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Six operating companies have failed to price IPOs in 2016
Analyst IPO Market Commentary
Two weeks into February, not a single company with operating revenue has gone public. More IPOs have postponed than priced.
The latest casualties this week were airline concessions operator
) and waste disposal company
Advanced Disposal Services
), which had sought to raise a combined $1 billion. Both highly leveraged companies had insiders selling on the IPO, but these deals had selling points too: OTG accomplished impressive growth in 2015 (~40%) while Advanced Disposal's waste management services is a fairly defensive business.
Six operating companies have postponed IPOs looking to raise $1.3 billion in 2016
Deal size ($mm)
OTG EXP (
Airport concession operator
Advanced Disposal Services (
Waste disposal services
Elevate Credit (
Online non-prime lending
Shimmick Construction (
California construction company
Nordic Realty Trust (
Financial process services
The only deals able to get done have been biotechs
supported by heavy insider buying
; however, the four biotech IPOs average a return of -7%.
IPO activity through 2/11 in the past three years
Postponed IPO proceeds
Keywords / Tickers:
Recently Priced IPOs
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