Weekly Secondary Performance Report (3.9.18)

IPO BOUTIQUE is one of the few syndicate services that provides ratings on all secondary offerings (Spots, blocks, marketed). We use our database of historical performances, underwriter trends and more than 40 years of syndicate experience to give our clients a leg up. We meticulously keep records of our ratings. If interested please click below to inquire or email: JZell@IPOBoutique.Com

You can Subscribe to IPO Boutique’s Secondary Only Service by clicking here:

This past week 22 secondary offerings came to market and IPO Boutique placed BUY ratings on 12 of them. In all, $7.9bn 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 2.4%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was -0.7%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.0% at first trade and an average gain of 5.3% at the high of their first-day of trading.

Quantity picked back up in the secondary market as 22 deals came to market for a total of $7.9bn raised through equity offerings. According to our records, it was the most amount of cash raised in a single week in the last 52 weeks of secondary offerings. The weeks ending July 21st, 2017 and September 15, 2017 had weekly cumulative raise totals of $7.36bn and $7.2bn, respectively.

The strongest performer (closing price vs. offering price) of a cash raise greater than $20m was a Credit Suisse/Jefferies underwritten deal, Corvus Pharmaceuticals (CRVS). The offering priced at $8.50 vs. last trade of $9.52 and closed the session at $9.74 for a gain of 14.6%. Interestingly enough, the offering was actually trading below issue price in the premarket. IPO Boutique rated this deal a ‘BUY’. Other IPO Boutique rated BUY deals that performed well included G1 Therapeutics (GTHX), Clearside Biomedical (CLSD) and Park & Hotels Resorts (PK) with opening trades of 8.5%, 4.5% and 4.1%, respectively.  

The largest offering this week was a $1.39bn overnight offering of Duke Energy (DUK)...underwritten by Credit Suisse, J.P. Morgan, Barclays and Goldman Sachs & Co.. DUK opened +0.5% above the offering price and held steady ending the session +0.3%.

There are currently zero secondary offerings on the schedule for next week.