M&A delays ECM summer slowdown

摘要

US equity capital markets capped off an auspicious week as several strong debuts and large follow-ons buoyed the mood of syndicate desks. ECM bankers still see the summer doldrums setting in over the coming weeks and second quarter earnings distracting investors, but M&A is spurring dealmaking and another three IPOs are scheduled to price The past week brought four IPOs and one postponement (YogaWorks), with Kala Pharmaceuticals and PetIQ delivering the strongest pricing outcomes but all except TPG Real Estate Finance Trust trading sharply higher on debut. This week brings three pricings, online real estate broker Redfin, California bank RBB Bancorp and biotech Sienna Biopharmaceuticals.