Outback Steakhouse operator Bloomin' Brands (BLMN) and fabless chip provider Peregrine Semiconductor (PSMI) continued the trend of producing positive returns after pricing below the midpoint of their proposed ranges. Both companies offered investors a healthy first day pop on Wednesday (+13% for BLMN and +5% for PSMI) and continued to trade up Thursday morning (an additional +5% for BLMN and +3% for PSMI).
On Friday, spine implant vendor Globus Medical (GMED) also traded up 13% on its debut after pricing 30% below the midpoint of its originally proposed range.
Of the last nine IPOs, eight have priced below the midpoint, but the majority have produced positive first day returns (+4.7% on average) and aftermarket returns (+3.6% on average).
