April IPOs Continue to Pile Up

The April rush to the IPO window continues. Four more companies have gone public so far this week.

Fairway Market (FWM), Taminco Corporation (TAM), Intelsat (I) and Hannon Armstrong (HASI) all made their market debuts in the last two days. The returns have been decidedly mixed.

Here’s how each of the four IPOs has performed thus far:

  • Fairway Market: After two days of trading, it’s obvious that many investors want to “be a part” of this New York grocery-store chain. The stock posted a 33% gain in its debut, the fourth-best first-day return of any IPO this year. Then, today, it tacked on another 8.2% to close at $18.77 – well above its $13 IPO price.
  • Intelsat: Technically, shares of this satellite service provider has an OK debut, rising just over 3% today. However, considering the stock debuted well below its expected IPO price at $18 a share, today’s modest returns have to be discouraging.
  • Taminco: This company produces alkylamines and alkylamine derivatives. Apparently investors were as clueless as I am about what those are. The stock went public at $15 a share today, below its expected IPO range of $18 to $20. Despite the “bargain” price, Wall Street still didn’t like Taminco; the stock slipped 2.7% in its debut.
  • Hannon Armstrong: Simply put, this company’s IPO was an outright disaster. Not only did the IPO price below its range, but the stock plummeted close to 9% in its debut today. That’s a rather inauspicious start for this clean energy REIT.

One more IPO, Blackhawk Network (HAWK), is scheduled to price this week. After that, there’s not much on the horizon.

It’s possible that today’s less-than-stellar performances might scare a few potential IPOs away.

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