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This past week two IPOs debuted, six IPOs updated terms and at the time of this writing… six new IPOs were filed.
Dropbox Inc (DBX) made its highly-anticipated market debut a dazzling success. The IPO, which was more than 25-times oversubscribed according to our sources, priced at $21.00 or $3.00 over the initial range ($1.00 over the upwardly-revised $18-$20 range) and opened with a first trade of $29.00 for a gain of 39.1%. This gave the unicorn a $12bn market cap or 20% above its final private round of funding. This should be considered a major win for unicorns waiting in the wings to go public. Dropbox hit a first day high of $31.60. Even more impressive with the Dropbox story this week- was that the book saw no attrition due to market conditions (Dow closed -700 point the day of pricing). DBX did sell off toward the end of the day and closed at $28.48…overall a very impressive debut.
The other IPO to come to market, Sunlands Online Education Group (STG), priced at the low-end of the range, $11.50, and opened with a 13.9% gain at first trade. However, within hours the Chinese education company broke its offering price. STG closed the day at $11.10 or 3.5% below the offering price. It should be noted that Sunlands Online Education Group’s low for its opening session was 10.02…a more than four dollar spread from LOD to HOD.
A third IPO was scheduled to debut, PolyPid Ltd (POLY), but for the third time in its company’s history…the deal was postponed due to market conditions. Our sources indicate that a deal was “in place” but management chose not to price its offering at a discount.
Looking ahead to this week, there are seven IPOs on the schedule, click on the images below for a preview of each deal scheduled to come to market.
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