It was a very strong week for the IPO market as six IPOs came to market…three closing the week more than 35% above their respective offering prices.
The best deal this week was the Roku Inc. (ROKU) offering. The deal, according to our sources, had some initial push-back, but ended up pricing at the high end of the $12-$14 range with strong demand. The demand in the aftermarket was even more extreme as Roku more than doubled in its first two trading sessions. Roku closed Friday’s session at $26.54 or 90% above the $14.00 price.
RYB Education Inc (RYB) opened with a $5.68 premium above a $18.50 above range pricing. The Chinese education provider traded well and hit $27.60 at top tick — good for a 49.2% gain. RYB finished the week on a high…closing at $28.50 or 54% above the offering price.
The three biotech offerings performed well at first trade as Nightstar Therapeutics (NITE), Deciphera Pharmaceuticals (DCPH) and NuCana plc (NCNA) opened with gains of 23%, 18% and 3%, respectively, at first trade. The NITE offering had a surge in volume in the aftermarket at the close of its opening trading session and hit a high of $24.94 for a gain of 78% above the $14.00 offering price.
It should be noted that the largest deal of the week, PQ Group Holdings (PQG), failed to work despite being priced $3.50 below the $21-$23 range. It continues to show the push-back for PE backed deals with leveraged balance sheets.
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