Weekly Secondary Performance (7.27.18)

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This past week 21 secondary offerings came to market and IPO Boutique placed BUY ratings on 14 of them. In all, $4.42bn 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 1.1%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 1.0%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 0.9% at first trade and an average gain of 3.9% at the high of their first-day of trading.

As many of the companies on the S&P 500 reported earnings this week, secondary activity resumed in full force but had underperformed compared to the last three-to-four weeks. The average gain at first trade for all 21 offerings this week was just 1.1% with the same 21 deals finishing just 0.7% vs issue price as of the close of its debut session.

The best performing offerings this week were WillScot Corporation (WSC) and Reata Pharmaceuticals (RETA) with returns of 4.4% and 3.7% at first trade, respectively. The largest offering this week was a repeat issuer, bluebird bio (BLUE), which upsized its offering and priced with a narrow discount. The syndicate transaction, led by Goldman Sachs, opened 1.5% higher and closed 6.2% above its issue price.

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