Secondaries Announced 3.22.17

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

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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: Bellicum Pharmaceuticals, Inc.
Symbol: BLCM
Price: Last Trade $14.37
Trade Date: 3/24
Shares: 5 million
Underwriter(s) Citigroup, Jefferies
Rating =  Subscription Needed

Company: American Homes 4 Rent
Symbol: AMH
Price: Last Trade $23.24
Re-offer:  Subscription Needed
Trade Date: 3/23
Shares: 11 million
Underwriter(s) J.P. Morgan
Rating =  Subscription Needed

Company: Orion Engineered Carbons, S.A.
Symbol: OEC
Price: Last Trade $21.15
Re-offer:  Subscription Needed
Trade Date: 3/23
Shares: 5 million
Underwriter(s) Goldman Sachs, UBS
Rating =  Subscription Needed

Company: Cherry Hill Mortgage Investment Corporation
Symbol: CHMI
Price: Last Trade $18.42
Trade Date: 3/24
Shares: 4.5 million
Underwriter(s) Morgan Stanley, Barclays, Citigroup, UBS, FBR, JMP, Keefe Bruyette & Woods, RBC Capital
Co Manager(s) NexBank, Nomura
Rating =  Subscription Needed

Company: Frank’s International – BLOCK
Symbol: FI
Price: Last Trade $9.62
Re-offer:  Subscription Needed
Trade Date: 3/23
Shares: 5.6 million
Underwriter(s) Morgan Stanley
Rating =  Subscription Needed

 

Secondaries Announced 3.21.2017

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: Regenxbio Inc.
Symbol: RGNX
Price: Last Trade $22.10
Trade Date: Subscription Needed
Shares: 3.4 million
Re-Offer Range: Subscription Needed
Underwriter(s) Morgan Stanley BofA Merrill Lynch, Piper Jaffray
Co-Manager: Chardan Capital Markets
Rating = Subscription Needed

Company: Vital Therapies, Inc.
Symbol: VTL
Price: Last Trade $4.25
Re-offer: Subscription Needed
Trade Date: Subscription Needed
Shares: 7.3 million
Underwriter(s) Raymond James
Co-Manager: National Securities
Rating = Subscription Needed

Company: Easterly Government Properties, Inc.
Symbol: DEA
Price: Last Trade $19.67
Trade Date: Subscription Needed
Shares: 4.3 million
Re-Offer Range: Subscription Needed
Underwriter(s) Jefferies, Citigroup, Raymond James, RBC Capital Markets
Rating = Subscription Needed

Company: Adaptimmune Therapeutics plc
Symbol: ADAP
Price: Last Trade $4.29
Re-offer: Subscription Needed
Trade Date: Subscription Needed
Shares: Subscription Needed
Underwriter(s) Citigroup, Cowen and Company, Leerink Partners
Rating = Subscription Needed

IPO Boutique Brief – 3.21.17 – Snap is not selling itself for $14/share

There’s a lot of grumpy men on Wall Street who like to throw cold water on theories, ideas, research and/or trades.

We will join this list of curmudgeons happily.

Snap is not going to sell itself to Facebook for $14 a share.

The article was written by FBN Securities and it has been circulated around some of the top market sites — this link is to Investopedia — but it has been posted at other sites like Barron’s.  I would encourage you to read it in its entirety but the key points are:

  • Facebook tried to buy it already
  • Facebook has the cash
  • Facebook could remove a threat

What the article fails to mention is the impact of the recent IPO. It is highly pertinent to include the valuation established after a much-hyped roadshow. Did the author of the article ‘forget’ that Snap Inc just sold 200mm shares (with no voting power) to an array of investors for $17/share. Additionally, a quarter of the new shareholders have a one-year lock-up agreement. To even suggest a timetable where $14/share would be a conceivable offer for Snap would be somewhere in the 4-5 year range and that would be if metrics began deteriorating.

Typically, a company would not likely subject itself to the rigors of taking a company public, especially one with such the high-profile nature of Snap, just to sell itself within 12 months. A high-profile technology company, AppDynamics, did sell itself 48 hours prior to making a debut in January 2017. But this buyout, $3.7bn by Cisco, was a significant premium to the $1.7bn to $1.9bn that the company was potentially being valued at if the deal ended up being priced. Furthermore, to think that Snap, a much higher-profile company in comparison to AppDynamics, would sell itself to Facebook at a discount to the offering price is a theory best described as ‘click-bait’.

However, in the article’s defense, there is no timeline established for when a $14/share bid/buyout would or could happen. But, in our opinion, it is about as far-fetched as seeing the Easter Bunny, Tooth Fairy and Santa Claus show up at your house for dinner tomorrow night.

My guess is that you won’t be needing to cook extra food…and Snap has no chance of being acquired by Facebook for $14/share.

Secondaries Announced 3.20.17

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: Condor Hospitality Trust
Symbol: CDOR
Price: Last Trade $13.96
Trade Date: Subscription Needed
Shares: 4 million
Underwriter(s) KeyBanc Capital, Baird, Janney Montgomery Scott, Compass Point, D.A. Davidson & Co., Wunderlich
Rating = Subscription Needed

Company: QuickLogic Inc.
Symbol: QUIK
Price: Last Trade $2.34
Trade Date: Subscription Needed
Shares: 6.4 million
Underwriter(s) Craig Hallum, Benchmark Capital
Rating = Subscription Needed

Company: Tandem Diabetes Care
Symbol: TNDM
Price: Last Trade $2.05
Trade Date: Subscription Needed
Shares: 18 million
Underwriter(s) Piper Jaffray
Co-Manager(s) Oppenheimer & Co., Wedbush PacGrow
Rating = Subscription Needed

Company: Merit Medical Systems, Inc.
Symbol: MMSI
Price: Last Trade $31.55
Trade Date: Subscription Needed
Shares: 3.9 million
Underwriter(s) BofA Merrill Lynch, Piper Jaffray, Wells Fargo Securities
Co Manager(s) Canaccord Genuity, Raymond James, SunTrust Robinson Humphrey
Rating = Subscription Needed

Company: La Jolla Pharmaceutical Company
Symbol: LJPC
Price: Last Trade $38.44
Trade Date: Subscription Needed
Shares: 2.6 million
Underwriter(s) J.P. Morgan, Cowen and Company
Rating = Subscription Needed

Company: Calithera Biosciences, Inc.
Symbol: CALA
Price: Last Trade $12.35
Trade Date: Subscription Needed
Shares: 4.5 million
Underwriter(s) Leerink Partners, Wells Fargo Securities
Co manager(s) JMP Securities
Rating = Subscription Needed

Company: Axsome Therapeutics
Symbol: AXSM
Price: Last Trade $4.40
Re-offer: Subscription Needed
Trade Date: Subscription Needed
Shares: Approximately 3.4 million
Underwriter(s) Ladenburg Thalmann
Rating = Subscription Needed

Company: Genesis Energy, L.P.
Symbol: GEL
Price: Last Trade $32.87
Re-offer Range: Subscription Needed
Trade Date: Subscription Needed
Shares: 4 million
Underwriter(s) Wells Fargo Securities, Baird
Rating = Subscription Needed

Company: Golub Capital BDC
Symbol: GBDC
Price: Last Trade $19.42
Re-offer: $19.03
Trade Date: 3/21
Shares: 1.75 million
Underwriter(s) Raymond James
Rating = Subscription Needed

 

New Filings and Terms — Week ending 3.17.17am

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NEW FILINGS

Company: Yext, Inc
Symbol: YEXT
Price: TBD
Description: Yext is a knowledge engine. Their platform lets businesses manage their digital knowledge in the cloud and sync it to over 100 services, including Apple Maps, Bing, Cortana, Facebook, Google, Google Maps, Instagram, Siri and Yelp. Digital knowledge is the structured information that a business wants to make publicly accessible.
Trade Date: TBD
Shares: TBD
Underwriter(s): Morgan Stanley, J.P. Morgan, RBC Capital Morgans
Co Manager(s): Pacific Crest Securities, Piper Jaffray
Filed: 3-13-17
Listed Cash Raise: $100m

Company: Okta, Inc
Symbol: OKTA
Price: TBD
Description: They are the leading independent provider of identity for the enterprise.
Trade Date: TBD
Shares: TBD
Underwriter(s): Goldman Sachs & Co., J.P. Morgan, Allen & Company
Co Manager(s): Pacific Crest Securities, Canaccord Genuity, JMP Securities
Filed: 3-13-17
Listed Cash Raise: $100m

Company: Imperial Garden & Resort
Symbol: MNSI
Price: TBD
Description: They seek to provide premium services to customers in the hospitality and entertainment businesses.
Trade Date: TBD
Shares: TBD
Underwriter(s): Network 1 Financial Securities
Co Manager(s):
Filed: 3-15-17
Listed Cash Raise: Minimum $15 million (Best-Efforts Offering)

Company: Solaris Oilfield Infrastructure, Inc.
Symbol: SOI
Price: TBD
Description: They manufacture and provide their patented mobile proppant management systems that unload, store and deliver proppant at oil and natural gas well sites.
Trade Date: TBD
Shares: TBD
Underwriter(s): Credit Suisse, Goldman Sachs & Co.
Filed: 3-15-17
Listed Cash Raise: $100m

Company: Veritone, Inc
Symbol: VERI
Price: TBD
Description: Veritone has developed a proprietary artificial intelligence platform that unlocks the power of cognitive computing to transform unstructured audio and video data and analyze it in conjunction with structured data in a seamless, automated manner to generate actionable intelligence.
Trade Date: TBD
Shares: TBD
Underwriter(s): Wunderlich, Craig Hallum Capital Group
Filed: 3-15-17
Listed Cash Raise: $15m

Company: Netshoes (Cayman) Limited
Symbol: NETS
Price: TBD
Description: They are the leading sports and lifestyle online retailer in Latin America and one of the largest online retailers in the region, as measured by net sales.
Trade Date: TBD
Shares: TBD
Underwriter(s): Goldman Sachs & Co., J.P. Morgan, Bradesco BBI, Allen & Company, Jefferies
Filed: 3-16-17
Listed Cash Raise: Not Listed

TERMS ADDED

Company: Alteryx
Symbol: AYX
Price: $12.00-$14.00
Description: They are a leading provider of self-service data analytics software.
Trade Date: 3/24
Shares: 9 million
Underwriter(s): Goldman Sachs & Co., J.P. Morgan
Co Manager(s): Pacific Crest Securities. William Blair, JMP Securities, Raymond James, Cowen and Company
Terms Added: 3-13-17

Company: Azul S.A.
Symbol: AZUL
Price: US$18.02-US$21.81
Description: They are the largest airline in Brazil in terms of departures and cities served, with 784 daily departures serving 101 destinations, creating an unparalleled network of 203 non-stop routes as of December 31, 2016. Each ADS is equal to 3 preferred shares.
Trade Date: 4/7
Shares: 24 million ADS
Underwriter(s): Citigroup, Itau BBA, Deutsche Bank Securities
Co Manager(s): Banco do Brasil Securities, Bradesco BBI, J.P. Morgan, Raymond James, Santander, Safra
Terms Added: 3-16-17

Secondaries Announced 3.16.17

THIS POST HAS BEEN INTENTIONALLY DELAYED TO 6PM

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received 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: MidWestOne Financial Group, Inc.
Symbol: MOFG
Price: Last Trade $36.75
Re-offer: Subscription Needed
Trade Date: 3/17
Shares: 2.5 million
Underwriter(s) Keefe Bruyette & Woods
Rating = Subscription Needed

Company: Rayonier Inc.
Symbol: RYN
Price: Last Trade $28.88
Trade Date: 3/17
Re-Offer Range: Subscription Needed
Shares: 5 million
Underwriter(s) Morgan Stanley, Raymond James, JP Morgan, Credit Suisse, Suntrust
Co-Manager(s): RBC, BMO, Buckingham, DA Davidson
Rating = Subscription Needed

Company: Veritiv Corporation – BLOCK
Symbol: VRTV
Price: Last Trade $58.85
Re-Offer Range: Subscription Needed
Trade Date: 3/17
Shares: 1.8 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed

Secondaries Announce 3.15.17

THIS POST HAS BEEN INTENTIONALLY DELAYED TO 6PM

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received 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: Penumbra
Symbol: PEN
Price: Last Trade $78.85
Trade Date: 3/17
Shares: 1.3 million
Underwriter(s) J.P. Morgan, BofA Merrill Lynch
Co Managers: Wells Fargo, Canaccord Genuity
Rating =  Subscription Needed

Company: Intrepid Potash, Inc.
Symbol: IPI
Price: Last Trade $1.41
Trade Date: 3/16
Description: Re-Offer Range: Subscription Needed
Shares: 28.4 million
Underwriter(s) Cantor Fitzgerald
Rating =  Subscription Needed
Cash Raise: $40 million

Company: Editas Medicine
Symbol: EDIT
Price: Last Trade $24.64
Trade Date: 3/17
Shares: 4 million
Underwriter(s) Morgan Stanley, J.P. Morgan
Co-Manager(s) Cowen and Company, JMP Securities
Rating =  Subscription Needed

Company: Investar Holding Corporation
Symbol: ISTR
Price: Last Trade $21.55
Trade Date: 3/17
Shares: 1.4 million
Underwriter(s) Sandler O’ Neill
Co-Manager(s)Raymond James, Hovde Group, Piper Jaffray
Rating =  Subscription Needed
Cash Raise: $30 million

Company: Tesla, Inc.
Symbol: TSLA
Price: Last Trade $255.73
Trade Date: 3/17
Shares: 980 thousand
Underwriter(s) Goldman Sachs, Deutsche Bank, Citigroup, Morgan Stanley, Barclays, BofA Merrill Lynch, Credit Suisse
Rating =  Subscription Needed
Listed Raise: $250 million
Note: $750 million of convertible senior notes due in 2022
Elon Musk (CEO): $25 million purchase

Company: Acadia Healthcare Company, Inc.- Block
Symbol: ACHC
Price: Last Trade $42.11
Trade Date: 3/16
Shares: 3.02 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Jefferies
Rating =  Subscription Needed

 

Canada Goose IPO set to debut on Thursday

Canada Goose (NYSE: GOOS) is set to make its debut as a public company on Thursday. And given the snow storm, the parka-jacket maker can make a case that mother nature has given her blessing on the deal.

But what about IPO investors?

Canada Goose is looking to raise as much as US$240m with 20mm shares being offered at US$10.50-US$12.00.

Looking at the financials, Canada Goose grew revenues from $218.4m to $290.8m from FY2015 to FY2016 for a growth of more than 33%. For the nine months ended December 31, 2016 as compared to the same period in 2015…Canada Goose grew revenues 41.6%.

(click to expand)

Screen Shot 2017-03-14 at 10.28.57 AM

The numbers are impressive to say the least.

But are investors ready to buy into the long-term for Canada Goose? After all, Canada Goose is in a extremely tough sector of retail apparel that has certainly not been the most ‘in-favor’ sector. While Canada Goose is growing its e-commerce business, they certainly have limited experience in that sector. And furthermore, being that Canada Goose operates in the high-end sector, who is ready to fork over nearly $1,000 for a jacket on-line?

Canada Goose certainly has as brand that is recognizable in the northern half of the United States, but being a parka-maker, the reach is definitely capped.

Not to mention…where are all the global-warming people that say parkas are a thing of the past (half-kidding, of course!)?

And furthermore, Canada Goose has been in the cross-hairs of animal-rights group PETA to protest the company’s use of coyote fur and down.

The channel checks that we have received early-on states there is positive interest in the IPO…but how will the company trade thereafter? Is the brand ‘sticky-enough’ to continues its upward momentum?

These are all questions investors must take into account when considering whether to start a long-term investment in ‘GOOS’.

 

 

 

 

Secondaries Announced 3.13.17

THIS POST HAS BEEN INTENTIONALLY DELAYED TO 6PM

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received 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: Aurinia Pharmaceuticals Inc.
Symbol: AUPH
Price: Last Trade $10.54
Trade Date: 3/14
Shares: Reported 15 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Leerink, Cantor Fitzgerald
Rating =  Subscription Needed

Company: Physicians Realty Trust
Symbol: DOC
Price: Last Trade $18.88
Trade Date: 3/14
Shares: 15 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Morgan Stanley, KeyBanc Capital Markets, BofA Merrill Lynch, BMO Capital Markets, Raymond James, Citizens Capital Markets, RBC Capital Markets
Rating =  Subscription Needed

Company: Lantheus Holdings
Symbol: LNTH
Price: Last Trade $14.05
Trade Date: 3/14
Shares: 3 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Credit Suisse
Rating =  Subscription Needed

Company: Valeant Pharmaceuticals – BLOCK
Symbol: VRX
Price: Last Trade $12.11
Trade Date: 3/14
Shares: 27.2 million
Description: Re-Offer Range: Subscription Needed
Underwriter(s) Jefferies
Rating =  Subscription Needed