IPO Weekly Recap 5.8.2015 – Bojangles sizzles in debut

This past week eight IPOs debuted, six updated terms and seven new deals filed.

It was the busiest week thus far in 2015 as a total of eight IPOs debuted. As large as that number may seem, there were six other deals that were on the schedule to debut but were either postponed or have yet to price and  were moved to ‘day-to-day’ status. Bojangles’ (Nasdaq: BOJA) indicated in a filing early in the week they would be up-sizing and increasing the range. The deal priced ($19.00) at the high-end of the revised range and opened 40% higher with a $26.55 tick at first trade. Tallgrass Energy GP (NYSE: TEGP) priced above range ($29.00) and opened to a $1.90 premium. The deal traded well in its initial days as ‘TEGP’ hit a high of $32.25—a boost of 11% above the offering price. The biotech sector of the IPO market was extremely mixed this week with only one deal that achieved a ‘pop’  failed to hold gains- and other deals either opening flat or below their offering prices. AdaptImmune Therapeutics (Nasdaq: ADAP) up-sized and accelerated its deal by a day. After pricing at $17.00, the deal opened 13% higher at $19.25, however, ‘ADAP’ sold off and traded below its offering price on day one. AdaptImmune closed the week at $17.18. HTG Molecular Diagnostics (Nasdaq: HTGM) priced at $14.00 and opened flat, however, the deal traded up in the aftermarket to meet our ‘3’ rating—hitting a high of $14.89. ‘HTGM’ closed the week for trading at $14.28. aTyr Pharma (Nasdaq: LIFE) had an inauspicious debut. ‘LIFE’ opened for trading $0.75 below the $14.00 offering price, however, the deal traded extremely well in the aftermarket. aTyr Pharma closed its opening day at $14.95 and closed the week at $19.27—good for a 38% return above the IPO price. Collegium Pharmaceuticals (Nasdaq: COLL) priced at $12.00 and opened flat but traded well in the aftermarket as well and closed the week at $12.95.

It should be noted that three deals that were scheduled to debut this week: International Market Center (NYSE: IMC), Klox Technologies (Nasdaq: KLOX) and Commercial Credit (NYSE: CCR) have been postponed. Three other deals (Anterios (Nasdaq: ANTE), Gelesis (Nasdaq: GLSS) and Multivir (Nasdaq: MVIR)) have been labeled as ‘day-to-day’ by the underwriters with the hopes of trading sometime next week. Please refer to last week’s research and subsequent advisories for information on these issues.

Looking ahead to this week there are five deals on the schedule and we are hearing early, positive street chatter about…. SUBSCRIPTION NEEDED.

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 5/8/15 is 128.  Good luck trading!