The Trade Desk (TTD) popped 67% on Tuesday, the second-best pop from an IPO in 2016, while Novan (NOVN) took the #3 spot with a first-day pop of 65%.
An impressive trade: Trade Desk up 67%
The Trade Desk (TTD) surged 67% on Tuesday, giving it the year's second-best pop behind the +92% achieved by VC-backed software provider Twilio (TWLO). A software provider with strong growth and profitability, Trade Desk raised its range prior to the IPO, only the second IPO to do so this year after LINE (LN).
Acne biotech pops
Novan (NOVN) popped 65% on Tuesday, the best first-day pop for a biotech IPO since August 2015. It offered additional shares at the low end of its range, raising $45 million (as expected) at a 6.5% lower market cap. Insiders had indicated on $25 million worth of IPO shares (56%).
Another win for tech, with three more software IPOs on the calendar
The average tech IPO of 2016 has returned +107% from its offer price. Last week, fast-growing VC-backed tech company Everbridge (EVBG) popped 27% on its IPO, and has since traded up to a return of 46%. Three more software companies are scheduled to price in September, including two on Thursday night: Apptio (APTI) and Gridsum (GSUM). The highly-anticipated IPO of Nutanix (NTNX), set to be the year's largest from a VC-backed tech company, is scheduled for next week. Coupa Software (COUP), another high-growth (+75%) tech company with VC backing, is in the IPO pipeline and becomes eligible to launch its roadshow on Friday.
