IPO Weekly Recap 10.09.15 – Price Sensitivity Continues in IPO Market

This past week five IPOs debuted, three updated terms and seven new deals were filed.

Of the five deals that debuted this week, four needed to price significantly below their initial ranges in order to come to market. The single deal that was priced in-range, Pure Storage (NYSE: PSTG), opened $0.26 below its $17.00 IPO price and did not trade above that offering price on week one.  The best performing IPO this week at first trade was CytomX Therapeutics (Nasdaq: CTMX)—which opened 33% higher than its $12.00 offering price. ‘CTMX’ was priced $2.00 below the $14-$16 initial range.  Aclaris Therapeutics (Nasdaq: ACRS) was priced $3.00 below below its $14-$16 initial range and opened 8.5% higher with a $11.94 first trade. CPI Card Group (Nasdaq: PMTS) followed suit in this ‘buyer’s market’ as this deal priced at $10.00–severely below the $16-$18 initial range. ‘PMTS’ opened with $1.00 premium and traded as high as $13.40 or 34% above the offering price. The Allegiance Bancshares (Nasdaq: ABTX) deal priced $1.00 below the initial range, $21.00, and opened with a 7.3% premium with a $22.55 first trade.

Looking ahead to this week, we expect…

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Calendar for Week of October 12th Deals

Please check your emails early and often. We may upgrade or downgrade an IPO and or secondary –sometimes with not as much notice as we would like to give. If you have interest in IPOs do NOT delay your IOI’s (hopefully they are already in)…you can always cancel them. We will keep you posted if and as when…we have anything pertinent to add. The current number of “active” IPOs in the pipeline as of 10/9/15 is 124. Good luck trading!