This past week eleven IPOs debuted, three updated terms and ten new deals were filed.
The busiest calendar week thus far in 2015 for the IPO market saw a pair of company’s amass very large gains. The biggest of the bunch was Seres Therapeutics (Nasdaq: MCRB) which priced $1.00 above range, $18.00, and opened for first trade at $28.50. ‘MCRB’ traded absurdly well as the new issue closed at a first-day high of $51.40 or 186% above the offering price. Glaukos Corporation (NYSE: GKOS) priced at $18.00, $1.00 above an already upwardly-revised range, and opened 62% higher with a first trade of $29.11. ‘GKOS’ maintained its initial pop for the most part and closed its first week as a publicly traded company at $28.00. Alarm(.)com (Nasdaq: ALRM) priced its offering at the mid-point of the range, $14.00, and opened $2.05 higher for a 15% gain. ‘ALRM’ traded as high as $17.88 or 28% above the offering price on day one. Transunion (NYSE: TRU) priced toward the high end of the range, $22.50, and opened at $24.62—9% above the offering price. Catabasis Pharmaceutics (Nasdaq: CATB) priced $1.00 below the offering price and opened with a $0.74 premium. ‘CATB’ added to its gains in the aftermarket and closed the week at $13.47 or 12% above the offering price. Appfolio’s (Nasdaq: APPF) IPO failed to collect a sizeable premium upon opening but fired up in the aftermarket. ‘APPF’ opened $0.15 above the $12.00 offering price but traded to a high of $14.87 within its first few hours of trading. Appfolio closed the week at $14.08 or 17% above the offering price. Xactly Corporation (Nasdaq: XTLY) used pinpoint pricing to have success in its IPO. After pricing its deal $2.00 below the range at $8.00, ‘XTLY’ opened flat but soon after traded to a high of $10.09 or 26% above the IPO price. ‘XTLY’ closed week number one at $8.70.
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It should be noted that a deal that was expected to price this week, CNX Coal Resources (NYSE: CNXC), re-filed terms on Friday and the underwriters now list the status of this IPO as ‘day-to-day’. We believe that ‘CNXC’ could ‘likely’ come next week. In addition, a deal that was expected this week, Wayne Farms (Nasdaq: WNFM) did not price and was postponed due to the company’s decision not to bring the company public at the price the market was willing to pay.
Looking ahead to this week, there are four IPOs on the schedule in the holiday-shortened week and we are hearing early, positive street chatter about…
IPO Schedule – Week of June 29
As mentioned earlier, this week is a holiday-shortened week for the stock market due to the Friday observance of the Fourth of July—which is technically Saturday. All of us here at IPOBoutique hope you have a safe and wonderful ‘Fourth’. We truly appreciate your business and hope you find our service valuable to your investment portfolio.
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