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The IPO market returned from its post-Thanksgiving holiday slumber to five deals with a mixed bag of success.
The strongest deal of the week was Denali Therapeutics (DNLI) which followed suit with our channel checks. Denali upsized it’s offering by 5.0mm shares (60%) and priced at the midpoint of the range, $18.00. DNLI opened with a first print of $21.55 for a gain of 19.7% at first trade.
The other Goldman Sachs underwritten biotech deal, Odonate Therapeutics (ODT), did not pan out as well. ODT priced at the low-end of its range, $24.00, and opened $1.00 below the offering price. Odonate failed to trade above its offering price in its opening week. The other healthcare offering this week,
Quanterix Corp (QTRX), upsized and priced at the midpoint of its $14.00-$16.00 range. QTRX opened at $16.25 and traded very well in its opening two days — printing over $18.00 on Friday for more than a 20% return.
Luther Burbank (LBC) upsized its offering and priced near the bottom of the range, $10.75. The deal performed on par to how regional bank holding company offerings have done in 2017. LBC opened with a $1.00 premium and held steady throughout its opening session.
Curo Group Holdings (CURO) held steady in its opening week as a public company. CURO priced 6.67mm shares at the low-end of the range, $14.00, and opened with an $0.80 premium. CURO traded back near the opening price but remained above it in its first two sessions.
Looking ahead to this week…there are three deals on the schedule for the upcoming week. (Click on the image to see a preview of each deal).
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