IPO Weekly Recap – Euphoric demand for Rhythm Pharma & Switch Inc.

Optimism in the IPO market continues to reign as both deals that came to market had strong demand and equally as strong performance in the aftermarket.

Rhythm Pharmaceuticals (Nasdaq: RYTM) upsized its offering and priced $1.00 above the range. ‘RYTM’ opened at $23.21 or 36.5% above its $17.00 offering price. Rhythm Pharmaceuticals traded as high as $33.81 on its opening day before succumbing to selling pressure on day two. Rhythm Pharma closed the week at $25.25 or 49% above the offering price.

Switch, Inc. (NYSE: SWCH) was a reported 15-times oversubscribed when the books closed and it priced a full size deal, 31.25mm shares, one dollar above the range. SWCH opened for trading at $21.70 or 27.6% above the offering price and traded as high as $24.90 in its first 30 minutes as a publicly traded company. Switch Inc closed the week at $20.84 or 23% above the offering price.

With the VIX (volatility index) at historic lows and market indices at all-time highs…the conditions are near-perfect for companies to test the IPO waters.

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IPO Weekly Recap – Euphoric demand for Rhythm Pharma & Switch Inc.