Weekly Secondary Performance Recap (4.6.18)

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This past week 10 secondary offerings came to market in another light week and IPO Boutique placed BUY ratings on 6 of them. In all, $2.2bn 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 3.1%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was -0.4%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.8% at first trade and an average gain of 7.6% at the high of their first-day of trading.

There was a single $1bn+ size offering this week, SS&C Technologies (SSNC), and it opened negative but traded very well in its offering session with market volatility playing a factor. SSNC priced 26.3mm shares at $47.50 vs. last trade of $49.00. The deal opened at $46.13 but traded as high as $49.01 for a 3.2% gain at top-tick. SSNC VWAP (volume weighted average price) was $47.76 representing strength in the offering. IPO Boutique rated the SSNC offering a BUY.

The other five secondary offerings that IPO Boutique rated a BUY all opened positive. The best of the bunch were overnight offerings of Codexis (CDXS) and Orbcomm Inc (ORBC) with gains of 7.0% & 5.8%, respectively.

In contrast, of the four offerings that IPO Boutique rated ‘Neutral’…two opened below their issue price and three closed in the red.

There are currently no secondary offerings on the schedule for next week.