Wall Street's equity market offers a full schedule this week, with 8 IPOs and 5 Secondaries on the docket.

Those deals tentatively scheduled to price include:

IPOs:

Possible

• Merrion Pharmaceuticals (MERR), a 4M-share IPO for this pharmaceuticals company. Punk Zeigel is the lead manager. Filing range: $10.00-$12.00.

Early Week

• Liberty Acquisition (LIA), an 86.25M-share IPO for this reorganization services company. Citigoup is the lead manager.

Wall Street's equity market has a light schedule this week, with three IPOs and two Secondaries on the docket. Those following deals tentatively scheduled to price include:

IPOs:

Possible
• Vaughan Foods (FOOD), a 2.8 million share IPO for this food-store chain. Paulson Investment and Capital West are the lead managers. Filing range: $8.00-$10.00.

Thursday
• People's United (PBCT), 185.4 million share IPO for the demutualization of this bank holding company. Morgan Stanley is the lead manager. Filing price: $20.00.

Friday
• Comverge (COMV), a 4.7 million share IPO for this metering devices and services company. Citigroup is the lead manager. Filing range: $15.00-$17.00.

Secondaries:

Mid Week
• Boots & Coots International Well Control Inc. (AMEX: WEL), a 26 million share Secondary for this oil and gas services company. Morgan Keegan is the lead manager. Filing price: $2.26.

Late Week
• Rainmaker Systems Inc. (NASDAQ: RMKR), a 4.17 million share Secondary for this customer relations services company. Needham is the lead manager.

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The expected Time Warner Telecom (TWTC) secondary offering priced at $17.50 for the full share amount and then some. The secondary offering of common stock was apparently raised from 27.5 million shares up to over 33 million shares; but the offering was for even more than that. THE ACTUAL NUMBER OF SHARES IS 39,660,598, which is more than the higher end and more than the over-allotment shares.

So, not only was it a higher number of shares that the market was willing to absorb, but it was at a good price if you consider that TWTC closed up almost 5% yesterday.

This morning, "TWTC" shares are trading up at $18.15 as of the last print, and it has already traded more than 1 million shares in pre-market activity. You can expect this to be one of the most active stocks on NASDAQ today. Once again, Time Warner Inc. (NYSE: TWX) and its affiliate owners were the sellers, so Time Warner Telecom will receive no dollar proceeds from the offering. They will gain this much more independence from the ex-parent, but not the cash.

This isn't the first time this year that shares have been sold by "TWX," and this may not be the last time. As noted previously, this share sale and the subsequent pricing was actually good for both sides because it allows Time Warner Telecom (TWTC) to become less and less of astep child and it allows Time Warner to go on down the road to focus on and worry about what it needs to focus on.

There are supposed to be at least two telecom investor buyers in this deal that anted up for more than 2 million shares each, although that has yet to be confirmed and it may not ever be confirmed. In secondary offerings there are quite often more suppositions than there are facts, so it may not even be worth trying to figure that detail out.

Deutsche Bank Securities, Lehman Brothers, and J.P. Morgan acted as the underwriters. TWTC traded 3.1 million shares in regular trading yesterday (compared to 1.15 milllion average daily volume), and you can expect quite a lot more volume today as the shorts cover what they needed to cover fom their allocations from hedging and from the natural after-market buying and selling that comes with most secondary offerings.

Time Warner Telecom Inc. (TWTC) has announced that its principal stockholders commenced an underwritten public offering of 27,500,000 shares of its Class A common stock. They have also earmarked an over-allotment option to purchase up to an additional 4,125,000 shares within 30 days of the underwriting.

All of the shares that are being offered are currently owned by subsidiaries of Time Warner Inc. (TWX) and by Advance Telecom Holdings Corporation and Newhouse Telecom Holdings Corporation. The company will not receive any cash proceeds from the offering.

Deutsche Bank Securities Inc., Lehman Brothers Inc. and J.P. Morgan Securities Inc. are joint bookrunning managers.

Last month Deutsche Bank started TWTC as a Buy rated stock. Lehman has an Outperform rating on the shares. one point of interest is that TWTC sold 19.4 million shares back in March and Morgan Stanley was in that underwriting group, but they are not in this underwriting.

Shares of TWTC ended up $0.11 at $18.63 as of yesterday's close. Its 52-week trading range is $6.84 to $18.93.

What is interesting about this offering is that it actually has a dual function after you look at the share offering.