In today’s briefing:
- Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red
- Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow
- Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand
- SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut
Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red
- Aardvark Therapeutics priced a full size deal of 5.88mm shares at the low end of the range, $16.00, and opened at $15.18 for a loss of 5.1% at first trade.
- The volume on day one was just 1.7 million shares or less than 30% of the float.
- As the company progresses through its trials and more readouts and data becomes available, this biotech may find a better footing.
Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow
- The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade.
- The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.
- Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.
Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand
- Ajax Engineering Limited (0896529D IN) raised around US$145m in its India IPO.
- Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut
- SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.
- The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.
- I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.
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