18) In unreported results, we find that the offer valuations of second-time IPOs
are not significantly different from expected valuations of their failed first IPO
While the total number of IPO
firms declined by 67 from the previous year, the number of those posting initial market quotes below their respective IPO
prices increased by nine.
For the October IPOs
, which received listing approval beginning in early September, the IPO
discount probably increased to between 30% and 40%.
Subscribers also receive the 'IPO
Week in Review' newsletter by e-mail and have access to updated IPO
market news, including filings, offerings, withdrawals and aftermarket results.
The SARS outbreak in Asia and uncertainty over the Iraq war hindered IPO
activity in the first half of last year.
based Renaissance Capital, an IPO
research firm serving institutional investors, the China Life IPO
would be the largest since financial-services company CIT Group listed in July 2002, raising US$4.
Stitt argued that an IPO
should be undertaken to accelerate growth -- not to give executives a chance to cash out.
For investors who want exposure to IPOs
without the risk of buying individual stocks, DeGraw recommends IPO
Plus Aftermarket fund (Nasdaq: IPOSX) (888-IPO-FUND; www.
Super Search--In addition to the normal IPO
Express search tool, SuperSearch facilitates thorough searching of past, current, and upcoming IPOs
by additional criteria including executive officers, auditors, legal counsel, and principal shareholders.
Not surprisingly, however, investment bankers and CFOs who have taken their companies public recently dispute the notion that IPO
pricing rules have changed.
For a growth company such as Dollar Tree, an IPO
in 1995 made a lot of sense.