L.A. companies take advantage of IPO window.

A dozen Los Angeles County companies have gone public in 1993, raising more than $1.4 billion by Sept. 20, according to Securities Data Corp., a New Jersey-based research firm.

That compares to $428 million raised in 10 initial public offerings a year earlier.

The latest to emerge were a $58.1 million IPO by Cerritos-based Pairgain Technologies on Sept. 14 and a $5 million IPO by Agoura Hills-based Interscience Computer Corp. on Sept. 15.

Pairgain provides high-tech products for telecommunications companies. Interscience supplies parts for the computer-driven, high-speed printers used by service bureaus, institutions, "junk mailers," and others, according to company spokesman Steve Crosson. .

The Pairgain issue was underwritten by New York-based Lehman Brothers Inc. while the Interscience issue was underwritten by Rhode Island-based Barclay Investments Inc.

"The ability to do an IPO -- the window -- should continue to be good for the balance of this year and possibly next year," noted Stephen Koffler, director of investment banking for Sutro & Co.'s L.A. office.

He said Sutro has filings with the Securities and Exchange Commission for three upcoming IPOs.

Of the three IPOs, one estimated to garner $27 million to $31.5 million for OroAmerica Inc., a Burbank-based manufacturer and seller of gold jewelry, is slated to go to market this week or next.

An IPO for Torrance-based Seda Specialty Packaging Corp., which manufactures and sells plastic containers, will sell an estimated $17.6 million to $20.8 million worth of shares in late October. G&L Realty Corp., which owns and manages medical buildings in Beverly Hills and the San Fernando Valley, will follow with an IPO estimated at $72.8 million to $78.6 million some time in November, according to Koffler.

He also said, however, any L.A. company not in a "hot industry" would be less favorably received due to Wall Street's view of California's weak economy.

Paul Wachter, head of West Coast investment banking for Werthheim Schroeder's Century City office, echoed that view. He said L.A.-based companies dependent on the local market are definitely a harder sell.

But Tom Weinberger, managing director of Oppenheimer & Co., Inc.'s Westwood office, countered, "You can have a very successful firm in a contracting area." Moreover, he said, "I don't think L.A. is going out of business."

Whether geographical location is an obstacle or not, many L.A. firms are still hot to issue IPOs.

"We know that there are a lot out there that are looking to go public," said Michael Yagemann, managing director of corporate finance for investment bank Bear Stearns & Co.'s Century City office.

Shirley Cheramy, a managing partner at the Century City office of accounting firm Price Waterhouse, agreed. She said demand for her company's quarterly "how to go public" workshops is definitely rising. The May workshop, according to Cheramy, sold out so quickly that another one was held three to four weeks later. Ninety percent of all participants come from L.A. County.

L.A.'s biggest IPO so far this year was for Woodland Hills-based TIG Holdings Inc. On April 20, TIG attracted $800.5 million for its initial 35.4 million share offering, which was underwritten by New York's Morgan Stanley & Co.

At the time, TIG was a holding company newly organized to acquire the multibillion-dollar Transamerica Insurance Group subsidiary from its parent, San Francisco-based Transamerica Corp.

Since its $22.63 per share debut, the stock has traded on the New York Stock Exchange between $22.88 and $26.88. It closed on Sept. 22 at $25.75.

Woodland Hills also spawned a $380 million IPO on Jan. 27, when Blue Cross of California sold 20 percent of its Wellpoint Health Networks subsidiary to the public.

The initial 13.6 million shares offered by the Woodland Hills-based, for-profit, managed care operation were underwritten by New York-based Merrill Lynch & Co. Shares have traded on the NYSE at $23 to $39.75, closing on Sept. 22 at $27.