IPO Weekly Recap: 4.17.2015 – Aduro Biotech, Etsy lead the way

This past week seven IPOs debuted, three updated terms and two new deals filed.

It was one of the strongest weeks for the IPO market this year as seven deals came to market with two of them producing gains of more than 100% just minutes after opening. Aduro Biotech (Nasdaq: ADRO), after upsizing and pricing its deal above range, opened 15-points higher than the $17.00 offering price. ‘ADRO’ traded very well in its opening week and hit a high of $49.25 on its second day of trading—good for a 190% gain. Aduro’s performance surpasses both Shake Shack (NYSE: SHAK) and Spark Therapeutics (Nasdaq: ONCE) for best of the year 2015. Etsy (Nasdaq: ETSY) also doubled minutes after opening. The deal priced at the high-end of the range, $16.00, and opened 94% higher with a $31.00 first trade. Etsy traded as high as $35.74, or 123% higher, however, the deal began to sell off after the initial hour after opening and ‘ETSY’ closed its first week of trading at $27.58.  According to Bloomberg, Etsy’s pop was the largest for an internet IPO since Rocket Fuel’s (Nasdaq: FUEL) 93% gain at opening in August 2013. Virtu Financial (Nasdaq: VIRT) priced its IPO at the high end of the range, $19.00, and opened 21% higher with a first trade of $23.00. Party City HoldCo (NYSE: PRTY) had similar success with its high end pricing ($17.00), as the deal opened 21% higher with a $3.50 pop at first trade. Cidara Therapeutics (Nasdaq: CDTX) priced at the high-end of the range, $16.00, and opened just 11-cents higher with a first trade of $16.11. However, ‘CDTX’ traded well initially, hitting a first day high of $19.13, however, the IPO broke down in the after-market and traded below its offering price on week one. Cidara ended up closing the week at $15.14 . Kempharm (Nasdaq: KMPH) priced its offering below the range,  $11.00, and opened at $11.75—or 7% above the offering price.

Looking ahead to this week, there are three deals scheduled to debut and we are currently hearing early, positive street chatter about….

(SUBSCRIPTION NEEDED)

Apigee Corporation (Nasdaq: APIC)

National Storage Affiliates (NYSE: NSA)

Viking Therapeutics (Nasdaq: VKTX)

Please check your emails early and often. We may upgrade or downgrade an IPO and or secondary –sometimes with not as much notice as we would like to give. If you have interest in IPOs do NOT delay your IOI’s (hopefully they are already in)…you can always cancel them. We will keep you posted if and as when…we have anything pertinent to add. The current number of “active” IPOs in the pipeline as of 4/17/15 is 131.  Good luck trading