IPOs Just Had Their Best Month Since Last Year’s Selloff

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The market for initial public offerings (IPOs) rebounded in March as sentiment continues to recover from the fourth quarter’s selloff.

Some $3.5 billion of deals were priced during the month, according to ClickIPO. That was the highest total since volatility swept markets in October.

Ride-sharing giant Lyft (LYFT) was the most prominent name, issuing 32.5 million shares for $72 last Friday. (That’s $2.3 billion in total.) The stock briefly spiked as high as $88.60 once trading began, but then sellers stepped in and pushed it below $70 yesterday.

Levi Strauss (LEVI) fared better. The iconic denim company, which dates back to the California gold rush, raised $623 million. Demand was strong enough to price more than 10 percent above the preliminary range. They’re now up another 33 percent from the official IPO price.

“The recent high-profile IPOs of Levi and Lyft will likely open the door for many other IPOs this year, including some other name brands,” Scott Coyle of ClickIPO said. His company helps individual investors access a market once available only to institutional buyers.

ClickIPO preview of upcoming offerings.
ClickIPO preview of upcoming offerings.

The highest-profile companies in coming months include Uber (UBER) and Pinterest (PINS). The biggest deal this week will likely be fintech Tradeweb Markets (TW) on Thursday. (See the ClickIPO screenshot for more.)

Here are some other March offerings that raised at least $100 million (all changes reflect Monday’s close):

  • Precision BioSciences (DTIL): The gene-editing stock is up about 6 percent since raising $126 million on March 27.
  • Genfit (GNFT): The French biotech is up 39 percent since raising $135 million on March 26.
  • UP Fintech (TIGR): The Chinese online brokerage has ripped 75 percent since raising $104 million on March 19. Remember Chinese technology stocks were a big part of the IPO market in 2018.
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