Positive debuts for today's three IPOs

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Three IPOs opened for trading today , and all are showing positive returns in their debuts.

EverBank Financial ( EVER ), 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 ( ROYT ), 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 ( CG ), 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 IPO.

Carlyle comes to market after last month's IPO of private equity firm Oaktree Capital ( OAK ). 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 IPO price.

Two more deals are expected to price tonight, which will bring this week's total to 6 pricings. PetroLogistics ( PDH ), 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.

May's IPO calendar 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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , IPOs

Referenced Stocks: CG , EVER , OAK , PDH , ROYT

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