IPOs, Initial Public Offerings: pre & post IPO

July 28wk performance

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July 28wk: 20 new IPOs, $6.7 billion
AAVL    CTLT    CFRXU    EARS    FCB    HQY    LNTH    LOXO    MBLY    MCUR     MRNS    ORPN    RIGP    SRVA    SYF    TBRA    VBLX    VTTI    WLKP    ZSAN

Ratings subject to change, depending on market conditions & further research
IPO Calendar Manager Exp    Price Range Est$ Exptd Smry
. . shares . . IPO size date for price range mid-point
ranked by size . . . . ($mm)
Week of July 28th
FLAT Consumer finance . . . . . . Buy, C+, 7
Synchrony Financial (SYF)
Priced at $23
Goldman; J.P. Morgan; Citigroup; Morgan; Barclays; BofA Merrill; Credit; Deutsche; BNP;  HSBC; Mizuho; MUFG; RBC;  RBS; Santander; SMBC Nikko;  SOCIETE GENERALE 125 $23 $26 3063 Thurs Low P/E of 9.7
. . . . . . . The old GE Capital
-3% Oral, injectable &respiratory delivery technologies . . . . . . Neutral-, C, 6.5
Catalent (CLTL)
Priced at $20.50
Morgan Stanley;  J.P. Morgan 42.5 $19 $22 $871 Thurs -$1.5bb deficit, never made money
. . . . . . . Low growth, high interest payments
+48% Vehicle video-cams . . . . . . Buy, C, 7
Mobileye N.V. (MBLY)
priced at $25
Goldman; Morgan; Deutsche 27.8 $17
new
$21
$19
new $23
$500 new $610 Fri 200%+ Q1 increase in rev & gross profits
. . . . . . . Positive free cash flow, 27x sales.
. . . . . . . Seems to have a near-monopoly position
+5% Energy terminaling . . . . . . Positive, C+, 7
VTTI Energy Partners LP (VTTI)
priced at $21
Citigroup; J.P. Morgan; BofA Merrill; Credit; Deutsche; Wells Fargo 17.5 $19 $21 $350 Fri 5.25% yield, carve-out
. . . . . . . 100% to selling shareholder
+12% Offshore drilling rigs . . . . . . Positive, C+, 7
Transocean Partners (RIGP)
priced at $22
Morgan; Barclay; Citigroup; J.P. Morgan; Wells 17.5 $19 $21 $350 Thurs 7.25% yield, carve-out
. . . . . . . 100% to selling shareholder.
+22% Ethylene production . . . . . . Positive, C+, 7
Westlake Chemical Partners LP (WLKP) Priced at $24 Barclays; UBS; BofA Merrill; Deutsche; Morgan 11.3 $19 $21 $226 Wed 5.5% yield, carve-out
-5% Bank holding co . . . . . . Neutral, C+, 7
FCB Financial Holdings (FCB)
priced at $22
Deutsche; J.P. Morgan; BofA Merrill; UBS 8.8 $24new $22 $27 new $23 $224 Fri Good organic growth, 58 P/E on 2013 yr
. . . . . . . 2013 yr because pro forma
POSTPONED Moving services . . . . . . Neutral -, C+, 6.5
SIRVA (SRVA)
postponed
Morgan; Goldman;  J.P. Morgan 11.6 $15 $17 $186 Fri High multiple, very leveraged, no growth
. . . . . . . Proceeds to redeem stock
POSTPONED Diagnostic medical imaging agents/products . . . . . . Neutral-, C, 6.5
Lantheus Holdings (LNTH) postponed Citigroup;  Jefferies 9.3 $12 $15 $126 Wed Never profitable, low growth rate
. . . . . . . High interest payments
+21% Healthcare platform . . . . . . Buy , C+, 7
HealthEquity (HQY)
Priced at $14
J.P. Morgan; / Wells Fargo 9.1 $10 $12 $100 Thurs Recurring income, Q1 up 38%
. . . . . . . 6.8x sales, P/E of 61
. . . . . . . Q1 ’14 11% adj post-tax margin
-10% Biopharma . . . . . . Neutral, C, 6
Vascular Biogenics (VBLX)
priced at $12
Deutsche; Wells Fargo 5.4 $13 $15 $76 Thurs Price-to-book is 3.2
. . . . . . . Insiders indicate interest in 46% of the IPO
+48% Biotech . . . . . . Positive because of price increase, C, 6
Avalanche Biotechnologies (AAVL)
priced at $17
Jefferies; Cowen; Piper Jaffray 5.4 $13 new $!6 $15 new $17 $76 Thurs Low price-to-book of 2.3, a positive
. . . . . . . Relatively low cash burn rate relative to mrt cap
. . . . . . . 53% of the IPO is spoken for
Next wk Biopharma . . . . . . Neutral plus, C, 6.5
Auris Medical Holding AG (EARS) Jefferies;  Leerink Partners 6.9 $10 $12 $76 Fri now wk of 8/4 2 candidates in Phase 3 trials
. . . . . . . 3.6 times bk, 25%  spoken for on the IPO
-25% Regenerative medicine for wounds . . . . . . Neutral, C, 5.5
Macrocure Ltd. (MCUR)
priced at $10
Credit Suisse/ Jefferies 5.4 $13 $15 $76 Thurs Shareholders indicate interest in buying 16.5% on the IPO.
. . . . . . . 2.7 times book value
. . . . . . . In Phase 3 clinical trials
Next wk Pharma . . . . . . Neutral, C, 5
Zosano Pharma (ZSAN) Wedbush PacGrow Life Sciences 6.4 $10 $12 $70 8/4 wk day-to-day 2x book, early stage
. . . . . . . 14% of the IPO is spoken for
Next wk Biopharma . . . . . . Neutral, C, 5.5
Tobira Therapeutics (TBRA) BMO; JMP; Oppenheimer 4.6 $12 $14 $60 Thurs now 8/5 Tues Price to book value is 2.5
. . . . . . . Shareholders may buy 29%
FLAT Genetically defined cancer treatments . . . . . . Neutral, C, 5.5
Loxo Oncology (LOXO)
priced at $13
Cowen; Stifel 4.4 $12 $14 $57 Fri Low price-to-book of 1.8, a positive
. . . . . . . Relatively low cash burn rate relative to mrt cap
. . . . . . . 41% of the IPO is spoken for
FLAT Biopharma . . . . . . Neutral, C, 5.5
Marinus Pharmaceuticals (MRNS)
priced at $8
Stifel; JMP Securities 4 $12 $14 $52 Thurs 2.9x book, 19% of the IPO is spoken for
. . . . . . .
-37% Biopharma . . . . . . Neutral, C, 5.5
Bio Blast Pharma Ltd. (ORPN)
priced at $11
Oppenheimer;  Roth 3.3 $11 $13 $40 Thurs 25% of the IPO is spoken for
. . . . . . . Low cash burn rate, 4.1x book
+2% Biotech . . . . . . Negative, C, 5
ContraFect (CFRXU)
priced at $6
Maxim Group LLC 3.6 $5 $6 $20 Tues High cash burn rate, high price to book of 5.6
. . . . . . . Product candidates not yet in clinical trials

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