April 19, 2018 / 6:07 PM / 4 months ago

BUZZ-U.S. IPOs: A withdrawal, stumbles, point to buyers' market; Dell's Pivotal Software up next

** With one deal withdrawn at the 11th hour and two others trading below issue on Thurs, the IPO market is proving very picky

** AT&T on Weds withdrew its planned IPO of Vrio Corp , its LatAm pay TV unit, at the last minute, citing current market conditions

** Just hours before, bookrunners halved the size of the offering following significant investor pushback

** On Thurs, biotech Surface Oncology Inc, which upsized and priced its IPO at the top end ($15), saw its shares wipe out after opening at $14.75. SURF has traded as low as $13

** GrafTech International’s IPO had a similar experience; co’s shares opened below their $15 IPO price, initially rose, but then dropped as low as $14

** This after the maker of graphite electrodes used for steel production, backed by Brookfield Asset Management , ended up pricing a downsized deal well below the $21-$24 range

** Meanwhile, Dell Technologies-backed Pivotal Software is on deck to price its nearly $600 mln IPO later today for planned NYSE listing on Fri (symbol “PVTL”)

** Cloud-based app provider marketed 37 mln shares at $14-$16, with General Electric looking to carve its stake by 20 pct

** Backdrop for tech IPOs, especially software, has vastly improved given strong debuts by Dropbox and Zscaler in Mar, and Zuora Inc last week

** Looking ahead, there are 4 tech hopefuls on next week’s docket: HR software firm Ceridian HCM ($441 mln); e-signature co DocuSign ($564 mln); semiconductor co nLight ($81 mln); software firm Smartsheet ($140 mln)

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