IPOs Continue in Volatile Week

Initial public offerings (IPOs) from Hudson Group, Corporacion America Airports, Central Puerto, and VICI Properties highlighted a week that ended with a sharp drop in the market. Additionally, we saw top management fallout and delayed IPO sentiments at AirBnB, one of the year's most highly anticipated multi-billion-dollar public offerings. 

• North American airport convenience goods and duty-free travel retailer Hudson Group (NYSE: HUD) began offering common shares on the New York Stock Exchange, raising $749 million at $17.35 per share. The Hudson Group is still majority controlled by Swiss parent company, Dufry AG, which operates travel retailers across the globe.
• On Thursday, Corporacion America Airports (NYSE: CAAP), the Argentinian airport operator, began its public debut by offering 28.7 million shares of common stock at roughly $17 per share. According to Thomson Reuters, the projected price range was $17-19 per share, having already decreased from $19-23 per share. Various analysts attribute the decrease in the price to increasing Argentinian risk measures and U.S. interest rates the past few weeks, despite the increasing interest of investors in the South American country.
• VICI Properties, Inc. (NYSE: VICI), having spun off from Caesars Entertainment Co. (NASDAQ: CZR) last year and now controlling a portfolio of CZR real estate assets, debuted at $22 per share on Thursday. The firm holds a current market capitalization of $7 billion and believes it is poised for strategic growth with increased spending within the gaming industry.
• The largest Argentinian private sector power producer, Central Puerto (BEU: CEPU) raised roughly $300 million from its public offering but saw similar price range struggles as Corporacion America Airports (CAAP). At $16.50 per share, the IPO price fell outside of the original anticipated $17.50-21.50 per share range.
  
• Late last week, AirBnB CEO and co-founder Brian Chesky admitted that the vacation rental firm would not be pursuing an IPO within the next fiscal year. The delay of the highly anticipated IPO occurs at the same time that CFO Laurence Tosi, a prior CFO of The Blackstone Group, leaves the firm.