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The IPO market was price sensitive in nature as both of the deals that came to market needed to be heavily re-worked… prior to their respective debuts.
Casa Systems (CASA) reduced its share size from 8.4mm to 6.0mm and priced at $13.00 — two dollars below the initial $15-$17 range. This cut appeased investors as ‘CASA’ opened at $13.50 or 3.8% above the offering price. CASA traded very well in its opening session hitting an intraday high of $15.13 for a gain of 16.4% at top-tick. As evidenced by our downgrade…and then subsequent upgrade… we were on the pulse of this deal as the engineering of this offering played a big role in investor demand.
Newmark Group (NMRK) did not have the same warm reception. Newmark Group reduced its share size from 30.0mm to 20.0mm shares and priced at $14.00 or five dollars below the initial $19-$22 range. NMRK’s opening trade was $14.05 and the deal broke the offering price within minutes. NMRK traded as low as $13.72 before rebounding toward the offering price.
Looking ahead to this week…there are four IPOs on the schedule, click on each logo for a preview:
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