Of the six deals scheduled to price Thursday night, three were priced: Symetra Financial (SYA), Chesapeake Lodging Trust (CHSP) and Cellu Tissue Holdings (CLU).
Symetra Financial, a White Mountains- and Berkshire Hathaway-backed life insurer that provides group health, retirement, life and employee benefits insurance, priced its IPO at $12, at the low end of the $12-$14 range. However, it sold 13% more shares than originally anticipated with the upside coming from added primary shares. It closed at $12.75, exhibiting a first day pop of 5.8%.
By contrast, Chesapeake Lodging Trust, a newly formed REIT planning to acquire upscale hotel properties, raised $150 million by offering 7.5 million shares at $20 each on Thursday. The firm had originally attempted to raise $250 million in December before electing to cut down its deal size this month. The IPO follows the successful IPO of close peer Pebblebrook Hotel Trust (PEB), which raised $350 million in early December and whose stock has gained 8% since its IPO. The stock closed down a full dollar at $19 (-5%).
Cellu Tissue, a North American provider of private label tissue products, raised $108 million by pricing 8.3 million shares, which was 500k more than expected, at $13. The offer price was 19% below the midpoint of its proposed $15-$17 range. The stock fell -8.5% in its debut and closed at $11.90.
The remaining three deals, China Hydroelectric (CHC), Terreno Realty (TRNO) and Andatee Marine China Fuel (AMCF), pushed out their IPO pricings back to early next week.
In addition to the three pricings, Friday was marked by four companies submitting their initial IPO filings to the SEC. They include data services provider Motricity, online health websites operator Everyday Health, metals processor and distributor Ryerson Holding and industrial REIT Verde Realty.
Disclosure: No positions