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The IPO market overall was very good with the exception of one disastrous deal. The three ‘4’ rated IPOs from IPO Boutique averaged a gain of 39.8% at first trade this week.
Rubius Therapeutics (RUBY) upsized and priced above-range. RUBY priced its offering at 23.00 and opened at $30.51 for a gain of 32.7% at first trade. RUBY traded to a high of of $33.01 before sellers came in and the stock traded as low as $23.30 before rebounding. As of Noon Friday, RUBY was trading in the mid $26 level. The other high-profile biotech,
Allakos Inc. (ALLK), priced an upsized 7.2mm shares at $18.00 and opened at $27.20 for a gain of 51.1% at first trade. ALLK traded extremely well touching a high of $37.00 during the morning of its second session for a high of 105.5% at top-tick.
Tilray Inc. (TLRY), The cannabis distribution company priced 9.0mm shares at $17.00 or $1.00 above its range. The deal opened at $23.05 for a gain of 35.6% at first trade. Similar to Allakos, TLRY spiked in its second session hitting a high of $29.67 for a gain of 74.5% as of Noon Friday.
Biotech offerings Crinetics Pharma (CRNX) and Replimune Group (REPL) had solid debuts with opening prints of +13.2% and +6.7%, respectively. CRNX was an excellent trader as it spiked to $25.50 vs. an IPO price of $17.00 on day one. The disaster of the week was the
Constellation Pharma (CNST) IPO which downsized its offering from 5.0mm to 4.0mm shares and opened 23.5% below a $15.00 mid-range pricing. The deal hit a low of $10.60 during its opening session for a loss of 29.3%. This was the worst performing IPO since Funko Inc (FNKO) in November 2017 (-33% at first trade). IPO Boutique had Constellation Pharma rated the lowest deal of the week. The value of our service is not only helping IPO investors indicate for winners but to also avoid the landmines like this one.
Establishment Holdings Lab Inc. (ESTA) was upsized and priced $1.00 above the range…and did not disappoint. ESTA opened 44.4% above its $18.00 issue price with a first trade of $26.00.
The bank holding companies fared as expected…Coastal Financial Corporation (CCB) priced a slightly upsized deal at the upper half of the range, $14.50, and opened at $16.25 for a gain of 12.1%. First Western Financial (MYFW) was also slightly upsized and priced at the low-end of the range, $19.00. The deal opened with a $1.75 premium for a gain of 9.2% at first trade.
It should be noted that PE backed, AFG Holdings (AFGL), did not debut as expected and was postponed due to market conditions. There is no further information available at this time.
As for this week, there are 11 deals on the schedule. Click on the link for a preview of each one.
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