Due to acute sensitivity to volatility, the dynamics of the IPO market can change in a heartbeat. With a pair of high-profile companies launching very successful deals over the past couple of weeks, the IPO market has gone from a complete afterthought to the forefront of the financial news cycle in a matter of a couple weeks.
First, on March 21, Levi Strauss' (LEVI) IPO priced above expectations and opened for trading with a 30% pop. LEVI was really the first substantive IPO in several months, and its successful debut set the tone for what was to come the following week as ride-sharing company Lyft (LYFT) prepared to go public.
LYFT's IPO, in essence, symbolizes a turning point for the IPO market. Had its deal been a dud, it is nearly certain that the IPO market would have returned to its former ice-cold state, quite possibly for many weeks. However, that certainly did not turn out to be the case as investors welcomed its IPO with open arms. Along with LEVI's strong performance, these two IPOs have dramatically altered the landscape for the IPO market, paving the way for other companies that have been considering going public, waiting for a more opportune time.
With that in mind, it doesn't come as a surprise that the IPO calendar is filling up quickly. For this week, there are currently five deals slated to price, with more lining up for the following week.
Monday, April 1:
- No IPOs expected.
Tuesday, April 2:
- Powerbridge Technologies (PBTS): The provider of software application & technology solutions to corporate and government customers located in China is expected to price its 2.2 mln ADS within a range of $4.50-$5.50.
Wednesday, April 3:
- Ruhnn Holding (RUHN): The largest internet KOL facilitator in China is expected to price its 10.0 mln ADS IPO within a range of $11.50-$13.50.
Thursday, April 4:
- NGM Biopharmaceuticals (NGM): The clinical-stage biopharmaceutical company developing novel therapeutics through a portfolio of seven product candidates is expected to price its 6.7 mln share IPO within a range of $14-$16.
- Silk Road Medical (SILK): The medical device company focused on reducing the risk of stroke is expected to price its 4.7 mln share IPO within a range of $15-$17.
- Tradeweb Markets (TW): The operator of electronic marketplaces for rates, credit, equities, and money markets is expected to price its 27.3 mln share IPO within a range of $24-$26.
Friday, April 5:
- No IPOs expected.