opened for trading today
, and all are showing positive returns in their debuts.
EverBank Financial (
), an online bank providing lending and investing products to
575,000 customers, priced its 19.2 million share IPO at $10,
below the revised $11-$12 range. The company had originally
intended to sell 25.2 million shares (including 5.9 million from
insiders) at a price of $12-$14, resulting in a total deal size
that was 41% below that originally planned. Goldman Sachs, BofA
Merrill Lynch and Credit Suisse were the bookrunners on the deal.
The stock is trading 7.5% above its IPO price.
Pacific Coast Oil Trust (
), a trust formed to own interests in oil and gas wells in
California, raised $370 million by offering 18.5 million shares
(originally 17.5 million shares) at $20, within the range of $19
to $21. Pacific Coast Oil Trust plans to list on the NYSE under
the symbol ROYT. Barclays Capital, Citi, BofA Merrill Lynch, J.P.
Morgan, UBS Investment Bank and Wells Fargo Securities acted as
lead underwriters on the deal. The stock is trading up 1.2%.
The Carlyle Group (
), a global alternative asset management firm with $147 billion
in AUM, priced its 30.5 million share IPO at $22, below the
$23-$25 range. The Carlyle Group plans to list on the NASDAQ
under the symbol CG. There were 11 bookrunners and 10 co-managers
on the deal, for which J.P. Morgan, Citi and Credit Suisse acted
as representatives. The company is showing a 1.2% return from its
Carlyle comes to market after last month's IPO of private equity
firm Oaktree Capital (
). Oaktree priced 8.8 million shares at $43, the low end of the
$43-$46 range. The company had originally planned to offer 11.25
million shares, resulting in a total deal size 24% below that
originally planned. Oaktree is currently trading -7.0% below its
Two more deals are expected to price tonight, which will bring
this week's total to 6 pricings. PetroLogistics (
), which operates the world's largest propane dehydrogenation
facility, lowered the proposed deal size for its upcoming IPO on
Wednesday. The Houston, TX-based company plans to raise $630
million by offering 35 million shares (96% insider) at a price
range of $17 to $19. The company had previously filed to offer 35
million shares at a range of $19 to $21. At the midpoint of the
revised range, PetroLogistics would receive $21 million in net
proceeds, 12% less than previously expected, and command a market
value of $2.5 billion.
Tilly's (TLYS), a specialty retailer of West Coast-inspired
apparel, footwear and accessories, announced terms for its IPO on
Monday. The Irvine, CA-based company plans to raise $100 million
by offering 8.0 million shares (5% insider) at a price range of
$11.50 to $13.50. At the midpoint of the proposed range, Tilly's
would command a market value of $345 million.
shows no signs of slowing, with 12 deals scheduled for next week.
The IPO market as a whole has shown strong returns this year. The
FTSE Renaissance US IPO Index
is up 16.0% YTD, compared to 11.5% for the S&P 500.