Five IPOs came to market with the biggest winner opening 125% above the issue price!
It was a week with a mixed bag of (mostly) success. All five deals traded above issue at any point during its Friday debut…however the largest deal of the week failed to hold issue in its opening session.
The biggest winner was the company pioneering a new segment, Real-Time Engagement Platform-as-a-Service, or RTE-PaaS. Agora Inc. (API) — Agora Inc. (API) priced 17.5mm ADSs at $20.00 ($2.00 above range) and opened at $45.00 for a gain of 125% at first trade. The stock traded as high as $55.70 for a gain of 178.5% at top-tick. The stock ultimately closed its opening session at $50.50. IPO Boutique Rated this Deal a ‘4’.
The other 4-Rated Deal this week was Fusion Pharmaceuticals (FUSN)– Fusion Pharmaceuticals Inc. (FUSN) priced 12.5mm shares at $17.00 ($1.00 above range) and opened at $18.50 for a gain of 8.8% at first trade. The stock was hit with selling pressure (perhaps too much “hot money?) as the deal broke issue in its opening session before closing flat.
Other winners included Akouos Inc (AKUS) — Akouos, Inc. (AKUS) priced 12.5mm shares at $17.00 and opened at $22.26 for a gain of 30.9% at first trade. IPO Boutique rated this deal a ‘3’.
PolyPid Ltd. (PYPD) — PolyPid Ltd. (PYPD) priced 3.75mm shares (upsized from 3.125mm shares) at the midpoint of the range, $16.00, and opened at $16.00 but traded up and closed its opening session at its high, $19.00 or 18.8% above issue.
The week’s largest deal, Albertsons Companies Inc (ACI), downsized its offering and priced $2.00 under the $18-$20 range. opened at $15.50 for a loss of 3.1% at first trade. The stock did trade as high as $16.50 which met the criteria for IPO Boutique’s ‘3’ Rating…but the deal was “lackluster” in terms of performance.
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