IPO Weekly Recap 5.1.2015 – Tough Sledding for New Issues

This past week four IPOs debuted, eleven updated terms and two new deals filed.

It was tough sledding for the four deals that debuted. The strongest deal of the week, BluePrint Medicines Corporation (Nasdaq: BPMC), upsized and priced ($18.00) above range. ‘BPMC’ opened 30-percent higher with a $23.40 tick at first trade. However, BluePrint traded poorly in the aftermarket and traded as low as the original offering price on day one. Enviva Partners LP (NYSE: EVA) priced its IPO at the mid-range, $20.00, and opened flat. However, ‘EVA’ traded well in its initial week and hit a high of $22.46—good for a 12% return above the offering price at top tick. Viking Therapeutics (Nasdaq: VKTX) priced at $8.00 and opened with a 50-cent premium. ‘VKTX’ traded well as the new issue hit a high of $9.48. Black Stone Minerals (NYSE:BSM) was a disappointment. Black Stone was priced at the low-end of the filing range and opened slightly higher, but broke quickly and closed down 4%.

It should be noted that two deals we anticipated to price this week failed to do so, Opgen (Nasdaq: OPGN) and CoLucid Pharmaceuticals (Nasdaq: CLCD). The underwriters on the Opgen deal relayed to us that the deal will ‘price next week’ while bookrunners on the ‘CLCD’ deal have this IPO currently in ‘day-to-day’ status. Please refer to past IPO reports and advisories for research and information on these two IPOs.

Looking ahead to this week there are twelve IPOs on the schedule and we are hearing….

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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 5/1/15 is 134.  Good luck trading!