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After setting the bar relatively low for the past week, we were pleasantly surprised with the aftermarket performance of the majority of the IPOs that came to market.
The largest IPO of the year, AXA Equitable Holdings (EQH) priced its IPO four-dollars below the $24-$27 initial range. While EQH opened in the red with a $19.75 first trade, Morgan Stanley did an excellent job of stabilizing the deal and investors saw value in the financial services giant. EQH closed its opening session in the black and continued making new highs on its second day as a public company — $21.37 was the best print as of 11:30am EST on Friday for a 6.9% return at top tick. The solid aftermarket performance marks the third straight below-range pricing that came to market successfully.
A big win came from Chinese technology company HUYA Inc (HUYA) — a spinoff of YY Inc. HUYA priced 15.0mm shares at the high-end of the range, $12.00, and opened 29.2% higher with a $15.50 first trade. HUYA traded up to $17.07 in the first hour before settling down.
Domestic regional banks continue to be strong performers as Origin Bancorp (OBNK) opened at $36.25 after a $34.00 mid-range pricing. On the other hand, biotech IPO sentiment continues to be a sour one. Evelo Biosciences (EVLO) priced at the mid-point of the range, $16.00, yet was only able to open flat after reportedly being multiple-times oversubscribed. EVLO did hold its offering price and hit a high of $16.43 before seeing its volume dramatically taper off.
One deal that was scheduled but failed to come to market was Abpro Corporation (ABP)…who postponed citing market conditions.
Looking ahead to this week, there is one IPO on the schedule, click on the logo to see the preview.
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