Life sciences company IPOs were twice as likely as other IPOs to be broken in 2016, with 35% of life sciences company IPOs closing first-day trading at a loss, compared to 17% of non-life sciences company IPOs.
Lyft began the week struggling to hit its IPO price, closing several days under that $72, despite opening with a 20percentt pop at $86. What's going on?
Online photo sharing and printing service Shutterfly raised $87 million in an IPO today, closing up 3.7% at $15.55 per share.
But on a better note, the stock bounced up almost 11percentt from its $13 IPO price, closing the day at $14.40.
Shares of Chinese video site Youku soared on its IPO today, closing at $33.44, which is 160 percent above its offering price of $12.80.
What will be interesting to see is how many more companies can make it out before the market changes, and the IPO window closes, if only in part.
Zscaler, a security startup that confidentially filed for an IPO last year, closed out its first day of trading at $33/share, up 106% from its opening price of $16.
Even though the IPO market closed completely in the second quarter (and opened again only slightly in the third), venture capital firms continue to raise money and invest in startups at a healthy pace.
IPO failures are rare; few IPOs close at a price below the first day offer price because investment banks are allowed to provide price support following the IPO.
To recap, Dropbox initially hoped to price its IPO between $16 and $18, then raised it from $18 to $20. Then it ultimately priced its IPO at $21, closing the day above $28.
