Weekly Secondary Performance Recap (6.22.18)

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This past week 18 secondary offerings came to market in a very busy week and IPO Boutique placed BUY ratings on 12 of them. In all, $4.1bn 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 5.3%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 2.7%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 3.9% at first trade and an average gain of 8.6% at the high of their first-day of trading.

Secondary offerings produced some big winners with heavy gains in a handful of companies debuts. Four companies opened with double-digit percentage gains over their offering price. Trupanion (TRUP), Limoneira (LMNR), Apollo Endosurgery (APEN) and Yatra Group (YTRA) opened 15.5%, 12.7%, 13.6% and 10.0% above their offering prices’, respectively. Those deals held their gains and most even traded higher. In addition, three secondary offerings that traded very well in its debut session were Rhythm Pharma (RYTM), Kindred Bioscience (KIN) and Globant SA (GLOB) with gains of 24.9%, 10.5% and 7.6% as of the close of their offering day sessions. This certainly indicates that the added liquidity from secondary offerings can mean strong performance if momentum gets going the right way.

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