{"id":2989,"date":"2017-09-15T17:03:44","date_gmt":"2017-09-15T21:03:44","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=2989"},"modified":"2017-09-15T17:03:44","modified_gmt":"2017-09-15T21:03:44","slug":"weekly-secondary-performance-review-91517","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/weekly-secondary-performance-review-91517\/","title":{"rendered":"Weekly Secondary Performance Review – 9\/15\/17"},"content":{"rendered":"

You can Subscribe to IPO Boutique\u2019s Secondary Only Service by clicking here<\/a>:<\/h4>\n

This past week 22 secondary offerings came to market and IPO Boutique placed BUY ratings on 12 of them. In all, $7.2bn was raised by companies in the secondary market this week.<\/p>\n

\"Buyvs.Neutral2ndary091517.png\"<\/p>\n

The average gain of IPO Boutique BUY rated offerings this week at first trade was 1.5%<\/strong><\/p>\n

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 2.7%.<\/strong><\/p>\n

The last 20 IPO Boutique \u2018BUY\u2019 rated secondary offerings have produced an average gain of 2.40% at first trade and an average gain of 6.24% at the high of their first-day of trading.<\/strong><\/p>\n

It was another extremely active week for secondary offerings which included some outsized gains and others, especially block deals, with substantial push-back. Healthcare related offerings continue to outperform as T2 Biosciences (TTOO) <\/strong>and BioCryst Pharmaceuticals (BCRX)<\/strong> opened 8.0% and 2.8% higher, respectively. TTOO traded extremely well and closed its offering day session 13.0% above the offering price. IPO Boutique placed BUY ratings on both of these deals.<\/p>\n

There were two very large offerings this week, First Data Corporation (FDC) <\/strong>and US Foods Holdings (USFD)<\/strong>, which raised $1.5bn and $1.1bn, respectively. The FDC offering opened 0.7% higher and closed the session in the black while USFD struggled with a first trade $0.26 below the $17.50 offering price. USFD did not trade above the offering price on either Thursday (offering day) or Friday.<\/p>\n

It should be noted that a pair of thinly-traded offerings from lower-tier underwriters substantially outperformed which ultimately skewed the ratings of the BUY vs Neutral at first trade. Marinus Pharmaceuticals (MRNS)<\/strong>, underwritten by JMP Securities, and Curis Inc (CRIS)<\/strong>, underwritten by Baird, opened 12.5% and 8.1% above their respective offering prices.<\/p>\n

Block trades as a whole continue to struggle. Quintiles-IMS (Q), Cummins Inc (CMI), Tiffany & Co (TIF)<\/strong> and William Lyons Homes (WLI)<\/strong> were just a few of the blocks that came to market with \u00a0disappointing debuts.<\/p>\n

There are currently no secondary offerings being marketed for the upcoming week.<\/p>\n

\"Weekly<\/a><\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

You can Subscribe to IPO Boutique\u2019s Secondary Only Service by clicking here: This past week 22 secondary offerings came to market and IPO Boutique placed BUY ratings on 12 of them. In all, $7.2bn was raised by companies in the secondary market this week. The average gain of IPO Boutique BUY rated offerings this week[…]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[35],"tags":[],"class_list":["post-2989","post","type-post","status-publish","format-standard","hentry","category-secondary-offerings"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/2989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=2989"}],"version-history":[{"count":1,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/2989\/revisions"}],"predecessor-version":[{"id":2991,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/2989\/revisions\/2991"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=2989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=2989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=2989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}