Secondary Performance (5.22.17 – 5.26.17)

This past week 27 secondary offerings came to market and IPO Boutique placed BUY ratings on 15 of them. In all, $5.7bn in cash was raised by companies in the secondary market this week.

The average gain of BUY rated offerings this week at first trade was 2.1%

The average gain of Neutral rated offering this week at first trade was 0.8%.

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The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 1.88% at first trade and an average gain of 4.19% at the high of their first-day of trading.

The secondary market was as active as we have seen so far in 2017 as 27 offerings came to market including eleven deals that debuted on Thursday (5.25.17). The average discount offered this week was 3.74% vs the last trade and 19 of the 27 offerings opened above their offering price

The largest offering this week was an upsized $884.3m block from Quintiles IMS Holdings, Inc. (NYSE: Q) – block which included an element of share repurchasing by the company. The offering proceeded to price at the last trade and open $0.02 below the offering price. We gave this offering a Neutral rating. Among deals which raised more than $20m, the best performing offering this week was GlycoMimetics, Inc. (Nasdaq: GLYC) underwritten by Jefferies and Cowen. The healthcare company recently had positive news and syndicate buyers took advantage as the offering opened 22.6% higher than the $11.50 offering price. ‘GLYC’ traded as high as $14.80 and closed at an even $14.00 for a 21.7% return on its offering day. IPO Boutique had a BUY rating on the ‘GLYC’ offering.

Other offerings that performed well that IPO Boutique had BUY ratings on were Aerie Pharmaceuticals (Nasdaq: AERI) and BlackLine, Inc. (Nasdaq: BL) which opened 4.2% and 3.2% above their offering prices, respectfully.

There are currently no marketed secondary offerings scheduled for next week.

05.26.17 Weekly Secondary Peformance Report

IPO Weekly Summary – (5.22.17 – 5.26.17)

It was a week where two of the three IPOs that came to market came from the technology sector. Additionally, price sensitivity played a role as two deals priced severely below their original range. The average gain at first trade for the IPOs was 9.3%. 

(click to enlarge)

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Appian Corporation (NASDAQ: APPN) …a leading low-code software development platform as a service that enables organizations to rapidly develop powerful and unique applications….had one of the strongest debuts for the entire month of May. ‘APPN’ priced in the $11.00-$13.00 range at $12.00 and opened with a $3.00 premium or 25% higher. Appian Corporation rallied into the close on Friday and closed at $17.11 or 42.6% above its offering price.

SMART Global Holdings (NASDAQ: SGH), a a global leader in specialty memory solutions, serving the electronics industry for over 25 years….priced $2.00 below the $13.00-$15.00 range ($11.00) and opened at $12.00 or 9% higher.  

Cable provider, WideOpenWest (NYSE: WOW), priced $3.00 below the $20.00-$22.00 range and opened $1.00 under the offering price or 5.9% lower. Within thirty minutes, however, it rebounded and traded above the offering price temporarily in its opening day before having a strong close to the week on Friday. ‘WOW’ traded as high as $18.00 and closed the week at $17.55 or 3.2% above its $17.00 offering price.

 

New Filings & Updated Terms – Week Ending 5.26.17

IPO Boutique keeps apprised of the active pipeline. Currently there are 54 active IPOs in the in pipeline as of May 26, 2017. No SPACs or Unit Offerings are included.

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NEW FILINGS

Company: Ranger Energy Services, Inc.
Symbol: RNGR
Description: They are one of the largest independent providers of high-specification well service rigs and associated services in the United States, with a focus on technically demanding unconventional horizontal well completion and production operations.
Trade Date: TBD
Underwriter(s): Credit Suisse, Simmons & Company International, Wells Fargo Securities, Piper Jaffray
Filed: 5-22-17
Listed Cash Raise: $100m

Company: Granite Point Mortgage Trust
Symbol: GPMT
Description: They are a Maryland corporation that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments.
Trade Date: TBD
Underwriter(s): J.P. Morgan, Morgan Stanley, Citigroup
Co-Manager: JMP Securities
Filed: 5-24-17
Listed Cash Raise: $100m

Company: Four Springs Capital Trust
Symbol: FSPR
Description: Four Springs Capital Trust is an internally managed real estate investment trust focused on acquiring, owning and actively managing a portfolio of single-tenant, income producing retail, industrial, medical and other office properties throughout the United States that are subject to long-term net leases.
Trade Date: TBD
Underwriter(s): RBC Capital Markets, SunTrust Robinson Humphrey
Filed: 5-24-17
Listed Cash Raise: $50m

TERMS ADDED

Company: Avenue Therapeutics, Inc.
Symbol: ATXI
Price: $9.00-$11.00
Description: They are a specialty pharmaceutical company focused on the development and commercialization of an intravenous, or IV, formulation of tramadol HCl, or IV Tramadol, for the management of moderate to moderately severe postoperative pain.
Trade Date: TBD
Shares: 5 million
Underwriter(s): Raymond James
Co-Manager(s): National Securities Corporation
Terms Added: 5-22-17

Company: ZK International Group
Symbol: ZKIN
Price: $5.00-$5.00
Description: Their core business focuses on providing systematic solutions to construction projects that require sophisticated piping systems.
Trade Date: TBD
Shares: 1 million
Underwriter(s): Boustead Securities
Filed: 5-22-17

Company: Hunting Dog Capital Corp.
Symbol: HDCC
Price: $15.00-$15.00
Description: Hunting Dog Capital Corp. is a holding company that intends to operate through several wholly owned subsidiaries to provide financing solutions to lower middle-market companies, which we define as businesses with revenues between $5 million and $50 million, and needing financing typically under $20 million.
Trade Date: TBD
Shares: 2 million
Underwriter(s): Joseph Gunnar & Co
Filed: 5-24-17

Company: Plymouth REIT
Symbol: PLYM
Price: $19.00-$21.00
Description: They are a full service, vertically integrated, self-administered and self-managed Maryland corporation focused on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the U.S.
Trade Date: 6/9
Shares: 3.75 million
Underwriter(s): D.A. Davidson, BB&T Capital Markets, Oppenheimer & Co.
Co-Manager(s): Janney Montgomery Scott, National Securities Corporation, Wedbush Securities
Filed: 5-24-17

 

 

 

Secondaries Announced 5.25.17

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

If having real-time alerts for secondary offerings would be an advantage to you, inquire about a subscription today!

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Aerie Pharmaceuticals, Inc.
Symbol: AERI
Price: Last Trade $54.25
Trade Date: 5/26
Re-offer Range:Subscription Needed
Shares: 0.93 million ($50 million raise)
Underwriter(s) : Cantor Fitzgerald
Rating = Subscription Needed

Company: Trillium Therapeutics
Symbol: TRIL
Price: Last Trade $5.45
Trade Date: 5/26
Re-offer Range: Subscription Needed
Shares: 6 million
Underwriter(s) : Cowen and Company
Co-Manager: Ladenburg Thalmann
Rating = Subscription Needed

Company: Targa Resources Corp.-BLOCK
Symbol: TRGP
Price: Last Trade $48.47
Trade Date: 5/26
Re-offer Range: Subscription Needed
Shares: 17 million
Underwriter(s) : Barclays
Rating = Subscription Needed

 

Secondaries Announced 5.24.17

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

If having real-time alerts for secondary offerings would be an advantage to you, inquire about a subscription today!

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Corium International, Inc.
Symbol: CORI
Price: Last Trade $6.87
Trade Date: 5/25
Re-offer Range: Subscription Needed
Shares: 6.4 million
Underwriter(s) Jefferies
Rating = Subscription Needed

Company: Bank of the Ozarks, Inc.
Symbol: OZRK
Price: Last Trade $47.03
Trade Date: 5/25
Re-offer Range: Subscription Needed
Shares: 6.6 million
Underwriter(s) J.P. Morgan
Rating = Subscription Needed

Company: Costamare, Inc.
Symbol: CMRE
Price: Last Trade $7.76
Trade Date: 5/25
Re-offer Range: Subscription Needed
Shares: 12.5 million
Underwriter(s) : Morgan Stanley, Wells Fargo Securities, J.P. Morgan, Citigroup, Stifel
Rating = Subscription Needed

Company: Sun Communities, Inc.
Symbol: SUI
Price: Last Trade $87.74
Trade Date: 5/25
Re-offer Range: Subscription Needed
Shares: 3.5 million
Underwriter(s) : BofA Merrill Lynch, Citigroup
Rating = Subscription Needed

Company: Quintiles IMS Holdings, Inc. – Block
Symbol: Q
Price: Last Trade $84.22
Trade Date: 5/25
Re-offer Range: Subscription Needed
Shares: 7 million
Underwriter(s) : Morgan Stanley
Rating = Subscription Needed

 

Secondaries Announced 5.23.17

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

If having real-time alerts for secondary offerings would be an advantage to you, inquire about a subscription today!

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: The Trade Desk
Symbol: TTD
Price: Last Trade $52.51
Trade Date: 5/24
Shares: 3.3 million
Underwriter(s) Citigroup, Jefferies, RBC Capital Markets, Needham & Company, Raymond James
Rating = Subscription Needed

Company: Albireo Pharma, Inc.
Symbol: ALBO
Price: Last Trade $21.21
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 1.9 million
Underwriter(s) Cowen and Company, William Blair
Co-Manager(s): Needham & Company, Wedbush PacGrow
Rating = Subscription Needed

Company: Achaogen, Inc.
Symbol: AKAO
Price: Last Trade $26.08
Trade Date: 5/25
Shares: 5 million
Underwriter(s) Leerink Partners, Cowen and Company, Stifel
Rating = Subscription Needed

Company: Alnylam Pharmaceuticals, Inc.
Symbol: ALNY
Price: Last Trade $74.87
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 5 million
Underwriter(s) Barclays
Rating = Subscription Needed

Company: Scorpio Tankers Inc.
Symbol: STNG
Price: Last Trade $4.20
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 47.6 million ($200 million raise)
Underwriter(s) Morgan Stanley
Co-Manager(s): ABN AMRO, Clarksons Platou Securities AS, Evercore ISI, Pareto Securities, Seaport Global Securities
Rating = Subscription Needed

Company: Syndax Pharmaceuticals
Symbol: SNDX
Price: Last Trade $14.67
Trade Date: 5/25
Shares: ($50 million raise)
Underwriter(s) Morgan Stanley, Citigroup, Cowen and Company
Rating = Subscription Needed

Company: Quantenna Communications, Inc. – Block
Symbol: QTNA
Price: Last Trade $20.57
Trade Date: 5/24
Re-offer Range: Subscription Needed
Shares: 1.98 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed

 

 

Secondaries Announced 5.22.17

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

If having real-time alerts for secondary offerings would be an advantage to you, inquire about a subscription today!

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: BlackLine, Inc.
Symbol: BL
Price: Last Trade $32.33
Trade Date 5/25
Shares: 3.5 million
Underwriter(s) Goldman Sachs & Co., J.P. Morgan
Co-Manager(s) Pacific Crest Securities, Raymond James, William Blair, JMP Securities
Rating =Subscription Needed

Company: GlycoMimetics, Inc.
Symbol: GLYC
Price: Last Trade $11.01
Trade Date: 5/24
Shares: 6 million
Underwriter(s) Jefferies, Cowen and Company
Rating = Subscription Needed

Company: First Bank
Symbol: FRBA
Price: Last Trade $12.00
Trade Date: 5/24
Shares: 2.92 million ($35m raise)
Underwriter(s) Sandler O’ Neill + Partners, Baird
Co-Manager(s): Hovde Group, FIG Partners
Rating = Subscription Needed

Company: MindBody, Inc.
Symbol: MB
Price: Last Trade $28.20
Trade Date: 5/26
Shares: 4.4 million
Underwriter(s) J.P. Morgan, UBS Securities, Jefferies, Credit Suisse
Co-Manager(s): JMP Securities, Pacific Crest Securities, Imperial Capital, Roth Capital Partners
Rating = Subscription Needed

Company: Camping World Holdings
Symbol: CWH
Price: Last Trade $29.03
Trade Date: 5/25
Shares: 10 million
Underwriter(s) Goldman Sachs & Co., J.P. Morgan, BofA Merrill Lynch, Credit Suisse
Co-Manager(s) Baird, BMO Capital Markets, KeyBanc Capital Markets, Stephens Inc., Wells Fargo Securities
Rating = Subscription Needed

Company: Kosmos Energy
Symbol: KOS
Price: Last Trade $7.84
Trade Date: 5/23
Re-offer Range: Subscription Needed
Shares: 40 million
Underwriter(s) Barclays
Rating = Subscription Needed

Company: Mimecast, Inc. – BLOCK
Symbol: MIME
Price: Last Trade $27.00
Trade Date: 5/23
Re-offer Range: Subscription Needed
Shares: 1.08 million
Underwriter(s) Barclays
Rating = Subscription Needed

Company: Hyatt Hotels Corporation
Symbol: H
Price: Last Trade $58.40
Trade Date: 5/23
Re-offer Range: $57.85-$58.15
Shares: 4 million
Underwriter(s) Deutsche Bank, BofA Merrill Lynch
Rating = Subscription Needed

Company: JELD-WEN Holding, inc.
Symbol: JELD
Price: Last Trade $30.86
Trade Date: 5/25
Shares: 14 million
Underwriter(s): Barclays, Citigroup, Credit Suisse, J.P. Morgan,
Co-Manager(s): Deutsche Bank Securities, RBC Capital Markets, BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities, Baird, FBR, SunTrust Robinson Humprhey
Rating = Subscription Needed

 

 

 

Secondaries Announced 5.18.17

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

If having real-time alerts for secondary offerings would be an advantage to you, inquire about a subscription today!

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Shopify, Inc.
Symbol: SHOP
Price: Last Trade $87.25
Trade Date 5/19
Shares: 5.5 million
Underwriter(s) Morgan Stanley, Credit Suisse
Co-Manager CIBC World Markets
Rating = Subscription Needed

Company: Identiv Inc
Symbol: INVE
Price: Last Trade $5.03
Shares: TBD
Underwriter(s) Northland Capital Markets
Rating = IPO Boutique Does not Cover Northland Capital deals

Company: Goldman Sachs BDC, Inc.
Symbol: GSBD
Price: Last Trade $23.08
Trade Date 5/19
Re-offer Range: Subscription Needed Shares: 3.25 million
Underwriter(s) BofA Merrill Lynch, Morgan Stanley, Wells Fargo Securities, Goldman Sachs & Co., Citigroup, Credit Suisse
Co-Manager: Raymond James
Rating = Subscription Needed

Company: Halozyme Therapeutics, Inc.
Symbol: HALO
Price: Last Trade $14.16
Trade Date: 5/19
Re-offer Range: Subscription Needed
Shares: 7.06 million
Underwriter(s) Wells Fargo Securities, Deutsche Bank Securities
Rating = Subscription Needed

Company: RSP Permian
Symbol: RSPP
Price: Last Trade $40.69
Trade Date: 5/19
Re-offer Range: Subscription Needed
Shares: 15 million
Underwriter(s) BofA Merrill Lynch
Rating = Subscription Needed

 

 

Secondaries Announced 5.17.17pm

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

If having real-time alerts for secondary offerings would be an advantage to you, inquire about a subscription today!

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Tellurian Inc.
Symbol: TELL
Price: Last Trade $10.71
Trade Date 5/18
Shares: 10 million
Underwriter(s) Credit Suisse
Co-Manager Tuohy Brothers Investment Research
Rating = Subscription Needed

 

Secondaries Announced 5.16.2017

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

If having real-time alerts for secondary offerings would be an advantage to you, inquire about a subscription today!

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Financial Institutions, Inc.
Symbol: FISI
Price: Last Trade $32.50
Trade Date 5/17
Shares: 1.23 million
Underwriter(s) Sandler O’ Neill
Co-Manager(s): Hovde Group, Piper Jaffray
Rating = Subscription Needed

Company: Formula One Group (Liberty Media Corp.)
Symbol: FWONK
Price: Last Trade $33.31
Trade Date 5/19
Shares: 35.27 million ($1.175bn raise)
Underwriter(s) Goldman Sachs, J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Barclays, Credit Suisse
Rating = Subscription Needed

Company: Alcentra Capital Corporation
Symbol: ABDC
Price: Last trade $14.03
Trade Date: 5/17
Re-offer Range: Subscription Needed
Shares: 2.9 million
Underwriter(s) Raymond James
Rating =Subscription Needed