Let’s take a quick look at the mid-year numbers. After all, isn’t that what Wall Street is all about?
2013’s Mid-Year Scorecard: A
Through Friday, June 28, 2013, a total of 91 IPOs had been priced during the year’s first half, according to the U.S. Securities and Exchange Commission’s filings. They raised $20 billion.
The Mid-Year IPO Scorecard read: 65 winners, 24 losers and two unchanged from their initial offering prices. The average gain for all 91 IPOs was 23.7 percent versus a 12.71 percent gain for the NASDAQ Composite Index at 2013’s mid-point.
That was a better showing than this time 52 weeks ago.
2012’s Mid-Year Scorecard: B
Through Friday, June 29, 2012, the IPO calendar had priced 74 IPOs during the year’s first half. They raised $28.5 billion.
The 2012 Mid-Year IPO Scorecard read: 47 winners, 26 losers and one unchanged. The average gain for all 74 IPOs was 14.06 percent versus a 12.66 percent gain for the NASDAQ Composite Index at 2012’s mid-point.
Worth noting: 2012’s dollar volume is misleading. It includes May 2012’s $16 billion FaceBook (FB) IPO. On May 17, 2012, FaceBook priced 421.2 million shares at $38 each. Facebook closed at $24.88 per share on Friday, June 28, 2013, DOWN 34.5 percent from its initial offering price.
(Note: These figures exclude unit offerings, bank conversions and foreign-based companies offering their shares in the U.S. capital markets for the first time.)
The Week That Was
Last week was one to remember. It was big and it closed with a bang. Eleven IPOs made the leap from the calendar to getting priced. That was heavy IPO traffic in this day and age. As an example, one must look back five years and seven months to find a busier week. That was the week of Nov. 12, 2007, when that calendar priced 13 IPOs. But none of those were moonshots.
We had one last week.
Noodles & Company (NDLS), a Broomfield, Colorado-based operator of a chain of casual restaurants, priced 5.4 million shares at $18 each on Thursday evening, June 27. The stock opened at $32 Friday morning and closed its opening day at $36.75 – UP 104.2 percent from its initial offering price. It became the 249th IPO to score an opening-day gain of 100 percent more since the October 1980 Genentech offering.
This brings us to the shortened holiday week. Most syndicate desks will be empty this week, when the U.S. stock market will be closed on Thursday, July 4th, for the Independence Day holiday. The IPO calendar for the week of July 1 is clean and green – nothing. But don’t go away. Under the JOBS Act, things can heat up very quickly.
Disclosure: Neither the author nor anyone else on the IPOScoop.com staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and IPOScoop.com staff do not issue advice, recommendations or opinions.