Weekly IPO Recap: 2.21.2015

This past week two IPOs debuted, zero updated terms and six new deals filed.

It was week that produced very little fanfare as the deals that came to market, Inotek Pharmaceuticals (Nasdaq: ITEK) and Check-Cap Limited (Nasdaq: CHEKU) were holdovers from the previous week. Inotek was able to come to market after severely slashing their IPO price. The deal priced at $6.00 and opened at $6.10. Check Cap’s IPO priced at $6.00 and opened flat. Both deals traded with extremely low volume.

It should be noted that a deal held-over from previous weeks, Infraredx (Nasdaq: REDX), has been officially postponed by the underwriters.

Looking ahead to this week, there is just one IPO on the schedule, Wowo Limited (Nasdaq: WOWO). There is a large secondary, Actavis (NYSE: ACT), scheduled for Friday. ‘ACT’ is pursuing a secondary with concurrent offerings totaling $8.4 billion, comprising $4.2 billion of Ordinary Shares and $4.2 billion of Mandatory Convertible Preferred Shares, Series A, each in a separate registered public offering, subject to market and other conditions. The sale is to fund the acquisition of Allergan that was announced in late 2014.

Thus far through 2015 the number of IPOs filing, setting terms and coming to market have been slower than anticipated. There have been 25 filings as of Friday (2/20) morning as compared to 54 filings as of this time in 2014. Additionally, there have been just 24 deals that have priced so far in 2015 compared to 37 through the same period in 2014. While the syndicate side of things has been slow up to this point, we are hearing from multiple sources that this trend should dramatically change in the near term.

FOR SUBSCRIBERS: 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 2/20/14 is 114.  Good luck trading!

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