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US IPO Weekly Recap: Two IPOs start off the annual August lull

Two IPOs raised a combined $574 million this past week and notched modest gains. Pigments supplier Venator Materials raised $454 million and ultra-rare bone disease biotech Clementia Pharmaceuticals raised $120 million.

July 2017 was the least active July since the financial crisis with 9 IPOs. Per usual, August should also have a tepid pace; with just 3 deals scheduled for the week ahead, it could end up as the slowest August in 6 years. However, we expect normal deal flow to resume after Labor Day.

Tech stocks slid this past week with Tintri (TNTR), Blue Apron (APRN), Snap (SNAP) and Carvana (CVNA) all experiencing losses. Average aftermarket return declined to 0.4%, nearing its 2017 low. However, high-growth Redfin (RDFN) popped 45% on its IPO and continued to trade up this week; it is now the second-best performing IPO of the year behind Akcea Therapeutics (AKCA), another July IPO. Other growth companies such as Floor & Decor Holdings (FND) and SMART Global Holdings (SGH) have also performed well this year.

2 IPOs During the Week of July 31, 2017
Issuer
Business
Deal Size
($mm)
Market Cap
at IPO ($mm)
Price vs.
midpoint
First day
return
Return
at 8/4
Venator...

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