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April IPO Overview

There were 13 deals priced in April as shown in the exhibit below. Overall pricing and subsequent trading were fairly good. The average of the gains was 13% and the median gain was 11%. Only two deals ended up "under water."

A number of roadshow slide decks have been recently added to the archive including: (the link will download the PDF if you are signed in)

Company Summary:

SeaWorld Entertainment (SEAS) is a theme park and entertainment company that operates 10 theme parks including SeaWorld, Busch Gardens, Aquatica, Sesame Place and Discovery Cove.

Blackhawk Network Holdings (HAWK) is a big player in prepaid purchase cards and payment services. Their business also includes prepaid handsets and a range of prepaid wireless or cellular cards that are used to load airtime onto the prepaid handsets.

Intelsat S.A. (I) provides satellite communications services worldwide. This includes services which combine satellite capacity, teleport facilities, satellite communications hardware, and fiber optic cable and other ground facilities to provide managed and monitored broadband, Internet, video, and private network services; channel services primarily used for point-to-point bilateral services to telecommunications providers; and mobile satellite services.

Taminco Corporation (TAM) is a specialty chemical maker whose products are used in the manufacture of products primarily for the agriculture, water treatment, personal and home care, animal nutrition, and oil and gas end markets. Based in Allentown, Pennsylvania. (Go Hornets!)

Hannon Armstrong (HASI) provides financing services for solar, wind, geothermal, biomass, natural gas, water, communications infrastructure, and energy efficiency projects. It caters to U.S. federal, state and local governments, and high credit quality institutions and utilities. Based in Annapolis, Maryland.

Fairway Group (FWM)) operates food retail stores. The company's stores provide perishable products, including fresh produce, natural and organic, deli, specialty, cheese, butcher, seafood, bakery, coffee, and kosher foods; non-perishable products comprising conventional groceries; and specialty foods, as well as wines and spirits. Based in New York, NY. See our note on the Fairway Market IPO here.

Evertec (EVTC) provides transaction processing services in Latin America and the Caribbean. It's basically a version of First Data Corporation in the US in the Latin American market. The Merchant Acquiring segment offers various merchant acquiring services that enable merchants to accept and process electronic methods of payment. The Payment Processing segment provides authorization, processing, management, and recording of automated teller machine (ATM) and POS transactions. In terms of scale Evertec processes1.8 billion transactions annually; and manages the electronic payment network for 4,100 automated teller machines and 104,000 point-of-sale payment terminals. The company is based in in San Juan, Puerto Rico.

Rally Software Development (RALY) is a management platform for software development teams practicing so-called "agile" methods. The results are generally a closer alignment of software development and strategic business objectives, more collaboration, greater visibility and efficiency. Based in Boulder, Colorado.

Chimerix (CMRX) is a biopharma working on oral antiviral therapeutics for various medical needs. The company has a few lead compounds in Phase II and Phase I clinical trails for treatment of infections, herpes viruses and HIV. They have collaboration and license agreements with Merck, and Sharp & Dohme Corp.

Omthera Pharma (OMTH) has a slightly improved prescription Omega-3 compound (Epanova). Omega-3 therapies are used to bring down high Triglyceride levels which can lead a number of serious health problems. The money raised is expected to fund a scale up of manufacturing operations, marketing promotions and direct selling and general corporate build-out. In other words a heavy investment up front with unknown revenues and margins from a "me too" drug. The shares were priced below the $13 mid-point of the range at $8 and have traded down slightly from there. Based in Princeton, New Jersey.

Taylor Morrison Home Corporation (TMHC) operates as a public homebuilder. It builds single-family detached and attached homes, and high-rise communities; and develops land, which includes lifestyle and master planned communities. The company operates under the Taylor Morrison brand in Houston, Austin, north Florida, west Florida, Phoenix, northern California, southern California, and Denver, the United States; and under the Monarch brand in the Greater Toronto Area, Ottawa, and Kitchener-Waterloo in the province of Ontario, Canada. It also provides mortgage lending and title services. The company was founded in 1936 and is headquartered in Scottsdale, Arizona.

KNOT Offshore Partners (KNOP) focuses on owning, acquiring, and operating shuttle tankers. It intends to transport crude oil through its vessels. KNOT Offshore Partners GP LLC operates as a general partner of the company. The company was founded in 2013 and is based in Aberdeen, the United Kingdom.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.