Weekly Secondary Performance Report – 5.11.18

IPO BOUTIQUE is one of the few syndicate services that provides ratings on all secondary offerings (Spots, blocks, marketed). We use our database of historical performances, underwriter trends and more than 40 years of syndicate experience to give our clients a leg up. We meticulously keep records of our ratings. If interested please click below to inquire or email: JZell@IPOBoutique.Com

You can Subscribe to IPO Boutique’s Secondary Only Service by clicking here:

This past week 16 secondary offerings came to market in another light week and IPO Boutique placed BUY ratings on 9 of them. In all, $5.34bn 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 2.2%

The average gain of IPO Boutique Neutral rated offerings this week at first trade was 0.8%.

The last 20 IPO Boutique ‘BUY’ rated secondary offerings have produced an average gain of 2.4% at first trade and an average gain of 6.9% at the high of their first-day of trading.

The secondary market began to pick up steam this past week as quarterly earnings have for the most part come to a close. As a whole, it was an extremely good week to be trade the syndicate calendar as the 16 offerings averaged a 1.8% return at first trade. Furthermore, the 16 offerings closed, on average, 2.4% above their offering price representing an aftermarket appetite for the transactions.

The largest deal this week was a $1.49bn cash raise from PPL Corporation (PPL). J.P. Morgan, Barclays and Citigroup worked on the 55.0mm share overnight transaction. The deal priced at $27.00 as just a 1.6% discount to its last trade of $27.45. PPL opened at $27.70 and traded as high as $28.15 in its opening session before closing at $27.90 or 2.9% above its offering price. IPO Boutique rated this large cash raise a BUY.

Other secondary offerings that outperformed included PlayAGS Inc (AGS), Weight Watchers International (WTW) and AxoGen Inc (AXGN) which opened with gains of 6.7%, 5.1% and 3.7% at first trade. The offering that traded the best in the aftermarket was Integra LifeSciences Holdings (IART) which opened flat in respect to its $58.50 offering price but closed 10.1% above its offering price with a final trade of $64.42 during its offering day. IPO Boutique placed BUY ratings on all four of these offerings.

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