IPO Weekly Recap – 11.20.15 – High Profile Deals Square, Match, Debut with Strength

This past week five IPOs debuted, zero updated terms and one new deal was filed.

The trend in the IPO market continued as buy-side investors dictated pricings for new issues that came to the market. Of the five deals that debuted this past week, three priced below range and two priced at the low end of their ranges, respectively.

Square (NYSE: SQ) priced $2.00 below range, $9.00, and opened $2.20 higher. The highly-anticipated tech deal traded as high as $14.78, good for a 64% return above the offering, before closing the week at $12.85. According to our sources, the vast majority of the deal was placed in fewer than a dozen accounts thus creating healthy after-market trading conditions. The other high-profile deal of the week, Match Group (Nasdaq: MTCH), priced at the low end of the range ($12.00) and opened with a $1.50 premium. ‘MTCH’ also traded well in the aftermarket as the online-dating company ‘flirted’ with the $16-handle before settling the week at $15.20 –or 27% above the offering price. Duluth Holdings (Nasdaq: DLTH) priced $2.00 below the range and rewarded investors with a $1.00 premium above the $12.00 offering price. ‘DLTH’ traded as high as $14.45 on day one. Mimecast (Nasdaq: MIME) channel checked with considerable noise…and did not disappoint on its opening day. ‘MIME’ priced at the low-end of the range, $10.00, and opened with a 1-point premium. The deal hit a first week high of $11.99, or 20% above the IPO price, before closing the week at $10.15.

It should be noted that a trio of deals that were scheduled to debut this week, Truck Hero (NYSE: TRUK), Noble Midstream Partners (NYSE: NBLX) and congatec Holding ag (Nasdaq: CONG), were postponed due to market conditions according to their respective underwriters.

Looking ahead to this week, there are no deals on the schedule as the market takes a recess for the Thanksgiving holiday. All of us at IPOBoutique wish you a Happy Thanksgiving!

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 11/20/15 is 77. Good luck trading!