Weekly Secondary Performance Recap (Ending 2.23.18)

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 of syndicate experience 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

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This past week 10 secondary offerings came to market and IPO Boutique placed BUY ratings on 6 of them. In all, $1.55bn 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 2.8%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 2.4%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.64% at first trade and an average gain of 7.8% at the high of their first-day of trading.

It was a relatively uneventful week for the secondary market as quantity was limited due to the holiday-shortened week. The largest cash raise this week was Shopify’s (SHOP) $657.6m cash raise by pricing 4.8m shares at $137.00. The pricing was a 4.04% discount to the $142.78 last trade at launch and the deal opened down -0.2% and traded poorly — finishing the day -3.1%.

Healthcare offerings enjoyed solid debuts but most sold off almost immediately. Ascendis Pharma A/S (ASND), Aimmune Therapeutics (AIMT) and Dova Pharmaceuticals (DOVA) opened with gains of 7.0%, 8.4% and 3.1%. The same three closed their offering days’ at 4.3%, -0.1% and 1.0% vs. their respective offering prices.

The strongest performer (closing price vs. offering price) of a cash raise greater than $20m was a SunTrust Robinson led deal, Ring Energy (REI), which finished +4.6% vs. its $14.00 offering price. It should be noted that Clearside Combustion (CLIR) had a strong debut with National Securities underwriting the $11.3m offering. The deal opened +6.7% and closed +9.8% vs. its offering price and thus skewing the average of the Neutral rated deals this week.

There are currently zero secondary offerings on the schedule for next week.

WeeklySecondaryPerformance (Ending 2.23.18)

 

IPO Pipeline Update – Week ending 2.23.18


IPO Boutique keeps apprised of the active pipeline. Currently there are 45 active IPOs in the pipeline as of February 23, 2018. 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.

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NEW FILINGS

Company: ZScaler, Inc.
Symbol: ZS
Description: Their mission is to empower organizations to realize the full potential of the cloud and mobility by securely connecting users to applications from any device, anywhere.
Trade Date: TBD
Shares: TBD
Price Range: TBD
Underwriter(s): Morgan Stanley, Goldman Sachs, BofA Merrill Lynch, Barclays, Deutsche Bank Securities, Credit Suisse, UBS Investment Group
Co-Manager(s): Baird, BTIG, Needham & Co., Stephens Inc.
Filed: 2-16-18
Listed Cash Raise: $100m

Company: Bridgewater Bancshares, Inc.
Symbol: BWB
Description: They are a financial holding company headquartered in Bloomington, Minnesota, a suburb located approximately 10 miles south of downtown Minneapolis and in close proximity to the Minneapolis-St. Paul International Airport.
Trade Date: TBD
Shares: TBD
Price Range: TBD
Underwriter(s): Sandler O Neill + Partners, DA Davidson
Filed: 2-16-18
Listed Cash Raise: $50m

Company: Arcus Biosciences, Inc.
Symbol: RCUS
Description: They are a clinical-stage biopharmaceutical company focused on creating innovative cancer immunotherapies by leveraging underexploited biological opportunities.
Trade Date: TBD
Shares: TBD
Price Range: TBD
Underwriter(s): Citigroup, Goldman Sachs & Co., Leerink Partners
Filed: 2-16-18
Listed Cash Raise: $100m

Company: Taiwan Liposome Company, Ltd.
Symbol: TLC
Description: They are a clinical-stage specialty pharmaceutical company dedicated to the development and commercialization of best-in-class novel nanomedicines that combine our proprietary lipid-assembled drug delivery platform with approved active pharmaceutical ingredients (APIs).
Trade Date: TBD
Shares: TBD
Price Range: TBD
Underwriter(s): Cantor
Co-Manager(s): CLSA, H.C. Wainwright, Janney Montgomery Scott, Laidlaw & Co. (UK) Ltd.
Filed: 2-16-18
Listed Cash Raise: $50m

UPDATED TERMS

None Listed

Secondaries Announced 2.22.18

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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.

Company: Ring Energy, Inc.
Symbol: REI
Price: Last Trade $14.71
Trade Date: 2/23
Shares: 5.1 million ($75m cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): SunTrust Robinson Humphrey, Seaport Global Securities
Co-Manager(s): Capital One, Euro Pacific, Imperial Capital, Ladenburg Thalmann, Northland Capital, Roth Capital
Description: Ring Energy, Inc. is an oil and gas exploration, development and production company with current operations in Texas
Rating = Subscription Needed

Company: ClearSign Combustion Corporation
Symbol: CLIR
Price: Last Trade $2.35
Trade Date: 2/23
Shares: 4.2 million ($10 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): National Securities
Description: ClearSign Combustion Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness.
Rating = Subscription Needed

Company: Artisan Partners Asset Management – BLOCK
Symbol: APAM
Price: Last Trade $33.70
Trade Date: 2/23
Shares: 0.644 million
Re-Offer Range: Subscription Needed
Underwriter(s): J.P. Morgan
Description: Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world.
Rating = Subscription Needed

Secondaries Announced 2.21.18

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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.

Company: Advaxis, inc
Symbol: ADXS
Price: Last Trade $2.51
Trade Date: 2/22
Shares: 10 million ($20 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Jefferies, Guggenheim Securities
Description: Advaxis, Inc. is a late-stage biotechnology company focused on the discovery, development and commercialization of proprietary Lm-based antigen delivery products.
Rating = Subscription Needed

Company: Oil States International-BLOCK
Symbol: OIS
Price: Last Trade $26.50
Trade Date: 2/22
Shares: 5.925 million
Re-Offer Range: Subscription Needed
Underwriter(s): J.P. Morgan
Description: Oil States is a global oilfield products and services company serving the drilling, completions, subsea, production and infrastructure sectors of the oil and gas industry.
Rating = Subscription Needed

Company: OneMain Holdings Inc – Block
Symbol: OMF
Price: Last Trade $31.67
Trade Date: 2/22
Shares: 4.2 million
Re-Offer Range:Subscription Needed
Underwriter(s): Morgan Stanley
Description: They provide consumer finance and insurance products and services.
Rating = Subscription Needed

Secondaries Announced 2.20.18

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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.

Company: Ascendis Pharma A/S
Symbol: ASND
Price: Last Trade $59.00
Trade Date: 2/22
Shares: 2.6 million ($150 million cash raise)
Underwriter(s): J.P. Morgan, BofA Merrill Lynch, Credit Suisse
Description: Ascendis Pharma is a biopharmaceutical company applying its TransCon technology to develop a pipeline of sustained release prodrug therapies with best-in-class profiles to address significant unmet medical needs in rare diseases.
Rating = Subscription Needed

Company: Dova Pharmaceuticals, Inc
Symbol: DOVA
Price: Last Trade $34.71
Trade Date: 2/23
Shares: 2.5 million
Underwriter(s): J.P. Morgan, Jefferies, Evercore ISI
Description: Dova is a pharmaceutical company focused on acquiring, developing, and commercializing drug candidates for rare diseases where there is a high unmet need, with an initial focus on addressing thrombocytopenia.
Rating = Subscription Needed

Company: Aimmune Therapeutics, Inc
Symbol: AIMT
Price: Last Trade $34.96
Trade Date: 2/22
Shares: 4.3 million ($150m cash raise)
Underwriter(s): BofA Merrill Lynch, Cantor Fitzgerald, Piper Jaffray, Credit Suisse, RBC Capital Markets
Description: They are a clinical-stage biopharmaceutical company developing treatments for potentially life-threatening food allergies.
Rating = Subscription Needed

Weekly Secondary Performance Report (2.16.18)

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 of syndicate experience 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 19 secondary offerings came to market and IPO Boutique placed BUY ratings on 11 of them. In all, $1.9bn was raised by companies in the secondary market this week.

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The average gain of IPO Boutique BUY rated offerings this week at first trade was 1.2%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was -3.4%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.99% at first trade and an average gain of 8.1% at the high of their first-day of trading.

Of the 19 secondary offerings that came to market this past week, 15 ended their offering day above their issue price. The best performing offerings this week were Nano Dimensions LTD, Pieris Pharma (PIRS) and ION Geophysical Corp (IO) with gains of 15.0%, 8.5% and 10.2% at the close of their offering day sessions’.

The largest deal this week was a $373m cash raise on Black Knight Inc (BKI). The overnight deal was re-offered at last trade and opened 1.1% higher and closed 1.3% above the offering price. The other larger secondary this week, Amicus Therapeutics (FOLD), upsized its offering from $250m to $300m and saw a first trade $0.02 below the $15.50 offering price. FOLD traded lower in the session and closed -2.1% versus the offering price.  A healthcare stock trading lower in its offering session was relatively rare this week as the eight deals from this sector averaged a 0.9% return at first trade and 5.2% return at the close of their session.

There are currently zero secondary offerings on the schedule for next week.

WeeklySecondaryPerformance.021618

 

IPO Weekly Recap: Biofrontera shines in debut

Place more than four decades of experience on your team. We use a combination of underwriter contacts, global sources and contacts at large institutional funds to provide the TRUEST picture of how an IPO is shaping up prior to its debut. We are on your team. Additionally, we provide comprehensive research to outline short and long term risks of the new companies….. A full-service firm!

This past week two IPOs debuted that came with contrasting debuts.

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Of the two deals that came to market, one was a hold-over from the previous week and the other was a biotech offering that currently trades on the Frankfurt Stock Exchange.

BiofronteraAG

The Biofrontera AG (BFRA) was underwritten by Benchmark and priced 1.2mm ADSs at $9.88. The deal opened at $13.00 and traded very well in its opening week as the offering hit new highs above $14.00 in its third session on Friday. BFRA closed at $14.23 for a gain of 44.0% for investors who held through Friday.

MotusGiMotus GI Holdings (MOTS) priced 3.5mm shares at the low-end of the range, $5.00, and opened flat. MOTS broke its offering price immediately and traded below issue for the rest of the week. MOTS closed at $4.00 for a 20% loss.

Farmmi

Microcap Farmmi Inc (FAMI) priced 1.68mm shares at $4.00. The company processes and sells four categories of agricultural products: Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and other agricultural products. The company experienced several volatility halts but opened Friday at $4.40 and traded to a Friday close of $6.18 for a gain of 54.5% as of the close Friday.

Secondaries Announced 2.15.18

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.

 

Company: Instructure, Inc.
Symbol: INST
Price: Last Trade $41.20
Trade Date: 2/16
Shares: 2.3 million
Re-Offer Range: Subscription Needed
Underwriter(s): Morgan Stanley, Credit Suisse
Description: They are a leading software-as-a-service (SaaS) technology company that makes software that makes people smarter
Rating = Subscription Needed

Company: Nano Dimension Ltd.
Symbol: NNDM
Price: Last Trade $3.29
Trade Date: 2/16
Shares: 5 million ($10m cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): National Securities Corporation
Description: They are a leading additive manufacturing company that is disrupting, reshaping, and defining the future of how electronics are made.
Rating = Subscription Needed

Company: Dominion Midstream – Block
Symbol: DM
Price: Last Trade $27.30
Trade Date: 2/16
Shares: 6.8 million
Re-Offer Range:Subscription Needed
Underwriter(s): Deutsche Bank
Description: They are a growth-oriented Delaware limited partnership formed on March 11, 2014 by Dominion to initially own all of the outstanding preferred equity interests in Dominion Cove Point LNG, LP, a Delaware limited partnership, which owns liquefied natural gas import, storage, regasification and transportation assets.
Rating = Subscription Needed

Company: Energy Transfer Equity LP – Block
Symbol: ETE
Price: Last Trade $17.16
Trade Date: 2/16
Shares: 12.85 million
Re-Offer Range: Subscription Needed
Underwriter(s): Citigroup
Description: Energy Transfer Equity is a Fortune 500 company based in Dallas, Texas, a sister partnership to Energy Transfer Partners.
Rating = Subscription Needed

Company: ION Geophysical Corporation
Symbol: IO
Price: Last Trade $30.55
Trade Date: 2/16
Shares: TBD
Re-Offer Range: Subscription Needed
Underwriter(s): Oppenheimer & Co.
Co-Manager(s): Janney Montgomery Scott
Description: ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns.
Rating = Subscription Needed

Secondaries Announced 2.14.18

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.

Company: Amicus Therapeutics
Symbol: FOLD
Price: Last Trade $15.68
Trade Date: 2/16
Shares: 15.9 million ($250 million cash raise)
Underwriter(s): J.P. Morgan, Goldman Sachs, Cowen, Leerink
Co-Manager(s): BofA Merrill Lynch
Description: They are a global, patient-centric biotechnology company focused on discovering, developing and delivering novel high-quality medicines for people living with rare metabolic diseases.
Rating = Subscription Needed

Company: Avid Bioservices, Inc.
Symbol: CDMO
Price: Last Trade $3.25
Trade Date: 2/15
Shares: 8 million ($20 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Wells Fargo
Description: They are a contract development and manufacturing organization (CDMO) focused on development and manufacturing of biopharmaceutical products derived from mammalian cell culture.
Rating = Subscription Needed

Company: Atkore International Group – Block
Symbol: ATKR
Price: Last Trade $21.85
Trade Date: 2/15
Shares: 6 million
Re-Offer Range:Subscription Needed
Underwriter(s): Morgan Stanley
Description: Atkore International Group Inc. is a leading manufacturer of Electrical Raceway products primarily for the non-residential construction and renovation markets and Mechanical Products & Solutions for the construction and industrial markets.
Rating = Subscription Needed

 

 

Secondaries Announced 2.12.18

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: Daseke, Inc.
Symbol: DSKE
Price: Last Trade $12.98
Trade Date: 2/15
Shares: 7.5 million
Underwriter(s): Cowen, Stifel
Co-Manager(s): Craig-Hallum Capital Group, Northland Capital
Description: They are a leading provider and consolidator of transportation and logistics solutions focused exclusively on flatbed and specialized freight in North America.
Rating = Subscription Needed

Company: Helios and Matheson Analytics Inc.
Symbol: HMNY
Price: Last Trade $7.99
Trade Date: 2/13
Shares: 13.1 million ($105 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Canaccord Genuity
Co-Manager(s): Maxim Group
Description: They are a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology.
Rating = Subscription Needed

Company: Pacific Biosciences of California
Symbol: PACB
Price: Last Trade $2.54
Trade Date: 2/13
Shares: 12.24 million ($30 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): Cantor Fitzgerald
Description: Pacific Biosciences offers sequencing systems to help scientists resolve genetically complex problems.
Rating = Subscription Needed

Company: Affimed, Inc.
Symbol: AFMD
Price: Last Trade $2.45
Trade Date: 2/13
Shares: 9.2 million
Re-Offer Range: Subscription Needed
Underwriter(s): Jefferies, Wells Fargo Securities
Description: Affimed engineers targeted immunotherapies, seeking to cure patients by harnessing the power of innate and adaptive immunity.
Rating =Subscription Needed

Company: Catalyst Biosciences, Inc.
Symbol: CBIO
Price: Last Trade $35.60
Trade Date: 2/13
Shares: 2.2 million ($75 million cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s): JonesTrading, Ladenburg Thalmann
Co-Manager(s): LifeSci Capital
Description: Catalyst is a clinical-stage biopharmaceutical company developing novel medicines to address hematology indications. Catalyst is focused on the field of hemostasis, including the subcutaneous prophylaxis of hemophilia and facilitating surgery in individuals with hemophilia.
Rating = Subscription Needed