U.S. IPOs: A withdrawal, stumbles, point to buyers' market; Dell's Pivotal Software up next

Dayforce

19/04/2018 19:07

** With one deal withdrawn at the 11th hour and two others
trading below issue on Thurs, the IPO market is proving very
picky
    ** AT&T  T.N  on Weds withdrew its planned IPO of Vrio Corp
 VRIO.N , its LatAm pay TV unit, at the last minute, citing
current market conditions  urn:newsml:reuters.com:*:nPnbGfhSZa
    ** Just hours before, bookrunners halved the size of the
offering following significant investor pushback  urn:newsml:reuters.com:*:nL1N1RV1OF
    ** On Thurs, biotech Surface Oncology Inc  SURF.O , which
upsized and priced its IPO at the top end ($15), saw its shares
wipe out after opening at $14.75. SURF has traded as low as $13
 urn:newsml:reuters.com:*:nGNX1wyVv6
    ** GrafTech International's  EAF.N  IPO had a similar
experience; co's shares opened below their $15 IPO price,
initially rose, but then dropped as low as $14
    ** This after the maker of graphite electrodes used for
steel production, backed by Brookfield Asset Management
 BAMa.TO , ended up pricing a downsized deal well below the
$21-$24 range  urn:newsml:reuters.com:*:nL1N1RV291
    ** Meanwhile, Dell Technologies  DVMT.N -backed Pivotal
Software  PVTL.N  is on deck to price its nearly $600 mln IPO
later today for planned NYSE listing on Fri (symbol "PVTL")
    ** Cloud-based app provider marketed 37 mln shares at
$14-$16, with General Electric  GE.N  looking to carve its stake
by 20 pct  urn:newsml:reuters.com:*:nL1N1RM0Z7
    ** Backdrop for tech IPOs, especially software, has vastly
improved given strong debuts by Dropbox  DBX.O  and Zscaler
 ZS.O  in Mar, and Zuora Inc  ZUO.N  last week  urn:newsml:reuters.com:*:nL1N1RP17H
    ** Looking ahead, there are 4 tech hopefuls on next week's
docket: HR software firm Ceridian HCM  CDAY.TO  ($441 mln);
e-signature co DocuSign  DOCU.O  ($564 mln); semiconductor co
nLight  LASR.O  ($81 mln); software firm Smartsheet  SMAR.N 
($140 mln)

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