2025 IPO Pricing and Performance

IPO - Pricing (18)
Morgan Stanley

Date	Company Name	Sector	Price ($)	Size (M)	1	2	3	Turnover	Gain
						UnderWriters*
Nov 21	Navigator Holdi	Transportation	19	12	JEFF	MS		72.2%	5.3%
Nov 7	Twitter Inc	Technology	26	70	GS	JPM	MS	168.1%	72.7%
Nov 6	Karyopharm Ther	Health-Care	16	6	BAML	LRNK	MS	87.5%	0.3%
Oct 30	Veracyte Inc	Health-Care	13	5	LRNK	MS		91.9%	1.9%
Oct 16	Veeva Systems I	Technology	20	13	DB	MS		107%	85.8%
Oct 4	Cherry Hill Mor	Consumer-Services	20	6	BRCL	CITI	MS	85.1%	-7.5%
Oct 2	Burlington Stor	Consumer-Services	17	13	BAML	JPM	MS	112.5%	47.1%
Oct 2	RE MAX Holdings	Finance	22	10	BAML	JPM	MS	138.4%	22.7%
Sep 18	Controladora Vu	NA	12	22	DB	MS		44.4%	16.8%
Aug 1	Ardmore Shippin	Transportation	14	10		JEFF	MS	33.6%	-3.6%
Jun 28	Noodles & Compa	Consumer-Services	18	5	BAML	MS	UBS	144.2%	104.2%
Jun 26	NanoString Tech	Health-Care	10	5	JPM	MS		56.7%	-19.4%
Jun 21	Gogo Inc	Consumer-Services	17	11	JPM	MS	UBS	77.7%	-5.9%
Jun 13	Coty Inc	Consumer-Non-Durables	17.5	57	BAML	JPM	MS	81%	-0.8%
May 31	Kamada Ltd	Health-Care	9.3	5	JEFF	MS		57%	9.2%
May 2	Voya Financial	Finance	19.5	65	CITI	GS	MS	50.5%	6.9%
Apr 11	Chimerix Inc	Health-Care	14	7	COWN	MS		61.5%	34.2%
Feb 1	Zoetis Inc	Health-Care	26	86	BAML	JPM	MS	77.6%	19.3%

* Lead manager or one of top three managers in an underwriting team.