Tumultuous Week for IPOs

Initial public offering (IPO) activity was slower than usual last week, as the stock market experienced heightened volatility. International and domestic markets saw a Cleveland-based asset management firm's IPO struggle greatly, the first German IPO of the year, and the debuts of two Houston fracking equipment providers, as well as some IPO postponements due to general market volatility. 

• During the brunt of a turbulent week, Victory Capital Management (NASDAQ: VCTR) raised $152 million at $13 per share on Wednesday. The firm's offering price of $13 per share missed its proposed $17-19 per share range for the 11.7 million class A and B common stock shares.

• Dermapharm AG (FWB: DMP), the international dermatological and anti-inflammatory drug manufacturer, raised 377 million Euros ($462 million USD) when it began trading on the Frankfurt Stock Exchange this past Friday. The firm offered 13.67 million shares, made up of new offers and existing sell-offs, priced at 28 euros ($34.33) per share. The firm's IPO kicks off what is expected to be a stellar year for German IPOs, which are commonly referred to as "flotations" in the European markets.

• Cactus Wellhead, Inc. (NYSE: WHD), a US manufacturer of wellheads and pressure control equipment, issued 23 million Class A common shares priced at $19 per share this past Thursday. The firm hopes to receive roughly $437 million from the public offering, which is scheduled to close at end of market this Monday, February 12th. The Houston-based company started trading during a volatile oil & gas market.

• This past Friday, Quintana Energy Sources (NYSE: QES) began trading nine million shares at $10 per share, and the initial offering is expected to close this Tuesday. The original IPO was scheduled for Wednesday at $12-15 per share, however, market volatility caused postponement. The firm provides directional drilling, pressure control, pressure pumping, and wireline to the North American fracking industry. The Company intends to raise $125 million through the IPO. 

​Despite the past week's struggles, Thomson Reuters data shows the 20 January IPOs, valued at almost $10 billion, established the largest dollar value for any January on record.