Fitbit Sprints to the Finish

With summer finally officially kicking off this weekend, there’s still time to get your beach body ready. But judging by the anticipation and first-day performance of Fitbit’s IPO, which launched earlier this week, many of you already have!

Wednesday night, Fitbit priced its much-anticipated IPO at $20 per share, indicating that the offering received strong demand from investors. The wearable tech provider initially filed a range of $14 – $16 per share in its S-1, then lifted the range to $17 – $19 per share earlier this week. At $20 per share, Fitbit took home $731.5M, making it the fourth-largest debut thus far this year. Furthermore, it marks one of only two IPOs from the Consumer Goods (where we have it listed, as opposed to Tech) sector this year (2014 saw a total of four IPOs from Consumer Goods).

On its first day, Fitbit rose 48.4% from its $20 offer price, which ranks first among CG offerings. If it were to be included in Tech, it would slide in at third place in terms of highest offer/1 day.

Also pricing Wednesday was chemical distributor Univar, which came in at the top end of its $20 – $22 per share filed range and raised $770.0M to trump Fitbit and land as the third-largest IPO thus far in 2015. Additionally, Univar’s debut signifies the fourth-largest IPO from the Basic Materials sector on record, and the second from the sector this year.

Hmmm… Two of the year’s top four IPOs landed on the same day? And four more IPOs landed last night? Could something be brewing?

Maybe.

With seven IPOs having priced this week and another fourteen expected to price before the end of next week, this late surge just before the second quarter comes to a close is likely to mark the busiest period for market premieres in 2015 thus far. In fact, the last time we saw such a number was in the two weeks between September 29th and October 10th of last year, when 20 IPOs came to market to the tune of $4.0B. This late June wave seems likely to beat out that period, not only in number of debuts with 21, but in proceeds as well, with totals expected to come in at $4.7B once the dust settles.

Apparently, the temperature isn’t the only thing spiking as we turn the corner into Summer. Stay tuned to the Ipreo Blog to find out if the heat wave lasts!