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This past week 13 secondary offerings came to market and IPO Boutique placed BUY ratings on 3 of them. In all, $1.7bn 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 2.7%
The average gain of IPO Boutique Neutral rated offerings this week at first trade was -2.2%.
The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 1.4% at first trade and an average gain of 5.59% at the high of their first-day of trading.
This week saw the trend of biotech follow-on offerings outperforming the rest of the market. The five biotech offerings opened 1.9% higher (on average) at first trade and closed their first days of trading with a gain of 5.4% (on average). Among deals larger than $25m, the week’s best performing offering was Alder Biopharmaceuticals (Nasdaq: ALDR) which opened 5.5% above the offering price and ultimately closed 19.5% higher. The deal, underwritten by Leerink and Wells Fargo, had mixed signals leading up to pricing as ‘ALDR’ traded poorly in its one-day of marketing (actually down 17%). Other deals that performed well this week included Shiloh Industries (Nasdaq: SHLO) and Arena Pharmaceuticals (Nasdaq: ARNA) which opened 4.2% and 2.7% above their offering prices, respectively. IPO Boutique placed BUY ratings on both of those offerings. The week’s largest offering was a $610m block of Restaurant Brands International (NYSE: QSR) from Credit Suisse. The offering, which IPO Boutique placed a Neutral rating on, traded flat upon opening and for the day.
There are currently three secondary offerings on the schedule for next week.
- Apollo Endosurgery (Nasdaq: APEN) – 7/20
- BBVA Banco Frances S.A. (NYSE: BFR) – 7/19
IRSA Propiedades Comerciales (Nasdaq: IRCP) – 7/21- Reven Housing REIT (Nasdaq: RVEN) – 7/21
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