April 27, 2015 / 4:38 PM / in 2 years

BUZZ- U.S. IPOs: Tough acts to follow

** Two uninspiring IPO outcomes and subdued overall issuance a stark contrast to prior week’s euphoric debuts

** In surprising twist, $87 mln Apigee Corp IPO, despite being billed as multiple times covered, sees existing holders buy a third of deal at 11th hour; enterprise software company’s shares rise initially but retreat into negative territory

** National Storage Affiliates Trust’s $260 mln IPO prices below range; self-storage roll-up REIT’s shares open flat as its unique and complex incentive structure apparently dampens investor demand

** Alongside last week’s IPOs, nine follow-ons ($2.7 bln) and one convert price for total transaction value of $3.1 bln, a 33 pct haircut to previous week’s activity

** Follow-ons dominated by two blocks as Brookfield Asset Management raises $1.1 bln and sponsors near full exit with latest Nielsen NV $900 mln trade

** Biotech, which accounts for almost half of this year’s IPOs, remains on the menu with Blueprint Medicines Corp ($115 mln) and CoLucid Pharmaceuticals ($75 mln) on tap to price this week

** Also joining the fray are yield-oriented energy IPOs from Black Stone Minerals LP ($450 mln) and Enviva Partners LP ($200 mln)

** Sluggish quarterly S&P earnings pace and focus on the Fed expected to again sideline corporate issuers

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

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