Weekly Secondary Performance Report (2.16.18)

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This past week 19 secondary offerings came to market and IPO Boutique placed BUY ratings on 11 of them. In all, $1.9bn 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 1.2%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was -3.4%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.99% at first trade and an average gain of 8.1% at the high of their first-day of trading.

Of the 19 secondary offerings that came to market this past week, 15 ended their offering day above their issue price. The best performing offerings this week were Nano Dimensions LTD, Pieris Pharma (PIRS) and ION Geophysical Corp (IO) with gains of 15.0%, 8.5% and 10.2% at the close of their offering day sessions’.

The largest deal this week was a $373m cash raise on Black Knight Inc (BKI). The overnight deal was re-offered at last trade and opened 1.1% higher and closed 1.3% above the offering price. The other larger secondary this week, Amicus Therapeutics (FOLD), upsized its offering from $250m to $300m and saw a first trade $0.02 below the $15.50 offering price. FOLD traded lower in the session and closed -2.1% versus the offering price.  A healthcare stock trading lower in its offering session was relatively rare this week as the eight deals from this sector averaged a 0.9% return at first trade and 5.2% return at the close of their session.

There are currently zero secondary offerings on the schedule for next week.