It was a fourth consecutive positive week for the IPO market as five of six initial public offerings came to market with positive gains with this week’s cluster of IPOs trading 11.5% above the offering price as of the close on Friday.
The deal of the week turned out to be National Vision Holdings (Nasdaq:EYE) which opened up 29.0% above the above-range $22.00 pricing. Underwriter sources told IPO Boutique that this deal was more than 20-times oversubscribed the morning before pricing and the demand continued into the aftermarket as ‘EYE’ held its opening gains pretty steady in its first two trading sessions. EYE closed the week at $28.15 for a 27.95% gain.
The technology deal this week, ForeScout Technologies (Nasdaq: FSCT), came public with strength. After upsizing the offering and pricing at the top end of the range, $22.00, ‘FSCT’ opened at $26.25 for a 22.7% gain at first trade. The twelve technology sector IPOs have averaged a 21.1% return at first trade in 2017.
The lone healthcare offering, Ablynx NV (Nasdaq: ABLX), priced at $17.50 and opened at $17.85 for a 2.0% gain at first trade. Despite a difficult biotech tape, ABLX traded as high as $23.66 for a 35.2% gain at its opening week high.
Merchants Bancorp (Nasdaq: MBIN) priced $1.00 below range, $16.00, and slightly upsized its offering. MBIN opened with a $1.00 premium for a 6.3% return at first trade.
Nexa Resources (NYSE: NEXA) priced 31mm shares two-dollars below the $18-$21 range. With a strong market in tow, the deal opened with a $0.50 premium over its $16.00 pricing. NEXA hit a first-day high of $18.36 for a 15% return at its opening session high.
Energy MLPs have been weak in the overall market and BP Midstream Partners (NYSE: BPMP) was not any different. After pricing $1.00 below the $19-$21 range, BPMP opened at $16.85 for a loss of 6.4% at first tick. BPMP did trade better during Friday’s session hitting a high of $17.84.
It should be noted that one IPO that was scheduled to debut two weeks ago, LiveXLive Media (LXL:NYSE), still has not gone public and remains classified as Day-to-Day status by the lead left underwriter.
Looking ahead to this week, there are nine deals on the schedule
Company: Altair Engineering, Inc (Nasdaq: ALTR) is a leading provider of enterprise-class engineering software enabling innovation across the entire product lifecycle from concept design to in-service operation. IPO Preview Here
Loma Negra Corporation (NYSE: LOMA) is the leading cement producer in Argentina. IPO Preview Here.
Allena Pharmaceuticals (Nasdaq: ALNA) is a late-stage clinical biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders. IPO Preview Here.
Evoqua Water Technologies Corp (NYSE: AQUA) is a leading provider of mission critical water treatment solutions, offering services, systems and technologies to support our customers’ full water lifecycle needs. IPO Preview Here.
Funko, Inc. (Nasdaq: FNKO) is a leading pop culture consumer products company. IPO Preview Here.
Spero Therapeutics (Nasdaq: SPRO) is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments for multi-drug resistant bacterial infections. IPO Preview Here.
Energy Hunter Resources (Nasdaq: EHR) is an independent oil and gas company focused on the acquisition, drilling and production of oil and natural gas properties and prospects within the United States.
ACM Research (Nasdaq: ACMR) develops, manufactures and sells single-wafer wet cleaning equipment, which semiconductor manufacturers can use in numerous manufacturing steps to remove particles, contaminants and other random defects, and thereby improve product yield, in fabricating advanced integrated circuits, or chips.
IPO BOUTIQUE : Syndicate…simplified.
What if you could take the guess work out of trading the syndicate calendar? Or what if you indicated for deals with the knowledge that large institutional funds are in the deal also?
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