This past week eight IPOs debuted marking one of the busiest IPO weeks of 2017 thus far.
Biotech deals had a very mixed week and other new issues showed price sensitivity in an extremely busy week for the IPO market. The best deal this week, Dova Pharmaceuticals (Nasdaq: DOVA), upsized its offering 10% and priced at the high-end of the range — $17.00. ‘DOVA’ opened at $19.25 for a 13.2% gain at first trade. A biotech previously in day-to-day status, Avenue Therapeutics (Nasdaq: ATXI), re-filed and priced $3.00 below its original range and opened at $7.60 for a gain of 26.7% at first trade. The other two biotech offerings that came to market had much different and quite underwhelming debuts. Mersana Therapeutics (Nasdaq: MRSN) priced at the midpoint, $15.00, and opened $0.75 lower while Aileron Therapeutics (Nasdaq: ALRN) opened $1.25 below its $15.00 pricing. It should be noted that ‘ALRN’ traded extremely poorly and hit a low of $10.37 or 30.8% below its offering price on its debut day.
The week’s “highest profile” deal (in terms of consumer awareness), Blue Apron Holdings (NYSE: APRN), slashed its range mid-week from $15-$17 to $10-$11 and ultimately priced 30mm shares at the low-end of the revised range ($10.00). ‘APRN’ opened flat but quickly gained some “legs” and traded as high as $11.00 in its opening day for a 10% return at top-tick.
The lone technology deal for the week, Tintri, Inc. (Nasdaq: TNTR), cut its terms mid-week as well. ‘TNTR’ downwardly revised its range from $10.50-$12.50 to $7.00-$8.00 and priced at $7.00. The deal opened at $7.12 for a 1.7% gain at first trade yet quickly hit the $0.50 threshold to achieve IPO Boutique’s standard as a ‘3’ rated deal.
The two financial deals this week, Esquire Financial Holdings (Nasdaq: ESQ) and Byline Bancorp (NYSE: BY), performed consistently like bank-related IPOs have done thus far in 2017. ‘ESQ’ opened $1.90 over its $14.00 pricing for a 13.6% gain at first trade and ‘BY’ opened $1.35 over its $19.00 low-end pricing.
It should be noted that a deal that was expected to debut this week, Akcea Therapeutics (Nasdaq: AKCA), did not come to market as scheduled and is officially in ‘day-to-day’ status by the underwriters. There is no further information available at this time.
Looking ahead to this week…it will be a quiet week on the IPO side of things as zero offerings are on the schedule due to the 4th of July holiday. We certainly hope you will be able to enjoy what some people may make a long weekend with friends and family. It should be noted that while the active IPO pipeline may not seem large in quantity, syndicate managers we speak with still forecast a robust second half of the year.
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