The initial public offering market was much hotter in 2017 than in 2016, with 123 deals through Nov. 2 compared with 94 through the same date in 2016. At least 20 deals were slated for November, with the first week of the month being the first time that IPO stocks worth at least $2 billion debuted since the week of June 26, 2015.
Recent IPOs, however, have not all been stellar performers. At least two of the most anticipated deals of the year have been underwhelming thus far. Nevertheless, the increased activity is a sign of a healthy stock market, and many companies in the IPO 2017 family have done quite well. Here's a look at some of this year's issues, including stock performance, issue date and price and stock predictions going forward.
Blue Apron (APRN)
IPO Date: June 29
IPO Price: $10
Stock Price Nov. 17: $3.04
Return Since IPO: -69.6 percent
Blue Apron is a fresh ingredient and recipe delivery service designed to help at-home cooks make healthy and delicious meals. Investors had high hopes, but both the timing of the IPO — and the company's subsequent financial performance — have been disappointing.
The IPO came just weeks after Amazon announced it was buying Whole Foods and entering the grocery space. In August, the company instituted a hiring freeze, and in October, Blue Apron laid off 6 percent of its workforce. On top of that, the company missed earnings estimates and reported a decline in customers when it reported earnings on Nov. 2.
IPO Date: April 12
IPO Price: $18
Stock Price Nov. 17: $7.10
Return Since IPO: -60.6 percent
Netshoes is a leading online retailer in Brazil, focusing on shoes, fashion and beauty products. The company came public at $18 per share, which was at the low end of the expected $18 to $20 range. That usually is an indicator as to what type of demand exists for the stock.
Netshoes has been operating during a sour period overall for retailers, but analysts are still positive, with a 12-month consensus target price of $16.50.
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IPO Date: June 30
IPO Price: $7
Stock Price Nov. 17: $5.91
Return Since IPO: -15.6 percent
Red flags were flying before Tintri even went public as the enterprise cloud company slashed its expected pricing range from $10.50 to $12.50 down to $7 to $8. Additionally, it reduced the number of shares offered, from 8.7 million to 8.5 million. The stock hit the skids in early September after the company reported earnings for the first time since going public.
In addition to missing earnings expectations, the company gave a third-quarter revenue forecast of $36 million to $37 million, below average analyst expectations of $42.8 million.
IPO Date: March 2
IPO Price: $17
Stock Price Nov. 17: $12.99
Return Since IPO: -23.6 percent
Snap is the parent company of Snapchat, the social media phenomenon that allows users to communicate with messages that self-delete after they are viewed. It was among the most hotly anticipated IPOs of 2017, with hopes it could become the next Facebook. The reality has been disappointing for many investors.
Competition from Instagram has been a big problem for the company, as Instagram's video montage feature "stories" — which essentially copies one of Snapchat's primary platforms — already had 250 million users to Snapchat's 166 million by mid-June.
IPO Date: July 27
IPO Price: $15
Stock Price Nov. 17: $21.12
Return Since IPO: +40.8 percent
Dubbed "the Apple of real estate" by its own CEO, Redfin stock sprinted out of the gate and has continued to climb higher. Priced at $15 on July 27, the stock popped by 44 percent on its first trading day.
The company assists buyers and sellers with home sales and purchases, and its app can schedule home tours and suggest properties to users. While the stock has cooled a bit since its impressive first day, analysts are still recommending the stock going forward, with a consensus 12-month price target of $26 on the stock.
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IPO Date: Sept. 28
IPO Price: $14
Stock Price Nov. 17: $38.59
Return Since IPO: +276 percent
Roku was another highly anticipated IPO in 2017, but unlike some others that fizzled, Roku has soared since pricing at $14 per share on Sept. 28. The stock jumped 67 percent on its very first trading day, and it has continued to outperform. After reporting earnings on Nov. 8, the stock went up by nearly 25 percent in an extended trading session that day.
Although it has been volatile, it has still been one of the best-performing IPOs of the year. However, analysts are sounding a cautious tone going forward, in part because of the tremendous surge the stock already has had. Consensus estimates have an average price target of $27.20.
IPO Date: May 25
IPO Price: $12
Stock Price Nov. 17: $20.02
Return Since IPO: +66.8 percent
Another of 2017's best-performing IPOs, Appian soared 25 percent on its first day of trading and has continued to generate impressive gains. The enterprise tech firm has a "low-code" development software platform designed to help companies automate their businesses and build unique applications.
Competitors include Salesforce and ServiceNow, both of which have more history in the industry. While the company is still losing money, revenue jumped from $111.2 million in 2015 to $132.9 million in 2016.
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IPO Date: March 24
IPO Price: $14
Stock Price Nov. 17: $25.69
Return Since IPO: +83.5 percent
Alteryx is a California-based data analytics firm that licenses a subscription-based platform to business analysts, helping them prep their data and become more productive. Although the company has lost money for the past three years, revenue has been booming.
The stock rose 10.7 percent on its first trading day, and it has continued its run through November, becoming one of the best IPOs of the year. Analysts are conservative in their estimates for future price gains, with a 12-month consensus target of $25.
IPO Date: April 7
IPO Price: $17
Stock Price Nov. 17: $29.24
Return Since IPO: +72 percent
Okta priced its IPO at the top of its expected range, and the stock has been off to the races every since, leaping more than 38 percent in its first day of trading alone. The software company focuses on cloud security, specifically helping employees sign in to their various cloud-based platforms securely.
Revenue nearly doubled over the past fiscal year, from $85.9 million to $160.3 million, explaining the interest in the stock. The stock might have more room to run, as analyst price targets for the next year average $35.
IPO Date: March 17
IPO Price: $17
Stock Price Nov. 17: $22.49
Return Since IPO: +32.3 percent
MuleSoft has been something of a mixed bag for investors so far in 2017. While the 32 percent gain since its IPO date is impressive, the fact is that a lot of MuleSoft investors actually have lost money.
On the first day of trading, the stock shot up more than 45 percent at one point, reaching a high of $25.92. Since that high point, the stock actually is down more than 13 percent. The consensus price target lies at $28, so there still might be some upside left in the enterprise software company.
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