IPO Weekly Recap 5.22.2015 – Shopify IPO flys off shelf

This past week five IPOs debuted, one updated terms and four new deals filed.

It was a solid week for IPOs as five deals came to market—three of which saw IPO investors show significant interest in. Shopify (NYSE: SHOP) priced at$17.00–$1.00 above an already upwardly-adjusted range and opened with a 65% pop. ‘SHOP’ hit a first week high of $31.10 or 83% above the offering price. Press Ganey Holdings (NYSE: PGND) priced $1.00 above the range, $25.00, and opened 11% higher with a $27.67 trade at first tick. The deal traded well in the aftermarket as ‘PGND’ hit a high of $29.20 in its opening day of trading. Black Knight Financial Services (NYSE: BKFS) was many-multiple times oversubscribed and priced near the high end of the range, $24.50. This IPO opened at $26.25 and had three consecutive days of positive trading—closing the week at $28.36 or 16% above the offering price. Baozun Inc (Nasdaq: BZUN) was a difficult IPO to read due to cross-currents in the channel check process as well as the nature of Chinese IPOs. The deal priced $2.00 below the $12-$14 range and opened for just a $0.25 premium with a $10.25 trade at first tick. ‘BZUN’ fared well in the aftermarket and closed the week for trading at $11.08 Community Healthcare Trust (NYSE: CHCT) priced at the low end of the range, $19.00, and opened flat. ‘CHCT’ closed its first day of trading $0.75 higher and closed the week at $20.05.

Looking ahead to this week, there are no deals on the schedule due to the shortened trading week. The stock market is closed on Monday due to Memorial Day. We hope you take the time off to enjoy the long weekend with friends and family and make an effort to thank a member of the armed forces for everything that they do for the United States. Happy Memorial Day!

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 5/22/15 is 126.  Good luck trading!