IPOs were off to a slow start this month until today. But three new stocks made their market debuts on Thursday: Forum Energy Tech (NYSE: FET), MRC Global (NYSE: MRC) and Oaktree Capital (NYSE: OAK).
It only brings the total number of April IPOs to five, well off the blistering pace over the last two months. Thirty-eight U.S. companies went public in February and March – the busiest two-month stretch for initial public offerings since November and December of 2010.
But the IPO market had slowed over the first 11 days of April, with only two companies going public. That changed today, and six more IPOs are scheduled to debut next week.
Here’s a closer look at today’s new stocks:
- Forum Energy Tech: A global products and service provider for the oil and natural gas industries, Forum Energy raised $379 million in its IPO by offering 18.9 million shares at $20 a pop. The stock was up 9% in its first of trading, closing at $21.77 a share.
- MRC Global: This company professes to be the energy industry’s largest global pipes, valves and fitting services supplier. MRC raised $477 million by offering 23 million shares at $21 a share. The stock had a rough first day of trading, falling a tad below its offering price.
- Oaktree Capital: An alternative asset manager, Oaktree has struggled right out of the gates. The company priced at the low end of its range at $43 per share, then fell 0.6% to $42.40 in its first day of trading.