It seems as though there is still an appetite for the recently hot initial public offerings, even if current prices look highly inflated versus the formal IPO prices. 24/7 Wall St. reviewed four post-IPOs that are still of high interest to the investing community. We included in the review the pricing, the trading action since that pricing, and some additional color on each.
The iDreamSky Technology Ltd. (NASDAQ: DSKY) IPO looked very hot on the surface, but may not have been as hot as it looked at first glance. iDreamSky entered the market at $15.00 per share on its IPO date last week (above its preliminary range) and has traded as high as $19.05. So far, it has held consistently between $16.00 and $17.00, and the stock on Monday morning traded up almost 4% at $16.60.
Mobileye N.V. (NYSE: MBLY) has been in the market for over a week now after its IPO. It priced at $25.00, but opened to $36.00. It has been holding consistently at that price throughout each day but has taken a few hits in the past two consecutive days. In late Monday morning trading, Mobileye was up by less than 1% to $32.58 — while this was down almost 11% from where the IPO first opened, it was still above the $25 IPO price.
El Pollo LoCo Holdings, Inc. (NASDAQ: LOCO) had risen handily after its IPO priced at $15.00 in late July. The chicken-grilling franchise started trading around the $19.00 mark, but that level has not been seen since. The stock continued to soar, having recently reached a high of $41.70. El Pollo LoCo has since pulled back to close at $36.95 on Friday. And in late morning trading Monday the stock was up almost 1.5% at $37.46. We recently asked: When will El Pollo LoCo cool off?
GoPro Inc. (NASDAQ: GPRO) traded up in a hot IPO reception, only to sell off after earnings. The IPO price was $24 at the end of June. It has been on a roller-coaster since then, with the stock initially opening at $28.65 and peaking nearly as high as $50.00. GoPro has also fallen back with the volatile market and closed out Friday at $37.65. This one was trading higher by 1.6% at $38.25 in late-morning trading on Monday.
The IPO calendar will start to slow considerably this week and next and will not likely pick up until early September after everyone is back from Labor Day vacations. At least, that has been the trend historically. All of these hot IPOs remaining hot may bode well for the upcoming massive IPO of Alibaba in September. Of course, there is much time between now and then so we cannot predict the conditions a month out.