IPO Weekly Recap: Tech, Medical Tech shine in another strong IPO week

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It was another solid week for the IPO market as eight deals came to market with an average gain of 11.6% at first trade.

The deal of the week turned out to be Inspire Medical Systems (INSP) which opened at $24.49 or 53% above its high-end $16.00 offering price.

The week’s lone technology offering, Carbon Black (CBLK), turned in a 30.0% return at first trade and traded fairly stable at that level in its initial session.

The ‘surprise’ of the week turned out to be Construction Road Partners (ROAD) which opened $1.00 above its well discounted $12.00 offering price. ROAD held its gains for about the first hour of trading before fading back toward its offering price.

The Goldman Sachs underwritten biotech offering of the week, Unity Biotechnology (UBX), opened with a $2.00 premium above its $17.00 mid-range pricing. While flippers were able to cash out, the deal did break its offering price and closed at $16.65 on its IPO day for a -2.0% first day return.

The two bank IPOs this week, Spirit of Texas Bancshares (STXB) and BayCom Corp (BCML) opened with 4.8% and 3.6% returns, respectively.

 

There were a pair of deals that struggled mightily in their opening week. PermRock Royalty Trust (PRT) priced $2.00 below range, $17.00, and opened at $16.00. PRT traded with a $15-handle for the majority of its first week as a public company.

ASLAN Pharmaceuticals (ASLN) downsized its offering and priced at $7.03/ADS. The company, which also trades on the Taiwan Exchange, opened at $6.15 for a loss of 12.5%. ASLN hit a low of $5.08 for a loss of 27.7% at the bottom.

Looking ahead to this week, there are five IPOs on the schedule…click on each logo to view a preview of each deal.