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This past week eleven IPOs debuted with technology, once again, leading the way.
Tenable Holdings (TENB) priced 10.9mm shares at $23.00 and opened at $33.00 for a gain of 43.5% at first trade. Our sources stated that this deal ended up being 30x oversubscribed. Pinduoduo, Inc. (PDD) priced a full-size deal, 85.6mm ADSs, and opened at $26.50 for a gain of 39.5% at first trade. Opera Limited (OPRA) priced at $12.00, the high-end of the range, and opened with a first trade of $14.34 for a gain of 19.5% at first trade. Endava Inc (DAVA) upsized its offering and priced $1.00 above the range, $20.00, and opened with a first trade of $25.00 for a gain of 25%.
Bloom Energy (BE) priced at $15.00 or the high-end of the prevailing $13-$15 range and opened $3.70 higher. BE was a very strong aftermarket performer as the stock closed at $25.00 for a gain of 66.7% for its opening session. Liquidia Technologies Inc (LQDA) priced 4.5mm shares at $11.00 and opened at $12.45 for a gain of 13.2% at first trade. LQDA had a rush of buying in its first 15 minutes (hit a high of $13.43) before selling off and finishing its opening session $0.10 above the offering price. Aquestive Therapeutics Inc. (AQST) was upsized from 4.0mm to 4.5mm shares and priced at the midpoint of the range, $15.00. AQST opened at 15.05 but immediately traded higher. AQST hit a first day high of $19.30 for a gain of 28.7% at top tick.
The two Chinese offerings that cut their share size performed well. Cango Inc (CANG) priced 4mm ADSs (originally filed to sell 12.5mm ADSs) at $11.00 and opened at $12.50 for a gain of 13.6% at first trade. Aurora Mobile Limited (JG) priced a down-sized offering, 9.0mm shares, at the low-end of the range, $8.50 and opened at $9.00 for a gain of 5.9% at first trade.
Focus Financial (FOCS) surprised many as they priced a full-size deal, 16.2mm shares, at a below range ($2 below) price of $33 and opened at $35.90 for a gain of 8.8% at first trade. Berry Petroleum (BRY) was a disappointment as they priced a down-sized 13mm shares at $14.00 and opened at $13.25 for a loss of 5.4% at first trade.
As for this week, there are four deals on the schedule.
Click on the logo to see a preview of each deal:
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