Secondaries Announced 5.9.17

IPO BOUTIQUE CLIENTS and IPO BOUTIQUE SECONDARY ALERTS CLIENTS received ALL this information to their inbox on a REAL TIME basis.

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Ellington Residential Mortgage REIT
Symbol: EARN
Price: Last Trade $15.35
Trade Date: 5/10
Re-offer Range:Subscription Needed
Shares: 3 million
Underwriter(s) Morgan Stanley, JMP Securities
Rating = Subscription Needed

Company: Summit Hotel Properties
Symbol: INN
Price: Last Trade $17.17
Trade Date: 5/10
Re-Offer range: Subscription Needed
Shares: 9 million
Underwriter(s) Raymond James, Deutsche Bank, BofA Merril Lynch, RBC, Baird
Co-Manager(s) KeyBanc, PNC, Canaccord Genuity, BB&T
Rating = Subscription Needed

Company: TPI Composites, Inc.
Symbol: TPIC
Price: Last Trade $18.60
Trade Date: 5/12
Shares: Subscription Needed
Underwriter(s) J.P. Morgan, Morgan Stanley
Co-Manager(s): Cowen and Company, Raymond James, Canaccord Genuity
Rating = Subscription Needed

Company: First Bancorp – Block
Symbol: FBP
Price: Last Trade $5.92
Trade Date: 5/10
Re-offer Range: Subscription Needed
Shares: 10.3 million
Underwriter(s) Subscription Needed
Co-Manager(s):
Rating = Subscription Needed