IPO Week in Review: 500.com, Vince Hot; LNG, Android, Diagnostics Not
November 24, 2013 by Paul Ausick
Liquefied natural gas (LNG) shipper, Navigator Holdings Ltd. (NASDAQ: NVGS) began trading on Thursday. The company sold 12 million shares at an IPO price of $19, the high end of its expected range of $17 to $19. The company also increase the number of shares on offer from 11.3 million. The shipping company raised about $156 million of which about $73 million will be used to pay for new ships and the rest is tabbed for general corporate purposes. Shares closed at $19.97 on Thursday and $20.06 on Friday.
Contemporary clothing maker Apparel Holding Corp. changed its name to Vince Holding Corp. (NYSE: VNCE) immediately before its Friday IPO on Friday. The company sold 10 million shares at $20 a share, above the expected range of $17 to $19. Vince Holding makes high-end apparel under several brand names that are sold in department stores like Bloomingdale’s and Neiman Marcus. The stock opened at $29.50 and closed at $28.66, about 43% above the IPO price.
U.K.-based Oxford Immunotec Global PLC (NASDAQ: OXFD) offered 5.4 million shares at $12, below the expected range of $13 to $15 a share on Friday. The company is a commercial-stage diagnostic test firm. Shares began trading at $14 and closed the day at $15.88.
Sungy Mobile Ltd. (NASDAQ: GOMO) priced its IPO at $11.22, near the top of the $9.50-$11.50 range, and the stock opened for trading at $14.11. The China-based company offers a management tool for Android-based smartphones. Shares traded at a peak of around $16 before closing their first trading day at $13.35.
The week’s biggest winner was 500.com Ltd. (NYSE: WBAI), another firm based in China, and this one is a service provider for online sports lotteries in the Middle Kingdom. The company priced about 5.8 million shares at $13, and the shares began trading at $20.68 and closed the day at $20.01.
According to The Wall Street Journal there are three secondary offerings on tap for next week, but no IPOs. The largest of these, Sprouts Farmers Markets Inc. (NASDAQ: SFM), was supposed to price on Thursday, but that was delayed until Monday likely due to the weak earnings report from The Fresh Market Inc. (NASDAQ: TFM) earlier last week. Sprouts is planning to sell 25.9 million shares. Shares closed at $37.86 on Friday, which would indicate a capital raise of around $975 million.
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