At the Big Board, human resources outsourcer TriNet Group (TNET) priced 15 million shares at $16, in the middle of the $15 to $17 price talk.
At the NASDAQ, biotech firm Applied Genetics (AGTC) priced 4.2 million shares—more than the 3.6 million expected—at $12, below the $13 to $15 range.
Why? They needed to raise $50 million for funding, and in order to reach that figure, they raised the number of shares and lowered the price.
And Square 1 Financial (SQBK), a bank that lends to venture-backed companies, priced 5.7 million shares at $18, above the $15 to $17 price talk. What does this mean? With Applied Genetics, which is an early stage biotech, there are clearly signs of push back from investors.
The one to watch is TriNet, which priced in the middle of the range. It's a fairly large deal--about $240 million.
The average IPO was up 22 percent on the first day of trading this year, well above the historic average of roughly a 13 to 15 percent gain. If TriNet and Square 1 can't manage at least a 13 to 15 percent gain, something is amiss.
I noted yesterday that several recent IPOs are showing signs of weakness. A10, which optimizes data center performance, went public last week at $15 and is now trading below its IPO price, at $14.55.
Many other companies that went public last week: Paylocity, Mediwound, Amber Road and Q2 are trading below their first day pop. They're still above their price, but the IPO aftermarket premium is shrinking fast.