Weekly Secondary Performance (ending 12.1.17)

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This past week 17 secondary offerings came to market and IPO Boutique placed BUY ratings on 14 of them. In all, $4.77bn was raised by companies in the secondary market this week.

The average gain of IPO Boutique BUY rated offerings this week at first trade was 2.5%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 1.3%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.52% at first trade and an average gain of 6.95% at the high of their first-day of trading.

After the Thanksgiving holiday, equity capital markets were once again busy with a steady flow of offerings throughout the week.

The deal of the week was Catalyst Pharmaceuticals (CPRX). Underwritten by Piper Jaffray and SunTrust Robinson…the offering priced at $3.50 — a 3.0% discount to the $3.61 last trade. CPRX opened with a 7.1% gain at first trade and traded very well — closing 13.7% above the offering price. IPO Boutique rated this offering as a BUY.

A couple of marketed deals had solid performances. Teladoc (TDOC) and Medpace Holdings (MEDP) each closed their offering day with gains of 6.0% and 3.4%, respectively.  

The largest offering this week was a US Foods Holding Corp. block trade which performed better than anticipated. The $1.13bn sale priced just $0.02 below the last trade and opened with a 2.3% premium at first trade.