The record-setting IPO of Facebook (FB) on May 18 helped raise the company $16 billion dollars in an ill-priced offering that has since resulted in much present-day infamy. For shareholders, the offering's anticipation proved far too ambitious to support as subsequent trading led to extended declines. As of June 9, 2012, the company led the worst decline in share price for May IPOs in 2012. Here are the results of how its peers have held up over the same time period.
|Company||Public Date||Amount Raised||Offer Price||Price (6/9/12)||Gain/Loss Percent|
|Facebook (FB)||5/18/12||$16 B||$38||$27.1||(28.7%)|
|Edwards Group (EVAC)||5/11/12||$87.1 M||$8||$7.45||(6.9%)|
|Ignite Restaurant Group (IRG)||5/11/12||$83.8 M||$14||$18.04||28.9%|
|Audience (ADNC)||5/10/12||$89.6 M||$17||$19.99||17.6%|
|WageWorks (WAGE)||5/10/12||$58.5 M||$9||$12.7||41.1%|
|Western Asset Mortgage Capital (WMC)||5/10/12||$218.5 M||$20||$19.1||(4.5%)|
|PetroLogistics LP (PDH)||5/04/12||$595 M||$17||$14.87||(12.5%)|
|Tilly's (TLYS)||5/04/12||$124 M||$15.5||$14.65||(5.5%)|
|EverBank Financial Corp (EVER)||5/03/12||$192 M||$10||$10.97||9.7%|
|The Carlyle Group L.G. (CG)||5/03/12||$671 M||$22||$21.75||(1.1%)|
|Supernus Pharmaceuticals (SUPN)||5/01/12||$50 M||$5||$5.07||1.4%|
Of the more notable names that appear to stand out as recent winners are those of Ignite Restaurant Group, Audience, and WageWorks. Ignite is a restaurant holdings group with popular brands under its wings such as Joe's Crab Shack and Brick House Tavern + Tap. Audience is a company I recently wrote about in article found here. Audience's technology specializes in audio and voice quality, and the company has proven to be an important link to Apple's (AAPL) latest iPhone model. WageWorks is an on-demand provider of tax-advantaged programs for consumer-directed health, commuter and other employee spending account benefits in the United States.
Yet despite these meager wins, Facebook has defined the headlines surrounding the IPO market from the beginning of May to the current date. Undoubtedly the largest in size, Facebook stands out from its May IPO peers. The poorly performing IPO has unfortunately also had a corollary impact. In the wake of such performance, the botched offering appears to have dried up the IPO market. Three weeks after the Facebook offering, there has yet to be another IPO to ensue. According to the Wall Street Journal, this stands as the longest IPO drought in 5 months time.
Disclaimer: Please refer to my disclaimer statement found here.
Disclosure: I am long FB.