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Software technology IPOs continued to show impressive syndicate strength as Avalara, Inc (AVLR) debuted with the second highest premium (in terms of dollars against the issue price) of 2018. AVLR priced $1.00 above an already increased range, $24.00, and opened with a first trade of $35.00. That, in fact, turned out to be the low for its opening day as AVLR continued making new highs late in its first session. Avalara traded as high as $44.85 which welcomed investors who sold at top-tick a return of 86.9%.
Two other IPOs that ‘surprised’ on Friday were Verrica Pharmaceuticals (VRCA) and Puxin Limited (NEW). On the precipice of “bio-week”, VRCA opened 33% above its $15.00 mid-range pricing. VRCA traded with a large spread to start, hitting a high of $22.00 within minutes…before ultimately settling in around $18.00 for its opening session. Puxin Limited (NEW) priced 7.2mm shares at $17.00 and opened flat but traded extremely well in the first hour —hitting a high of $22.18 for a gain of 30.4%.
Price sensitivity played a role in two IPOs that came from ‘less attractive’ sectors this week. U.S. Xpress Enterprises (USX) priced $2.00 below the $18-$20 range and opened at $16.30 for a 2.1% gain. USX did hold its issue price in its first two sessions and hit a high of $16.94 for a gain of 5.9% at top-tick. Charah Solutions, Inc. (CHRA) did not fare as favorably. The company conceded to a $4.00 cut below the $16-$18 range by pricing 7.35mm shares at $12. CHRA opened at $11.75 and traded the majority of the week below issue price.
It should be noted that Adaptive Insights (ADIN) IPO was cancelled on Monday after the company elected to be acquired by Workday Inc (WDAY) for $1.55bn. ADIN would have “likely” been another ‘hot-deal’ along with AVLR.
As for this week, we are dubbing it ‘bio week’…with ten deals on the schedule, eight coming from the biotech sector.
Please click on the logos below to read a brief preview of each deal.
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