 31, the company had an accumulated deficit of $163.2 million. The company was formed in 1991 as Johnstown America Industries with the purchase of Bethlehem Steel's freight-car manufacturing operations. Transportation Technologies Industries has about 2,790 employees. Bankers plan to price the deal Wednesday evening, August 11, to trade on Thursday, August 12.

·          Westlake Chemical, of Houston, Texas, is a vertically integrated manufacturer of basic chemicals, vinyls, polymers, and fabricated products. The company’s products include flexible and rigid packaging, automotive products, coatings, residential, and commercial construction as well as other durable and non-durable goods. Westlake Chemical plans to price 11,764,706 shares at $16 to $18 each to raise $200 million. Credit Suisse First Boston, JP Morgan Securities, and Deutsche Bank are co-lead managers. Acting as co-managers are Banc of America Securities, Goldman Sachs, and UBS Investment Bank. For the year ending December 31, 2003, Westlake Chemical reported net income of $14.8 million on net sales of $1.42 billion. Formed in 1986, Westlake Chemical has 1,631 employees. Bankers plan to price the deal on Tuesday evening, August 10, to trade on Wednesday, August 11.

Slow dance or hustle?

Of the 19 IPOs hoping to strut their stuff out on the dance floor next week, six are carryovers from previous weeks’ new-issue calendars.

At press time, none of the six carryover deals had a proposed offering date to be priced – other than a “week of” label. In Wall Street jargon, that means maybe the deal will get done, or maybe it won’t.

For IPO investors, this week will test their ability to discern whether the market is gearing up for the last slow dance of the summer or Wall Street’s version of “do the hustle.”