BUZZ- U.S. IPOs: Window creaks open

Tue Mar 17, 2015 8:27am EDT
 
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** Solid performance of last week's sole IPO prompts a slight pickup in deal launches amid another busy week of follow-on issuance

** Summit Materials Inc raises $460 mln and its shares close Friday 17 pct above offer price, suggests investors ready to re-engage with IPOs of size

** Alongside Summit, 25 follow-ons (including 10 blocks) priced for a combined $5.5 bln in transaction value; no convertibles priced for first time this year

** Overnight blocks/bookbuilds exceed 40 pct of $47.2 bln follow-on sales YTD, according to Thomson Reuters data

** Blackstone achieves favorable outcome as sponsor sells bulk of remaining Pinnacle Foods stake via $532 mln block at a premium to company's last sale

** Cybersecurity firms Cyberark Software and Imperva Inc price successful first-time follow-ons, though at steep file-to-offer discounts of 18 pct and 14 pct, respectively

** Midstream MLP deals EQT Midstream ($627 mln), Sunoco Logistics ($563 mln) and Enbridge Energy Partners ($294 mln) evidence that yield-seekers prefer energy names without direct commodity price exposure

** Six IPOs currently on the road, including three scheduled to price this week

** Party City updated its IPO document Friday, which could portend a liftoff soon

** Nine first-time follow-ons also on file to potentially launch before quarter-end, including Citizens Financial Group and Habit Restaurants

** Recent IPO coverage (Messaging: lance.tupper.thomsonreuters.com@reuters.net)