The US IPO market pressed on this week with six companies raising an aggregate of $680 million in gross proceeds. The diverse crop posted mixed results against a backdrop of broader market volatility.
Patent licensor RPX Corporation and Chinese social network Renren led the group, rising a respective 41% and 21% by the end of the week. By contrast, NetQin Mobile, a China-based provider of Internet security solutions to mobile users, fell 19% in its debut, making it the worst first day performer of the year. The stock fell another 10% in the aftermarket and ended the week down 27%. NetQin's disappointing performance suggests IPO investors remain highly selective even in the Chinese Internet space, whose performance has captured media attention over the past several months.
Other IPOs this week include industrial heat tracing company Thermon Group and mobile Wi-Fi software provider Boingo Wireless. Thermon traded up 7% after pricing at the bottom of the range and raising $120 million, while Boingo Wireless fell 10% after raising $78 million.
Filing activity remained high with ten initial SEC submissions (excluding SPACs), including that of Dunkin' Brands Group, which filed to raise up to $400 million. There are ten deals scheduled to price next week on the IPO calendar.
