Everybody Form a Line!

Back on June 24th, Ipreo’s Capital Markets Services Team put together some interesting IPO stats following Twilio’s (NYSE: TWLO) raging debut on the public markets. Last week, we got another successful IPO.

Line (NYSE:LN), a popular messaging app and social network in many Asian markets, particularly Japan, listed shares on the NYSE and the Tokyo Stock Exchange.

We thought we would update our IPO stats to see where Line’s first-day performance on the NYSE ranks. 
  • Line’s IPO was priced at $32.84, above the initial price range of $25-$28, making it only the second IPO of 2016, along with Twilio, to price above its initial range. 
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  • Line had a strong first day of trading, closing at $41.58 per share, or 27% above its offer price. Line’s first-day pop ranks 88th for IPOs since 2014. Not bad, but short of Twilio’s first-day pop, which stands as the 14th best since 2014.
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  • Line traded 29 million shares on its first day of trading on the NYSE, which represents 132% of the shares offered. Again, robust volume, but short of the turnover that Twilio experienced on its first day.
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Despite two very successful tech IPOs, with August right around the corner there are only a few more IPOs slated before the new issuance market comes to a Hamptons halt.
Nevertheless, let’s hope the markets continue to resist the anxiety caused by Brexit, and that after Labor Day, IPOs become easier to find than a Charizard in Pokémon Go!