Secondaries Announced 11.28.17

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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.

Company: Independent Bank Group, Inc.
Symbol: IBTX
Price: Last Trade $66.65
Trade Date: 11/29
Shares: 2.13 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Stephens
Co-Manager(s): Keefe Bruyette & Woods, Sandler O’Neill, Evercore, ISI, Raymond James
Description: Independent Bank Group, through its wholly owned subsidiary, Independent Bank, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals.
Rating = Subscription Needed

Company: Scorpio Tankers Inc.
Symbol: STNG
Price: Last Trade $3.26
Trade Date: 11/29
Shares: 30 million
Re-Offer Range: Subscription Needed
Underwriter(s) : Clarksons Platou Securities, BTIG, Pareto Securities
Co-Manager(s): Seaport Global, Fearnley Securities
Description: Scorpio Tankers is a provider of marine transportation of petroleum products worldwide.
Rating = Subscription Needed
Note: Scorpio Services Holding Limited has expressed an interest to purchase at least $20 million of Common Shares at the public offering price.

Company: Atmos Energy Corporation – Block
Symbol: ATO
Price: Last Trade $90.27
Trade Date: 11/29
Shares: 4.5 million ($400m cash raise)
Re-Offer Range: Subscription Needed
Underwriter(s) : BofA Merrill Lynch, J.P. Morgan
Description: Atmos Energy Corporation, headquartered in Dallas, is the country’s largest fully-regulated, natural-gas-only distributor, serving over three million natural gas distribution customers in over 1,400 communities in eight states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West.
Rating = Subscription Needed

Company: Teladoc, Inc.
Symbol: TDOC
Price: Last Trade $36.75
Trade Date: 11/30
Shares: 3.25 million
Underwriter(s) : J.P. Morgan, Jefferies, Piper Jaffray
Co-Manager: William Blair
Description: They are the largest and most trusted telehealth provider in the world.
Rating = Subscription Needed