initial public offerings (IPOs) trading on American exchanges

Thursday, June 26, 2014

Crafts retailer Michaels raises $473 million in IPO

(Reuters) - Michaels (MIK) said on Thursday it had raised about $472.6 million in its initial public offering after pricing shares at $17, the lower end of an expected range.

The $17 per share price values the arts and crafts retailer at up to $3.45 billion.

Michaels' IPO said it had sold all 27.8 million shares on offer, as it priced at the lower end of the expected range of $17-$19 per share.

Michaels, which owns several private brands such as Recollections, Artist's Loft and Loops & Threads, competes with Hobby Lobby Stores Inc, Jo-Ann Stores Inc and Wal-Mart Stores Inc (WMT.N).

Michaels, the largest arts and crafts specialty retailer in North America, sells scrapbooking and papercraft supplies, apparel and framing accessories, kids clothing, home and ceremony decor.

The retailer, with more than 1,200 stores and about $4.6 billion in sales in fiscal 2013, also offers customized invitation cards and courses in baking, and beading and jewelry making.

Michaels reported a rise of 9 percent in net sales to $4.57 billion between 2011-2013. Net income rose 55 percent to $243 million during the same period.

Michaels, which was taken private by Blackstone Group LP and Bain Capital LP for $6 billion in 2006, filed for an IPO of up to $500 million in March 2012.

That, however, was postponed after then-Chief Executive John Menzer had a stroke and stepped down.

Bain Capital and Blackstone Group currently own 93 percent of the company as Michaels Holdings LLC, which was formed following the reorganization of Michaels into a holding company structure in July 2013.

The two private equity firms will own about 80 percent of the company after the IPO, if underwriters do not exercise their option.

Michaels said in April it was hit by a security breach of customer payment cards and about 400,000 cards were potentially affected by the breach, which occurred between June 26, 2013, and February 27, 2014.

Michaels, which has about $3.7 billion in debt as of May, said it plans to use the proceeds from the offering to redeem $466 million of Holdco notes, issued in July 2013.

The company is expected to debut on the Nasdaq on Friday under the symbol "MIK".

J.P. Morgan and Goldman Sachs were lead underwriters to the offering.

GoPro (GPRO) began trading on the NASDAQ on 26 June 2014

Nick Woodman takes a GoPro selfie with BeckyQuick of SquawkCNBC 

CBS Outdoor Americas (CBSO) : 3-month performance

IMS Health Holdings (IMS) began trading on the NYSE on 4 April 2014

IMS Health Holdings, Inc. provides information, services, and technology to the healthcare industry worldwide. The company develops healthcare measurement solutions, such as IMS LifeLink program that provides data sourced from longitudinal prescriptions, medical claims, and electronic medical records; IMS NPA Market Dynamics, a national prescription audit program; IMS Xponent Prescribing Dynamics, a solution that allows clients to segment and identify physicians, refine messages, adapt and change tactics, and align sales compensation metrics; IMS PlanTrak Market Dynamics, which integrates with patient-level data providing payer and plan level visibility within key performance indicators separating new, switch, and repeat prescriptions; and Specialty Market Dynamics that integrates patient-level data from specialty pharmacy providers, retail pharmacies, and mail service suppliers to help clients in measuring, monitoring, and benchmarking specialty market performance. The company also provides consumer health insights, forecasting solutions, payer insights, pharmaceutical measurement solutions, and publications. In addition, it offers healthcare analytics and services that include specialty healthcare analytics, pharmaceutical R and D services, government solutions, business process outsourcing solutions, patient-centric solutions, pharmaceutical commercial services, and payer solutions; and consulting services. The company also serves pharmaceutical, payers, government, providers, pharmacies, consumer health, pharmaceutical distribution, and financial community sectors. IMS Health Incorporated has a strategic alliance with BroadReach Healthcare. The company was formerly known as Healthcare Technology Holdings, Inc. and changed its name to IMS Health Holdings, Inc. in December 2013. The company was founded in 1954 and is based in Danbury, Connecticut. The company is a former subsidiary of Nielsen Media Research, Inc.


83 Wooster Heights Road
United States 

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin-3.72%3.22%
Operating margin10.39%13.92%
EBITD margin-30.03%
Return on average assets-1.21%1.01%
Return on average equity-10.78%6.39%

Aerie Pharmaceuticals (AERI) : 8-month performance

Wednesday, June 25, 2014

Sports-selfie camera sensation GoPro’s IPO prices at top of range

  • GoPro, the maker of wearable cameras beloved of extreme sports enthusiasts, has also found fans in the stock market. The company priced its initial public offering at $24, the top of the indicated range of $21 to $24 amid strong demand.
  • GoPro raises $425 million in IPO
  • IPO values GoPro at nearly $3bn
GoPro priced shares at $24 apiece, the high end of the expected range of $21 to $24. The consumer electronics company's IPO raise is set to raise roughly $425 million.

The IPO sets the stage for GoPro to kick off its life as a public company on Thursday on the Nasdaq under the ticker symbol "GPRO."

debuting his first camera--the GoPro 35mm Hero--in September 2004 at San Diego's Action Sports Retailer trade show.

Nicholas "Nick" Woodman, founder and chief executive officer of GoPro, wears a camera as he throws out the first pitch in San Diego. 

Last year, GoPro sold more than 13.5 million HD cameras in more than 100 countries and in 25,000 retail stores, the company said.

David Menlow, president of, said GoPro is clearly a "hot brand" that is "on fire" thanks to the popularity of its durable product.

A successful viral marketing campaign has amplified GoPro's visibility and cemented its extreme brand credentials.

One video shot on the company's HERO3 camera features incredible images from around the world and has generated 32 million views on YouTube over the past year. In 2012, Felix Baumgartner wore a GoPro camera to give the world a first-person view of his space jump from 24 miles above the earth's surface.

GoPro's HERO cameras represented a 45% share of the U.S. camcorder market by dollars in 2013, up from 11% in December 2011, according to statistics from The NPD Group cited in the company's IPO filing.

Kite Pharma (KITE) began trading on the NASDAQ on 20 June 2014

Kite Pharma, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of cancer immunotherapy products designed to harness the power of a patient’s own immune system to eradicate cancer cells. The Company does this using its engineered autologous cell therapy (eACT). eACT involves the genetic engineering of T cells to express either chimeric antigen receptors (CARs, or T cell receptors, or TCRs). These modified T cells are designed to recognize and destroy cancer cells. The Company funds multiple Phase I-2a clinical trials with CAR- and TCR-based therapies that are being conducted by its collaborator, the Surgery Branch of the National Cancer Institute (NCI). The Company plans to conduct a Phase I-2 clinical trial for its lead product candidate KTE-C19, a CAR-based therapy, in patients with relapsed/refractory diffuse large B cell lymphoma (DLBCL).


United States

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin--
Operating margin--
EBITD margin--
Return on average assets-58.18%-39.94%
Return on average equity-73.75%-53.06%

Materialise (MTLS) began trading on the NASDAQ on 25 June 2014

Materialise NV is a Belgium-based company engaged in the field of technology. It specializes in additive manufacturing (AM), also known as three dimensional (3D) printing. The Company specializes in preparation of 3D prototypes for manufactures, software development, biomedical research, and online services. It operates RapidFit, a service to provide customized jigs, fixtures and control solutions created with the use of AM; a design division .MGX, specialized in the manufacture of lamps and furniture; i.materialize, an online 3D printing service, where users can create, share and sell their designs; and Cranio-Maxillofacial (CMF), a solution for surgeons and anaplastologists, which enables production of personalized implants and reconstructions. The Company is also engaged in the development of solutions for orthopedics, biomedical software and engineering, and printing of cardiovascular models. Additionally, it operates a store in Brussels dedicated to 3D design.


Technologielaan 15

Key stats and ratios

Q4 (Dec '13)2013
Net profit margin--
Operating margin--
EBITD margin--
Return on average assets--
Return on average equity--

Zulily (ZU) : 7-month performance

Monday, June 23, 2014

CST Brands (CST) : 14-month performance

Cerulean Pharma (CERU) began trading on the NASDAQ on 10 April 2014

Cerulean Pharma Inc. is a clinical-stage oncology-focused company applying its tumor targeting platform. The Company’s nanopharmaceutical product candidates consist of polymers that are linked to anti-cancer therapeutics, or payloads. Its lead product candidate, CRLX101, is in Phase II clinical development and has the potential to address cancer therapies. CRLX301, the second product candidate, is a nanopharmaceutical with docetaxel, a microtubule stabilizer, as its anti-cancer payload. The clinical development of CRLX101 is focused on cancer indications. A two-part Phase II open-label IST of CRLX101 is being conducted in patients with relapsed ovarian cancer. CRLX301 is designed to act as a tubulin inhibitor, capitalizes on its payload, docetaxel.


5th Floor, 840 Memorial Drive
United States

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin-6200.00%-285716.70%
Operating margin-6293.62%-264333.30%
EBITD margin--261050.00%
Return on average assets-125.13%-140.01%
Return on average equity--

Allegion (ALLE) : 7-month performance

Cherry Hill Mortgage Investment (CHMI) : 8-month performance

Moelis (MC) began trading on the NYSE on 16 April 2014

Moelis & Company is a global independent investment bank that provides strategic and financial advice to a diverse client base, including corporations, governments and financial sponsors. The Company assists its clients in achieving their strategic goals by offering globally integrated financial advisory services across all industry sectors. The Company advises clients around the world on their critical decisions, including mergers and acquisitions, recapitalizations and restructurings and other corporate finance matters. As of December 31, 2013, the Company served its clients globally with 317 advisory bankers, including 86 Managing Directors. The Company generates revenues primarily from providing advisory services on transactions that are subject to individually negotiated engagement letters which set forth its fees.


NEW YORK, NY 10022
United States

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin19.29%17.07%
Operating margin20.90%17.04%
EBITD margin-17.60%
Return on average assets22.32%16.60%
Return on average equity29.88%24.66%

RSP Permian (RSPP) : 5-month performance

Viper Energy Partners (VNOM) began trading on the NASDAQ on 18 June 2014

Viper Energy Partners LP is a limited partnership formed by Diamondback Energy, Inc (Diamondback) to own, acquire and exploit oil and natural gas properties in North America. Diamondback is a publicly traded independent oil and natural gas company. Diamondback is focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin. As of March 31, 2014, Diamondback’s total net acreage position in the Permian Basin (including the acreage underlying its mineral interests with respect to which it is operator) was approximately 72,000 net acres and it serves as the operator of approximately 99% of its leased acreage.


United States 

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin24.30%-
Operating margin58.17%

Saturday, June 21, 2014

IPOs this week : June 23 - 27, 2014 (wk 26)

There are currently 17 IPOs on the calendar to price and begin trading in the week beginning June 23.

According to Renaissance Capital, 134 IPOs have priced in the United States so far this year, up 63.4% from a year ago. Total proceeds raised come to $28.9 billion, up almost 55% from 2013. Last week alone, $3.1 billion poured into IPOs.

The most closely watched of the coming week’s IPOs will be GoPro Inc., maker of a hands-free, high-definition video camera that can be attached to a variety of objects, animals or people in motion. The company is looking to raise about $400 million at a valuation north of $2.78 billion.

The company will have both Class A and Class B shares, with Class B shares entitled to 10 votes per share and Class A shares one vote per share. Holders of Class B shares will hold more than 98% of the voting power, and nearly 73% of the Class B shares will be held by executive officers and directors. The CEO will hold 47.7% of the voting power in the company.

GoPro plans to offer 17.8 million shares of stock in an IPO range of $21 to $24. Half the shares are being sold by the company and half by selling shareholders. Underwriters, including J.P. Morgan, Citigroup and Barclays, have a 30-day option on an additional 2.67 million shares. Shares are expected to price on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol GPRO.

ServiceMaster Global Holdings Inc. owns or franchises more than 7,000 residential and commercial services locations that provide disaster restoration, home inspections and termite and pest control services, among other things. The company has filed sell 35.9 million shares in an expected price range of $18 to $21. All shares are being sold by the company. At the midpoint of that range, the company expects to raise $700 million at a valuation of $2.5 billion. Shares are expected to price on Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol SERV.

Arts and craft retailer The Michaels Companies has filed to sell 27.8 million shares in an expected price range of $17 to $19. The company expects to raise $500 million at a valuation of $3.66 billion. The company owns 1,263 stores under the Michaels and Aaron Brothers brands and generated about $4.6 billion in sales in its most recent fiscal year, which ended February 1, 2014. The company posted a net profit of $243 million last year. Shares are expected to price on Thursday and begin trading Friday on the Nasdaq under the ticker symbol MIK.

Alternative energy spin-off NextEra Energy Partners L.P. is being carved out of NextEra Energy Inc. (NYSE: NEE). The new limited partnership plans to sell 16.3 million shares in an expected range of $19 to $21 to raise $325 million at a valuation of $1.52 billion. We covered the structure of this company last week. NextEra Energy Partners is planning to price the offering on Thursday and begin trading Friday on the New York Stock Exchange under the ticker symbol NEP.

Adeptus Health Inc. is a private emergency room operator that plans to offer 4.9 million shares in an expected range of $19 to $22. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol ADPT.

Ambrx Inc. is a biotechnology company developing protein therapeutics. The company plans to offer 5.4 million shares in an IPO price range of $12 to $14. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol AMBX.

Amphastar Pharmaceuticals Inc., a specialty pharmaceuticals maker, plans to offer 7.4 million shares in a price range of $10 to $12, raising $81 million at a valuation of $470 million. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol AMPH.

Imprivata Inc. is a health care technology solutions company that plans to offer 5 million shares in a price range of $14 to $16, raising $75 million at a valuation of $342 million. Shares are expected to price on Tuesday and begin trading Wednesday on the New York Stock Exchange under the ticker symbol IMPR.

KineMed Inc. is a commercial stage biotech firm that plans to offer 4.5 million shares in an IPO range of $6.50 to $7.50. Shares are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol KNMD.

Materialize N.V. is a Belgium-based company that provides 3D printing software and services. The company plans to offer 8 million American Depositary Shares (ADSs) in an expected price range of $12 to $14. Each ADS represents one ordinary share, and the ADSs are expected to price on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol MTLS.

Microlin Bio Inc. delayed its offering from last week. It is a development stage diagnostics and therapeutic company that expects to offer 4.3 million shares in a price range of $6.50 to $7.50. The company plans to price the shares on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol MCLB.

Xunlei Ltd. claims to be China’s 12th-largest Internet company. The company plans to offer 7.3 million shares in a price range of $9 to $11. The company plans to price the shares on Tuesday and begin trading Wednesday on the Nasdaq under the ticker symbol XNET.

Minerva NeuroSciences Inc. is a clinical-stage biopharma company that plans to offer 5.5 million shares in a price range of $10 to $12. The company plans to price the shares on Wednesday and begin trading Thursday on the Nasdaq under the ticker symbol NERV.

TCP International Holdings Ltd. is a Switzerland-based maker of LED and CFL lighting technologies. The company plans to offer 7.1 million shares in an IPO price range of $13 to $15, and it plans to price the shares on Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol TCPI.

GlobeImmune Inc. is a biopharma firm developing treatments for cancer and other diseases. The company plans to offer 1.6 million shares at a price range of $15 to $17. It plans to price the shares on Thursday and begin trading Friday on the Nasdaq under the ticker symbol GBIM.

Moko Social Media Ltd. is an Australia-based developer of mobile social community platforms. Shares trade in Australia and have traded over-the-counter in the United States. The company plans to offer 1.2 million ADSs in an IPO price range of $7.50 to $9.00. Each ADS represents 40 ordinary shares. The company plans to price the shares on Thursday and begin trading Friday on the Nasdaq under the ticker symbol MOKO.

Taggares Agriculture Corp. plans to acquire, redevelop and operate profitable farmland in the Pacific Northwest. The company aims to sell 7 million shares in a price range of $6 to $7. And it plans to price the shares on Thursday and begin trading Friday on the Nasdaq under the ticker symbol TAG.

Thursday, June 19, 2014

Markit (MRKT) began trading on the NASDAQ on 19 June 2014

  • The number of U.S. IPOs in 2014 hit 132, up 63% from a year ago.
  • The year's largest U.S. IPO came from auto finance giant Ally Financial (NYSE:ALLY), which raised $2.4 billion in April.
The profitable U.K.-based financial data services firm late Wednesday raised $1.28 billion, making it the fifth-largest U.S. IPO of 2014. Markit sold an upsized 53.5 million shares at 24, the midpoint of its range. The stock rose 11% to 26.70 in its first day.
Markit (NASDAQ:MRKT), known to the broader public for its economic activity gauges for Europe, China and the U.S., has more than 3,000 institutional customers, including banks, hedge funds and asset managers, accounting firms, regulators, corporations, exchanges and central banks. About half of its customers are U.S. based.

  • Markit (MRKT) is the largest provider of bond information and derivatives trade processing.
  • It was founded in 2003, booked $980 million in sales over the last 12 months. 
  • Rivals include Bloomberg, FactSet (NYSE:FDS) and Thomson Reuters (NYSE:TRI).
  • Based in London, United Kingdom
  • BofA Merrill Lynch, Barclays, Citi and Credit Suisse are the joint bookrunners on the deal.

Markit CEO Lance Uggla, left, celebrates the financial information company's U.S. trading debut Thursday with Nasdaq CEO Robert Greifeld.

Lance Uggla, Founder and Chief Executive Officer of MarkIt

Markit Ltd. is a global diversified provider of financial information services. The Company provides pricing and reference data, indices, valuation and trading services, trade processing, enterprise software and managed services. The Company’s end-users include front and back office professionals, such as traders, portfolio managers, risk managers, research professionals and other capital markets participants, as well as operations, compliance and enterprise data managers. The Company has over 3,000 institutional customers globally, including banks, hedge funds, and asset managers, accounting firms, regulators, corporations, exchanges and central banks. The Company operates in three segments: Information, Processing and Solutions.


4th Floor Ropemaker Place, 25 Ropemaker
United Kingdom 

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin15.34%15.51%
Operating margin23.05%24.27%
EBITD margin-39.52%
Return on average assets4.93%4.63%
Return on average equity7.66%7.35%

Lumenis (LMNS) began trading on the NASDAQ on 27 February 2014

Lumenis Ltd. is a provider of energy-based, minimally invasive clinical solutions. The Company operated in three segments: surgical, ophthalmic and aesthetic. It provides energy-based solutions for both medically necessary and elective procedures, primarily for the aging population. Its focused product offerings provide solutions for a range of minimally invasive procedures. Its solutions include its VersaPulse PowerSuite platform using high-powered holmium lasers for urologic applications, its M22 multi-energy, multi-application platform for the treatment of various skin conditions, and its Selecta multi-modality platform for retinal, secondary cataract and glaucoma therapies. Its primary target markets for its products are hospitals, outpatient clinics, ambulatory surgery centers, physicians’ offices, private clinics and aesthetic chains.


6 Hakidma Street Yokneam Industrial Park, P.O.B. 240
YOKNEAM, 2069204

Website links

Key stats and ratios

Q4 (Dec '13)2013
Net profit margin6.61%6.55%
Operating margin8.86%9.65%
EBITD margin-9.36%
Return on average assets9.31%8.88%
Return on average equity123.60%198.75%

Wednesday, June 18, 2014

Tarena International (TEDU) began trading on the NASDAQ on 3 April 2014


Tarena International Inc. is a provider of professional education services in China. The Company offers courses in nine IT subjects, as well as two non-IT subjects. The Company has an education platform combining live distance instruction, classroom-based tutoring and online learning modules. For each class, instructors deliver lectures from one classroom in Beijing to students in the same classroom, as well as to students at its learning centers across China via simultaneous webcast. The Company complements the live instruction and tutoring with its learning management system, named the Tarena Teaching System (TTS). TTS has five core functions, featuring course content, self-assessment exams, student and teaching staff interaction tools, student management tools and an online student community. Through this education platform, the Company provides job-oriented education with measurable outcomes, as demonstrated by its job placement rates and students academic performance.



Key stats and ratios

Q4 (Dec '13)2013
Net profit margin21.47%15.13%
Operating margin18.89%14.52%
EBITD margin-19.54%
Return on average assets33.96%23.31%
Return on average equity--

Mobile Iron (MOBL) began trading on the NASDAQ on 12 June 2014


Mobile Iron, Inc. provides security and management solutions for mobile applications, content, and devices. The Company provides mobile device management software. It offers multi-OS mobile device management (MDM) software, mobile application management (MAM), Wireless Expense Management, Enterprise Mobility, Mobile Device Security and Bring-Your-Own-Device (BYOD) privacy controls. It develops MobileIron Virtual Smartphone Platform (VSP), a solution to combine data-driven smart device management with real-time wireless cost control. It develops products that include Advanced Mobile Device Management, Docs@Work, Apps@Work, Anyware and Divide PIM Solution for Android. The Company also offers MobileIron Atlas, which is a management console that provides monitoring, troubleshooting, and management for administrators, users, applications, and devices across the mobile information technology lifecycle.


United States

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin-49.49%-30.78%
Operating margin-48.73%-30.17%
EBITD margin--24.51%
Return on average assets-52.28%-35.57%
Return on average equity--

Markit prices upsized IPO at the $24 midpoint

Markit, the largest provider of bond information and derivatives trade processing, raised $1.3 billion by offering 53.5 million shares at $24, the midpoint of the $23-$25 range. Markit plans to list on the NASDAQ under the symbol MRKT. Markit initially filed confidentially on 1/27/2014. BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC Securities, J.P. Morgan, Morgan Stanley, UBS, BNP Paribas, Jefferies, RBC Capital Markets, RBS Securities and TD Securities were the joint bookrunners.

Sunday, June 15, 2014

Karyopharm Therapeutics (KPTI) : 7-month performance

Karyopharm Therapeutics (NASDAQ: KPTI  ) surging incessantly throughout the day, and ending higher by 93.5% after announcing phase 1 data of its investigational drug selinexor in combination with low-dose dexamethasone in heavily pretreated multiple myeloma patients. Initial results of its study demonstrated that the overall response rate was 50%, with a clinical benefit rate of 75%. What's incredible about these results is that the average patient had received 5.5 prior lines of therapy. Also, adverse events associated with the combo therapy were generally low-grade in nature, meaning it was well-tolerated.

Simply put, most patients often don't have much of an overall response in the later stages of multiple myeloma, so Karyopharm's impressive response rate is turning some heads. Keep in mind, though, that we're only talking about a handful of patients here, and we may want to reserve judgment until we have a bigger patient pool to study.

Saturday, June 14, 2014

Zhaopin (ZPIN) began trading on the NYSE on 12 June 2014

Zhaopin Limited is a holding company. The Company is a career platform in China, focusing on connecting users with relevant job opportunities throughout their career lifecycle. The Company’s Website is a career-focused Website in China. The Company provides a range of services, including online recruitment, campus recruitment, assessment and other human resources related services. Through its zhaopin Websites and mobile applications, it provides classified job postings and display advertisements, resume access services and other online services. The Company provides campus recruitment services primarily to customers seeking to recruit college and university students. These services include selecting campuses, organizing recruiting events, collecting and managing resumes and conducting interviews and assessment tests with candidates.


6F, Fuxing International Center, No. 237 Chaoyang North Road, Chaoyang District

Chinese IPOs still hot in 2014

China slowdown not showing up in IPOs.

Evan Gul, the CEO of Zhaopin Limited (ZPIN), was smiling from ear to ear on the floor of the NYSE this morning.

He had good reason to smile. His company, which runs China's second biggest online job board for white-collar workers, had just gone public, pricing 5.6 million shares at $13.50, in the middle of the $12.50 to $14.50 range, and closed at $14.65, up 8.5 percent.

Gul had just become a wealthy man. He was asked if he was worried about reports that China's growth was slowing down.

Gul said he wasn't worried, and implied that it was the wrong question. We should be more interested in the demographic and sociological trends that were emerging in China.

Gul said he followed a simple rule: Follow the Starbucks. Starbucks represents the urbanization of China. The country is switching from a tea culture to a coffee culture.

It's also moving from a manufacturing base to a service base. Right now 45 percent of the GDP is manufacturing, but that is getting smaller as the services sector expands.

And it is expanding rapidly. China has 1.6 billion people, with 700 million in the workforce. And there is now 100 million white collar workers.

Not only are their ranks growing, they are making more money. Salaries, he notes, have been increasing because there have been labor shortages in key industries, particularly white-collar jobs.

That's why, despite genuine concerns about China's growth, investors continue to pile into Chinese IPOs listing in the U.S.

Chinese IPOs have outperformed U.S. IPOs this year by a wide margin. On average, last year's Chinese IPOs are up 63% from their IPO price (almost half on the first day, the other half post-first day), according to Renaissance Capital. The average U.S. IPO is up 25 percent in that same period.

Why? Despite the worries about slower growth in China, everyone wants to get on board with the explosive growth in internet services in China, which is itself a reflection of the changing demographics Mr. Gul is talking about.

But all trends have their day, just ask biotech, which is now lagging other IPO sectors this years. There is a worry is that the Alibaba IPO may take the air out of the Chinese IPO market. Still expecting an IPO in August, but much depends on how many questions the SEC has for the company.

Wednesday, June 11, 2014

Galmed (GLMD) began trading on the NASDAQ on 13 March 2014

Galmed Pharmaceuticals Ltd. is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of once-daily, oral therapy for the treatment of liver diseases and cholesterol gallstones utilizing its synthetic fatty-acid/bile-acid conjugates (FABACs). Its product candidate, aramchol, has the potential to be a disease modifying treatment for fatty liver disorders, specifically Non-Alcoholic Steato-hepatitis (NASH), which constitutes an unmet medical need. The Company has completed three clinical trials of aramchol. The Company focuses on providing a multi-center, double-blind, randomized Phase IIb placebo-controlled clinical trial of aramchol in NASH patients who also suffer from obesity and insulin resistance.

The company was founded in 2000 and is headquartered in Tel Aviv, Israel. 


TEL AVIV-YAFO, 6473307

Key stats and ratios

Q1 (Mar '14)2013
Net profit margin--
Operating margin--
EBITD margin--
Return on average assets--3768.32%
Return on average equity--