Weekly Secondary Performance Recap (1.5.18)

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This past week 10 secondary offerings came to market and IPO Boutique placed BUY ratings on 4 of them. In all, $5.3bn was raised by companies in the secondary market this week.

The average gain of IPO Boutique BUY rated offerings this week at first trade was 1.1%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was -0.2%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.12% at first trade and an average gain of 7.68% at the high of their first-day of trading.

Equity capital markets eased into the New Year with a handful of offerings including a few block trades.

The best deal this week was CRISPR Therapeutics (CRSP) underwritten by Goldman Sachs, Piper Jaffray and Barclays. The deal opened at $23.58 or 3.6% above the $22.75 offering price. But within minutes it was evident that CRSP was going to trade very well. This biotech deal squeezed all the way to $28.50 or 25.3% above the offering price for an excellent return.

The other marketed bio offering this week, Atara Biotherapeutics (ATRA), opened 4.1% above the offering price but failed to hold its gains. ATRA closed the session -1.4% vs. its offering price. IPO Boutiuqe rated both CRSP and ATRA as BUYs.

The largest deal this week was a $2.5bn offering from Sempra Energy (SRE) underwritten by Morgan Stanley, RBC Capital and Barclays. The deal priced with just a 0.4% discount to its $107.43 last trade (priced at $107.00) and opened at $108.84 for a gain of 1.7%. IPO Boutique rated this deal a BUY.

There are currently no secondary offerings being marketed for the upcoming week.