In today’s briefing:
- Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand
- Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late
- Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket
- Via Transportation (VIA): Above-Range Ticket, Below-Range Start — Via IPO Finds Its Route
Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand
- Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
- Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
- This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.
Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late
- Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
- Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
- Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.
Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket
- The Oregon-based coffee chain priced its IPO at $20.00 per share, above the marketed range of $16–$18, raising $294 million through the sale of 14.7 million shares.
- The stock opened at $26.50, a 32.5% premium to issue and closed at $27.53, up 37.6% from the IPO price.
- Black Rock commands a market cap near $1.1 billion, implying much of its near-term growth story may already be baked in.
Via Transportation (VIA): Above-Range Ticket, Below-Range Start — Via IPO Finds Its Route
- Via Transportation priced its public offering at $46.00 per share, above the marketed range of $40–$44, but opened at $44.00, down 4.5% from issue.
- Investors quickly stepped in, and within 30 minutes, the stock climbed above the IPO price. The stock closed at $49.51 or 7.6% above issue.
- Looking forward, we see Via as a potential long-term play, given the sticky nature of its contracts and the enormous opportunity to modernize public transportation infrastructure.
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