There have been 4 Chinese IPOs this year, and three of them are already trading below their offering price, the exception being Weibo. That went public April 16 at $17 after the deal size was cut, and was up only 3 percent from that price at the close yesterday.
Petroleum transporter Dorian LPG (LPG) priced 7.1 million shares at $19, in the middle of the $18—$20 range. Energy IPOs are working: Gaslog worked yesterday.
On the NASDAQ, medical device company K2M Group Holdings (KTWO) priced 8.8 million shares at $15, below the $16—$18 range. Alder BioPharmaceuticals (ALDR) priced 8 million shares at $10, below the $13—$15 range. Four more are pricing between now and early Friday.
With all that said, there are still no signs of a rebound in IPOs. Renaissance Capital IPO ETF (IPO), a basket of roughly 60 IPOs, closed at its low for the year yesterday.