The year's first IPO, New Fortress Energy (NFE), went public at $14, below its proposed price, and finished its Thursday at $13.07 per share, a first-day return of -6.6%. The Fortress-backed owner of LNG liquefaction and regasification facilities raised $280 million at a market cap of $2.3 billion. Executives and directors bought 25% of the IPO.
Coming up, three biotechs and a micro-cap bank are on the IPO calendar for next week, along with two SPACs. Another Fortress-backed infrastructure play, passenger rail company Virgin Trains USA (VTUS), set terms on Thursday for a $510 million IPO expected to price on February 12.
