Secondaries Announced 6.11.18

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period.

 

Company: Griffon Corporation
Symbol: GFF
Price: Last Trade $22.90
Trade Date: 6/15
Shares: 8.08 million
Underwriter(s): J.P. Morgan, Goldman Sachs, Baird, Deutsche Bank, Wells Fargo
Description: Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries.
Rating = Subscription Needed

Company: Kadmon Holdings, Inc.
Symbol: KDMN
Price: Last Trade $3.35
Trade Date: 6/12
Re-Offer Range: Subscription Needed
Shares: TBD
Underwriter(s): Jefferies
Co-Manager(s): HC Wainwright & Co.
Description: Kadmon Holdings, Inc. is a fully integrated biopharmaceutical company developing innovative products for significant unmet medical needs. Our product pipeline is focused on inflammatory and fibrotic diseases.
Rating = Subscription Needed

Company: Hercules Capital, Inc.
Symbol: HTGC
Price: Last Trade $12.40
Trade Date: 6/12
Re-Offer Range: Subscription Needed
Shares: 6 million
Underwriter(s): Wells Fargo, Morgan Stanley, Jefferies, Keefe Bruyette & Woods
Description: They are the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries.
Rating = Subscription Needed

Company: Immunomedics, Inc.
Symbol: IMMU
Price: Last Trade $23.83
Trade Date: 6/13
Shares: 11.6 million ($275 million cash raise)
Underwriter(s): Morgan Stanley, Cowen, Jefferies
Description: They are a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer and other serious diseases.
Rating = Subscription Needed

Company: Advanced Drainage Systems, Inc. – Block
Symbol: WMS
Price: Last Trade $30.00
Trade Date: 6/12
Shares: 0.9 million
Underwriter(s): Barclays
Description: They are engaged in designing, manufacturing and marketing of thermoplastic corrugated pipe and related water management products, primarily in North and South America, and Europe.
Rating = Subscription Needed

Company: MedPace Holdings, Inc.-BLOCK
Symbol: MEDP
Price: Last Trade $44.39
Trade Date: 6/12
Re-Offer Range: Subscription Needed
Shares: 3 million
Underwriter(s): Morgan Stanley
Description: They are a scientifically-driven, global, full-service clinical contract research organization (CRO) providing Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries.
Rating = Subscription Needed
Note: Selling stockholder is Cinven Capital Management

Company: At Home Group, Inc.
Symbol: HOME
Price: Last Trade $38.46
Trade Date: 6/12
Re-Offer Range: Subscription Needed
Shares: 8 million
Underwriter(s): BofA Merrill Lynch
Description: They are the home décor superstore, offers more than 50,000 on-trend home products to fit any budget or style, from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal decor.
Rating = Subscription Needed
Note: Selling stockholder is Starr Investment Holdings

Company: Jernigan Capital, Inc.
Symbol: JCAP
Price: Last Trade $20.28
Trade Date: 6/12
Re-Offer Range:Subscription Needed
Shares: 3.5 million
Underwriter(s): Raymond James, Jefferies, KeyBanc Capital, Baird
Description: They are a New York Stock Exchange-listed real estate investment trust that provides debt and equity capital to private developers, owners, and operators of self-storage facilities.
Rating = Subscription Needed

Company: Warrior Met Coal, Inc.
Symbol: HCC
Price: Last Trade $29.42
Trade Date: 6/12
Re-Offer Range: Subscription Needed
Shares: 4 million
Underwriter(s): Credit Suisse
Description: They are a large scale, low-cost U.S. based producer and exporter of premium hard coking coal, operating highly efficient longwall operations in its underground mines located in Alabama.
Rating = Subscription Needed