IPO market shows signs of life with 4 big gains
The largest IPO Thursday was Realogy Holdings Corp. The Parsippany, N.J., realty firm, whose other brands include ERA and Sotheby's International Realty, raised $1.08 billion from its offering. That's third-largest U.S. IPO of the year, according to Renaissance Capital. The company priced 40 million shares at $27 per share, the high end of the projected range. They gained 27 percent to close at $34.20.
Shutterstock Inc.'s shares also closed up 27 percent, at $21.66. The New York-based provider of stock photos and videos sold 4.5 million shares for $17 each — above its expected range of $13 to $15 — for $76.5 million in proceeds.
Meanwhile, Intercept Pharmaceuticals raised $75 million, pricing shares at $15 — the top of its expected range of $13 to $15 — and selling more shares than expected. The drug developer, also based in New York, develops drugs for chronic liver diseases. Its stock gained 29 percent to $19.40.
Investors also were eager to pick up shares of fellow drug developer Kythera Biopharmaceuticals, whose shares jumped 24 percent to $19.79. The Calabasas, Calif., company raised about $70.4 million, selling 4.4 million shares for $16 each, the top end of its estimated range. It also sold more shares than expected.
Follow Bree Fowler on Twitter at http://twitter.com/APBreeFowler