There was just one offering that priced above its range, RYB Education (RYB). Oasis Midstream Partners (OMP) priced at $17.00 (well below the $19-$21) range and opened at $16.75. The BEST Inc offering appeased the buy-side enough to produce a 14.8% return at first trade while PQG did not fare as well…opening down 2.9%. Price sensitivity played a role in the two largest cash raises of the month (BEST Inc (BSTI) & PQ Group Holdings (PQG)) as well as the lone energy offering. Five out of the 14 IPOs this past month were Asian related. This included just one offering that raised more that $500m - PQ Group Holdings (PQG) - but also a heavy contingency of foreign offerings.
In August, the IPO Market saw 14 companies go public for a total cash raise of $2.51bn. SUBSCRIBE TO IPOBoutique’s Free Weekly Newsletter It continues to show the push-back for PE backed deals with leveraged balance sheets. It should be noted that the largest deal of the week, PQ Group Holdings (PQG), failed to work despite being priced $3.50 below the $21-$23 range.
The NITE offering had a surge in volume in the aftermarket at the close of its opening trading session and hit a high of $24.94 for a gain of 78% above the $14.00 offering price. The three biotech offerings performed well at first trade as Nightstar Therapeutics (NITE), Deciphera Pharmaceuticals (DCPH) and NuCana plc (NCNA) opened with gains of 23%, 18% and 3%, respectively, at first trade. RYB finished the week on a high…closing at $28.50 or 54% above the offering price. The Chinese education provider traded well and hit $27.60 at top tick - good for a 49.2% gain. RYB Education Inc (RYB) opened with a $5.68 premium above a $18.50 above range pricing. Roku closed Friday’s session at $26.54 or 90% above the $14.00 price. The demand in the aftermarket was even more extreme as Roku more than doubled in its first two trading sessions. The deal, according to our sources, had some initial push-back, but ended up pricing at the high end of the $12-$14 range with strong demand. The best deal this week was the Roku Inc. It was a very strong week for the IPO market as six IPOs came to market…three closing the week more than 35% above their respective offering prices.
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