07.29.19-08.02.19 IPO Summary

This week 4 IPOs debuted, one IPO updated terms and at the time of this writing zero new IPOs filed.

A nice surprise from a Sushi Chain, a private-equity prized offering and a collapse from a Canadian company highlight this week’s IPO results.

The Thoma Bravo backed Dynatrace Holdings LLC (DT) had an excellent outcome. DT priced 35.6mm shares at a price above the upwardly revised $13-$15 range at $16.00 and opened at $25.50 for a gain of 59.4% at first trade. The stock hit a first day high of $26.37. 

 

Kura Sushi USA, Inc. KRUS) priced 2.9mm shares at $14.00 and opened at $14.89 for a gain of 6.4% at first trade. The stock traded extremely well in its first two sessions. KRUS closed its opening day at $19.61 for a first day return of 40.1% and traded higher on day two into the mid $22 level.

SunDial Growers, Inc. (SNDL) – This was a BROKEN IPO that traded poorly in its opening session. SNDL priced an upsized offering of 11.0mm shares at $13.00 (midpoint of range) and opened the stock at $13.01. SNDL immediately broke issue and was under extreme selling pressure all day. SNDL hit a low of $7.66 for a loss of 41.1% at its lowest level versus its issue price. SNDL has “rebounded” on its second session but the “damage” is still significant and the result is a major “black eye” for the underwriting team and the cannabis sector.

Borr Drilling (BORR) – This company, which also trades on the Oslo Børs under the symbol “BDRILL”…priced 5.0mm shares at $9.30 and opened at $9.54 for a gain of 2.6% at first trade. 

Rapt Therapeutics Inc. (RAPT) – This IPO was postponed due to market conditions. There is no further information.