It was an extremely strong week for IPOs as two of the three deals opened higher than 25% above their respective offering prices.
Redfin Corporation (Nasdaq: RDFN) was considered many-multiple times oversubscribed by IPO Boutique’s sources and priced its offering $1.00 above the $12-$14 range. ‘RDFN’ opened with a first trade of $19.56 or 30.4% higher. ‘RDFN’ hit a first day high of $21.94 for a 46.3% return at top-tick.
The week’s lone biotech initial public offering, Sienna Biopharmaceuticals (Nasdaq: SNNA), followed a mid-range pricing ($15.00) with a 27% premium at first trade as ‘SNNA’ opened with a first sell of $19.05. ‘SNNA’ traded as high as $21.20 in its first week for a gain of 41.3%.
RBB Bancorp (Nasdaq: RBB) came with a bit less fanfare with a first trade of $23.32 after pricing an upsized offering at the midpoint of the range, $23.00. ‘RBB’ did trade as high as $24.19 to for a 5.1% return.
It should be noted that Viewtrade Securities was an underwriter on a small offering from Newater Technologies (Nasdaq: NEWA) that raised just $7.0m. ‘NEWA’ opened with a first trade of $7.32 for a 46% gain at first trade.
Looking ahead to this week… there are two IPOs on the schedule. Click here to look at the schedule for the upcoming week.
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