Secondaries Announced 11.20.17

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.

 

Company: Performance Food Group Co.-Block
Symbol: PFGC
Price: Last Trade $29.20
Trade Date: 11/21
Shares: 5 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Barclays
Description: The company markets and distributes approximately 150,000 food and food-related products from 76 distribution centers to over 150,000 customer locations across the United States.
Rating = Subscription Needed

Company: Paylocity Holding Corp – Block
Symbol: PCTY
Price: Last Trade $48.43
Trade Date: 11/21
Shares: 1.3 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Deutsche Bank
Description: Paylocity is a provider of cloud-based payroll and human capital management software solutions for medium-sized organizations.
Rating = Subscription Needed

Company: Black Knight, Inc.
Symbol: BKI
Price: Last Trade $45.80
Trade Date: 11/21
Shares: 5 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Goldman Sachs & Co.
Description: They are a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
Rating = Subscription Needed

IPO Weekly Recap: Price sensitive IPO market struggles in aftermarket, ends mostly positive

This past week eight IPOs debuted, zero updated terms and, at the time of this writing, ten new deals were filed. You can check out our latest report on the IPO pipeline by clicking here.

Price sensitivity and a bit of pushback was the sentiment coming from the IPO market as four deals priced below range and two were postponed due to market conditions.

Screen Shot 2017-11-17 at 8.10.44 PM

But to start with the positive…the two in-demand technology offerings came to market successfully.

Sailpointlogo SendGrid

SailPoint Technologies Holdings (SAIL) and SendGrid Inc (SEND) each priced above range and they opened with 24.2% and 15.9% gains at first trade, respectively. 

After the previous week saw a trio of bank IPOs (MCB, CBTX, MRBK) come to market…this past week’s lone bank deal, Sterling Bancorp (SBT), upsized its offering by 50% and priced at the low-end of its $12-$14 range. ‘SBT’ opened with a first trade of $12.35 and hit an opening session high of $12.60. This, once again, showed the consistency in this niche in the financial sector and the underwriters who have run the books on these offerings.

ArsanisLogo

Arsanis Inc (ASNS) certainly appeared to please the buy-side after pricing $5.00 below the $15-$17 range and seeing a 30% premium at first trade. The bio traded as high $14.60 in its opening week and closed Friday’s session with a last trade of $13.93 or 39.3% higher marking the deal the best performer of the week.

scPharmaceuticals_logo

The other healthcare deal, scPharmaceuticals Inc (SCPH), priced at $14.00, or at the low-end of its range, and opened with a $0.25 premium. SCPH traded as high as $14.94 during its debut day but did break its offering price toward the end of its opening session before closing at $14.10.

StichFix

Online retailer Stitch Fix (SFIX) cut its size from 10.0mm to 8.0mm shares and priced $3.00 below the $18-$20 range. SFIX was fine to start, opening with a 12.7% premium above the offering price and hit a first day high of $18.53 (23.5% above offering price). SFIX, however, ended up breaking its offering price on day one and closed Friday’s session with a $15.04 final trade.

JianpuTech BlueGreenVacationsLogo

Jianpu Technology (JT) and Bluegreen Vacations (BXG) each had uninspiring debuts. JT priced $0.50 below the $8.50-$10.50 range and opened with an $8.25 first trade. JT closed the week at $7.20 or 10% below its offering price. Bluegreen Vacations’ (BXG) $2.00 discount below the $16-18 range was not enough to produce a premium at the open. BXG opened at $12.55 or 10.4% in the red and closed the session at $13.00 or 7.1% below the offering price.

MolinoLogo MPMHoldingsLogo

It should be noted that two deals that were on the schedule for this week, Molino Canuelas S.A.C.I.F.I.A (MOLC) and MPM Holdings (MPMH) did not come as scheduled and were postponed due to market conditions. There is no further information available at this time.

Looking ahead to this week…ECM activity will take a break for the Thanksgiving Holiday. It is a much needed break as November’s 27 IPOs that have come to market is the most in a single month beating both April and June (18 each).

Weekly Secondary Recap (11.17.17)

IPO BOUTIQUE is one of the few syndicate services that provides ratings on all secondary offerings (Spots, blocks, marketed). We use our database of historical performances, underwriter trends and more than 40 years playing the syndicate service to give our clients a leg up. We meticulously keep records of our ratings. If interested please click below to inquire or email: JZell@IPOBoutique.Com

You can Subscribe to IPO Boutique’s Secondary Only Service by clicking here:

 

This past week 28 secondary offerings came to market and IPO Boutique placed BUY ratings on 14 of them. In all, $4.6bn was raised by companies in the secondary market this week.

The average gain of IPO Boutique BUY rated offerings this week at first trade was 2.6%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 2.2%.

BUY Vs Neutral 1117

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.38% at first trade and an average gain of 6.74% at the high of their first-day of trading.

Equity capital markets were once again busy with a steady flow of offerings throughout the week.

The deal of the week was, hands-down, Mirati Therapeutics, Inc. ( MRTX). Underwritten by Cowen and Barclays…the offering priced at $13.00 giving a 7.5% discount to the last trade. MRTX opened at $14.00 and traded as high as $19.25 for a 48.2% gain at top tick. IPO Boutique rated this offering as a BUY.

A handful of marketed deals had solid performances. Floor and Decor (FND), Gardner Denver Holdings (GDI), JELD-WEN Holdings (JELD), and Presidio (PSDO) opened 2.1%, 2.3%, 2.7% and 5.1% above their offering prices, respectively. We rated the latter three with BUY ratings’.

After a couple difficult weeks for healthcare offerings…this week had a few bright spots. Achillion Pharma (ACHN) and Alnylam Pharmaceuticals, Inc being two of them. (ALNY) opened 18.5% and 4.0% higher. This is in addition to the highly successful MRTX offering.

The largest offering this week was the $600m raise from Gardner Denver Holdings. As previously mentioned, we rated GDI as a BUY and the deal closed 6.0% above the offering price.

There are currently no secondary offerings on the schedule for the upcoming week. We wanted to point out that we have added the VWAP to our Secondary Performance Report charts that are sent to Secondary Alerts clients on a daily basis. This was a request by a few of our clients and we are happy, as always, to take the extra step to satisfy your needs.

Weekly Secondary Performance Report (11.17.17)

 

IPO Pipeline: New Filings & Updated Terms (Week Ending 11.17.17)


IPO Boutique keeps apprised of the active pipeline. Currently there are 64 active IPOs in the pipeline as of November 17, 2017. No SPACs or Unit Offerings are included. While the numbers may look diminished, we outlined why “looks may be perceiving” when it comes to the IPO pipeline in this article.

Screen Shot 2017-11-17 at 2.24.47 PM

NEW FILINGS

Company: TFI TAB Food Investments
Symbol: QSRG
Description: They are one of the world’s largest global restaurant operators by number of restaurants and the largest Restaurant Brands International, or RBI, franchisee globally.
Trade Date: TBD
Underwriter(s): Morgan Stanley, Credit Suisse, Goldman Sachs & Co., Citigroup, J.P. Morgan, Rabo Securities
Filed: 11-13-17
Listed Cash Raise: $400m

Company: LexinFintech Holdings Ltd.
Symbol: LX
Description: They are a leading online consumer finance platform in China in terms of the outstanding principal balance of loans originated on our platform as of June 30, 2017, according to Oliver Wyman.
Trade Date: TBD
Underwriter(s): Goldman Sachs (Asia), BofA Merrill Lynch, Deutsche Bank Securities, China Renaissance
Filed: 11-13-17
Listed Cash Raise: $500m

Company: Denali Therapeutics Inc
Symbol: DNLI
Description: Their goal is to discover and develop therapeutics to defeat degeneration.
Trade Date: TBD
Underwriter(s): Goldman Sachs, J.P. Morgan, Morgan Stanley
Co-Manager(s): Evercore ISI
Filed: 11-13-17
Listed Cash Raise: $100m

Company: AXA Equitable Holdings, Inc.
Symbol: TBD
Description: They are one of America’s leading financial services companies and have helped clients prepare for their financial future with confidence since 1859.
Trade Date: TBD
Underwriter(s): Morgan Stanley, J.P. Morgan
Filed: 11-13-17
Listed Cash Raise: $100m

Company: Odonate Therapeutics, LLC
Symbol: ODT
Description: They are a pharmaceutical company dedicated to the development of best-in-class therapeutics that improve and extend the lives of patients with cancer.
Trade Date: TBD
Underwriter(s): Goldman Sachs, Jefferies
Co-Manager: Cowen
Filed: 11-13-17
Listed Cash Raise: $172.5m

Company: Camposol Holding Plc
Symbol: TBD
Description: They are a fast-growing, vertically-integrated producer of branded and predominantly off-season fresh and healthy food for leading global retailers and wholesalers, with strong operating margins.
Trade Date: TBD
Underwriter(s): BofA Merrill Lynch, UBS Investment Bank, BTG Pactual, Itau BBA
Co-Manager: Interbank
Filed: 11-14-17
Listed Cash Raise: $345m

Company: Hudson Ltd.
Symbol: HUD
Description: Hudson Group, anchored by their iconic Hudson brand, is committed to enhancing the travel experience for over 300,000 travelers every day in the continental United States and Canada.
Trade Date: TBD
Underwriter(s): Credit Suisse, Morgan Stanley, UBS Investment Bank
Filed: 11-14-17
Listed Cash Raise: $100m

Company: Americold Realty Trust
Symbol: COLD
Description: They are the world’s largest owner and operator of temperature-controlled warehouses.
Trade Date: TBD
Underwriter(s): BofA Merrill Lynch, J.P. Morgan, RBC Capital
Filed: 11-14-17

Company: Farmmi, Inc.
Symbol: FAMI
Description: They process and/or sell four categories of agricultural products: Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and other agricultural products.
Trade Date: TBD
Underwriter(s): Viewtrade Securities
Filed: 11-15-17
Listed Cash Raise: $5m

Company: Advantage Insurance Inc.
Symbol: AVI
Description: They are an underwriter of specialty private placement life insurance, or PPLI, for high net worth individuals, or HNWIs, business owners and family groups worldwide through their Life Insurance division.
Trade Date: TBD
Underwriter(s): Raymond James, JMP Securities, B. Riley | FBR
Filed: 11-16-17
Listed Cash Raise: $150m

UPDATED TERMS

(N/A)

Secondaries Announced 11.16.17

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.

Company: Vascular Biogenics, Ltd.
Symbol: VBLT
Price: Last Trade $9.00
Trade Date: 11/17
Shares: 2.5 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Piper Jaffray
Description: Vascular Biogenics Ltd., operating as VBL Therapeutics, is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for cancer.
Rating = Subscription Needed

Company: Bridgepoint Education, Inc.
Symbol: BPI
Price: Last Trade $9.22
Trade Date: 11/17
Shares: 7.56 million
Re-Offer Range: Subscription Needed
Underwriter(s) : BTIG
Description: They harnesses the latest technology to reimagine the modern student experience.
Rating = Subscription Needed

Company: Milacron Holdings
Symbol: MCRN
Price: Last Trade $16.80
Trade Date: 11/17
Shares: 13.09 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Credit Suisse
Description: The Company is a global leader in the manufacture, distribution and service of highly engineered and customized systems within the plastic technology and processing industry.
Rating = Subscription Needed

Company: Century Casinos, Inc.
Symbol: CNTY
Price: Last Trade $9.09
Trade Date: 11/17
Shares: 3.3 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Stifel, Roth Capital
Co-Manager(s): Craig Hallum, Union Gaming
Description: Century Casinos, Inc. operates as a casino entertainment company worldwide.
Rating = Subscription Needed

Secondaries Announced 11.15.2017

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.

Company: Veritone, Inc.
Symbol: VERI
Price: Last Trade $28.98
Trade Date: Week of 11/20
Shares: 0.8 million
Underwriter(s) : Roth Capital, Craig Hallum
Description: We have developed a proprietary artificial intelligence, or AI, platform that unlocks the power of cognitive computing to transform audio, video and other unstructured data and analyze it in conjunction with structured data in a seamless, orchestrated and automated manner to generate actionable intelligence.
Rating =Subscription Needed

Company: Mirati Therapeutics, Inc.
Symbol: MRTX
Price: Last Trade $14.05
Trade Date: 11/16
Shares: 5.4 million ($75 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s) : Cowen, Barclays
Description: Mirati Therapeutics is a clinical-stage biotechnology company focused on developing a pipeline of targeted oncology products intended to treat specific genetic and epigenetic drivers of cancer.
Rating = Subscription Needed

Company: Norwegian Cruise Line – Block
Symbol: NCLH
Price: Last Trade $55.07
Trade Date: 11/16
Shares: 10 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley
Description: They are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
Rating = Subscription Needed

Company: Talend SA
Symbol: TLND
Price: Last Trade $41.80
Trade Date: 11/16
Shares: 2.75 million
Re-Offer Range:Subscription Needed
Underwriter(s) : Citigroup, Barclays
Description: They are a next generation leader in cloud and big data integration solutions that helps companies become data driven by making data more accessible, improving its quality and quickly moving data where it’s needed for real-time decision making.
Rating = Subscription Needed

Company: AxoGen, Inc.
Symbol: AXGN
Price: Last Trade $24.90
Trade Date: 11/16
Shares: 1.2 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Leerink
Co-Manager(s): JMP Securities, Cantor Fitzgerald
Description: AxoGen is the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair.
Rating = Subscription Needed

Secondaries Announced 11.14.17

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.

Company: Achillion Pharmaceuticals, Inc.
Symbol: ACHN
Price: Last Trade $3.69
Trade Date: 11/16
Shares: 18.36 million
Underwriter(s) : Goldman Sachs, Leerink
Description: Achillion is a science-driven, patient-focused company seeking to leverage its strengths across the continuum from discovery to commercialization in its goal of providing better treatments for people with serious diseases.
Rating = Subscription Needed

Company: Presidio, Inc.
Symbol: PSDO
Price: Last Trade $16.21
Trade Date: 11/17
Shares: 8 million
Underwriter(s) : J.P. Morgan, Citigroup, RBC Capital, Barclays, Credit Suisse, Goldman Sachs, Wells Fargo, Evercore ISI, Deutsche Bank
Co-Manager(s): Guggenheim, Apollo Global, LionTree
Description: They are a leading provider of information technology (“IT”) solutions to the middle market in North America. We enable business transformation through our expertise in IT solutions, with a specific focus on Digital Infrastructure, Cloud and Security solutions.
Rating = Subscription Needed

Company: Everbridge, Inc.
Symbol: EVBG
Price: Last Trade $29.58
Trade Date: 11/16
Shares: 0.65 million
Underwriter(s) : BofA Merrill Lynch, Credit Suisse
Co-Managers: Stifel, Pacific Crest, Canaccord, Needham, Northland Securities, Raymond James, William Blair
Description: Everbridge, Inc. operates as an enterprise software company. The Company provides applications that automate the delivery of critical information to help keep people safe and businesses running. Everbridge offers a software-as-a-service platform that deliver messaging to a large group of people during critical situations.
Rating = Subscription Needed
Note: The offering is concurrent with a $100m registered convertible notes offering.

Company: OM Asset Management plc-BLOCK
Symbol: OMAM
Price: Last Trade $15.96
Trade Date: 11/15
Shares: 6.04 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley
Description: OMAM is a global, multi-boutique asset management company with $235.9 billion of assets under management as of September 30, 2017.
Rating = Subscription Needed

Company: AAC Holdings, Inc. – Block
Symbol: AAC
Price: Last Trade $10.16
Trade Date: 11/15
Shares: 0.25 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Raymond James
Description: They are a provider of inpatient substance abuse treatment services for individuals with drug and alcohol addiction.
Rating = Subscription Needed

Company: Genpact Limited
Symbol: G
Price: Last Trade $31.06
Trade Date: 11/15
Shares: 10 million
Re-Offer Range: Subscription Needed
Underwriter(s) : J.P. Morgan
Description: They are a global professional services firm that makes business transformation real.
Rating = Subscription Needed

Secondaries Announced 11.13.17

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.

Company: ReWalk Robotics, Ltd.
Symbol: RWLK
Price: Last Trade $1.50
Trade Date: 11/17
Shares: 4 million ($6 million raise)
Underwriter(s) : National Securities
Description: They are an innovative medical device company that is designing, developing and commercializing exoskeletons that allow individuals with mobility impairments or other medical conditions the ability to stand and walk once again.
Rating = Subscription Needed

Company: Sage Therapeutics
Symbol: SAGE
Price: Last Trade $94.65
Trade Date: 11/15
Shares: 3.2 million ($300m cash raise)
Underwriter(s) : J.P. Morgan, Goldman Sachs, Morgan Stanley
Description: Sage Therapeutics is a clinical-stage biopharmaceutical company committed to developing novel medicines to transform the lives of patients with life-altering central nervous system (CNS) disorders.
Rating = Subscription Needed

Company: ProQR Therapeutics
Symbol: PRQR
Price: Last Trade $3.48
Trade Date: 11/14
Shares: 5.75 million ($20m cash raise)
Re-Offer Range:Subscription Needed
Underwriter(s) : H.C. Wainwright
Description: ProQR Therapeutics is dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe genetic rare diseases such as cystic fibrosis, Leber’s congenital amaurosis 10 and dystrophic epidermolysis bullosa.
Rating = Subscription Needed

Company: Gardner Denver Holdings
Symbol: GDI
Price: Last Trade $29.41
Trade Date: 11/16
Shares: 22 million
Underwriter(s) : Goldman Sachs, Citigroup, KKR
Description: They are a leading global provider of mission-critical flow control and compression equipment and associated aftermarket parts, consumables and services, which they sell across multiple attractive end-markets within the industrial, energy and medical industries.
Rating = Subscription Needed

Company: Appian, Inc.
Symbol: APPN
Price: Last Trade $23.25
Trade Date: 11/16
Shares: 3.8 million
Underwriter(s) : Morgan Stanley, Goldman Sachs, Barclays
Co-Manager(s): William Blair, Canaccord Genuity, KeyBanc Capital, Cowen, SunTrust Robinson, BTIG
Description: Appian provides a leading low-code software development platform as a service that enables organizations to rapidly develop powerful and unique applications. The applications created on our platform help companies drive digital transformation and competitive differentiation.
Rating = Subscription Needed

Company: Third Point Reinsurance, Ltd.
Symbol: TPRE
Price: Last Trade $16.89
Trade Date: 11/14
Shares: 15 million
Re-Offer Range: Subscription Needed
Underwriter(s) : J.P. Morgan
Description: The Company is a public company listed on the New York Stock Exchange which, through its wholly-owned subsidiaries Third Point Reinsurance Company Ltd. and Third Point Reinsurance (USA) Ltd., writes property and casualty reinsurance business.
Rating = Subscription Needed

Company: Hyatt Hotels Corporation – Block
Symbol: H
Price: Last Trade $69.74
Trade Date: 11/14
Shares: 0.63 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley
Description: Hyatt Hotels Corporation, a hospitality company, develops, owns, operates, manages, franchises, licenses, or provides services to full and select service hotels, resorts, and residential and other properties.
Rating = Subscription Needed

Company: Floor & Decor Holdings
Symbol: FND
Price: Last Trade $39.07
Trade Date: 11/16
Shares: 9 million
Underwriter(s) : BofA Merrill Lynch, Barclays, Credit Suisse, UBS Investment Bank, Goldman Sachs & Co., Jefferies, Piper Jaffray, Wells Fargo Securities
Co-Manager: BTIG
Description: Floor & Decor is a multi-channel specialty retailer of hard surface flooring and related accessories, offering a broad in-stock assortment of tile, wood, laminate and natural stone flooring along with decorative and installation accessories at everyday low prices.
Rating = Subscription Needed

Company: Rapid 7, Inc.-BLOCK
Symbol: RPD
Price: Last Trade $19.36
Trade Date: 11/14
Shares: 0.9 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Morgan Stanley
Description: Rapid7 is a leading provider of security data and analytics solutions that enable organizations to implement an active, analytics-driven approach to cyber security.
Rating = Subscription Needed

IPO Weekly Recap – Banks shine, IPOs solid in robust week

DOTRURNXUAoIg-1.jpg-large

Cross currents and price sensitivity were aplenty this week but ultimately, ten deals came to market with nine opening with premiums at first trade. Albeit some were very brief.

Screen Shot 2017-11-03 at 10.52.17 AM MetropolitanBankLogo CBTXLogo

The three bank deals performed as expected with Metropolitan Bank Holding (MCB) collecting the biggest premium of the week, $3.95 above a $35.00 above-range pricing for a healthy 11.3% return. CBTX, Inc (CBTX) and Meridian Bank (MRBK) followed suit as the two opened 7.7% and 2.9%, respectively.

Sogou IncLogo BandwidthLogo

 

Each of the tech deals that came to market this week, Sogou Inc (SOGO) and Bandwidth Inc (BAND), traded well. SOGO was considered more than 15x covered but only opened flat. However, the Chinese internet search company traded nicely in the aftermarket and hit a high of $14.70 or 13.1% above the $13.00 high-end pricing. The BAND offering priced at the low-end of the range, $20.00, and opened 5.3% higher with a $21.06 first trade.

FiremanBVLogo ApellisLogo

Three biotechs came to market with the best performing deal being ERYTECH Pharma (ERYP) — a company that waited until just this week to launch and debut on the Nasdaq. ERYP trades on the Euronext Brussels…but that did not stop the deal from enjoying a nice opening day. The ADSs priced at $23.26 and opened 14.7% with a first trade of $26.68. The two other biotech deals, Apellis Pharmaceuticals (APLS) and Fireman B.V. (IFRX) opened with gains of 3.6% and 1.3% above their mid-range pricings. Each of those two deals broke their offering price in their first day as a publicly traded company.

FourSeasonsLogo

PPDAIGroupLogo

Chinese education company, Four Seasons Education (FEDU), did not enjoy the same type of debut that some of its peers recently had. FEDU opened with a $0.20 premium over a $10.00 pricing and traded near its offering price most of the week. The last Chinese deal of the week, PPDAI Group (PPDF), opened $0.30 above a $13.00 pricing, which was $3.00 below the filing range, and closed its opening session just nine-cents above the offering price.

WorkspaceLogo
It should be noted that the REIT offering that was expected to debut this week, Workspace Property Trust (WSPT), was postponed due to market conditions. There is no further information available at this time.

Looking ahead to this week, it is another high volume week with ten new issues on the schedule — click on the logos for IPO Previews.

MPMHoldingsLogo JianpuTech SendGrid scPharmaceuticals_logo ArsanisLogo StichFix Sailpointlogo BlueGreenVacationsLogo MolinoLogo

IPO BOUTIQUE : Syndicate…simplified.


What if you could take the guess work out of trading the syndicate calendar? Or what if you indicated for deals with the knowledge that large institutional funds are in the deal also?

IPO Boutique’s vast network of underwriter contacts and sources can do just that! On the IPO side, it means research & daily color in conjunction with 45 years of IPO experience. For secondaries, our highest-level of client receives Alerts on all offering, re-offer ranges, ratings and color for any deal that is marketed more than an overnight-offering.
If you indicate for IPOs or Secondary Offerings on a regular basis — place IPO Boutique on your team. Subscribe Today!

Weekly Secondary Performance Report – Ending 11.10.17

You can Subscribe to IPO Boutique’s Secondary Only Service by clicking here:

This past week 23 secondary offerings came to market and IPO Boutique placed BUY ratings on 9 of them. In all, $4.0bn was raised by companies in the secondary market this week.

The average gain of IPO Boutique BUY rated offerings this week at first trade was 2.0%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 0.3%.

Screen Shot 2017-11-10 at 4.40.46 PM

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 1.65% at first trade and an average gain of 5.62% at the high of their first-day of trading.

The follow-on offering market was robust as companies began to tap the equity markets and existing shareholders were looking to cash out with many block offerings- post earnings. The large quantity of blocks was expected and we believe these “could” continue in the upcoming week. The underwriter’s, as is often the case with blocks, were pricing them with little discount.

We have noticed the number of biotech offerings have begun to fade and, if this week is any indication, the green light is being given to energy companies. Among those who had successful offerings from the energy sector were ProPetro Holdings (PUMP), SRC Energy (SRCI) and Solaris Oilfield Infrastructure (SOI) who each opened 3.2%, 2.9% and 5.4% above their offering prices respectively. We tabbed each of those deals with BUY ratings.

We did not do the same for the largest deal of the week, Centennial Resource Development (CDEV). The Goldman Sachs underwritten deal has historically underperformed when tapping the syndicate markets and this week was no different with a first trade -0.3% below the offering price and a subsequent close -0.8% in the red.

There are currently two secondary offering being marketed for the upcoming week, Dolphin Entertainment (DLPN) and Seanergy Maritime (SHIP).

You can indicate for each of the deals through the selling group, Motif.

Screen Shot 2017-11-10 at 10.12.45 AM Screen Shot 2017-11-10 at 5.10.30 PM

Weekly Secondary Performance Report (11.10.17)