can you order mobic adalat online order do aciclovir tablets work for cold sores pioglitazone tablets used how many dulcolax pills to take can buy seroquel online quibron-t overnight delivery ralista for sale uk isoniazid on line purchase anafranil clomipramine zantac overnight pharmacy amitriptyline online meds what type of medicine is etodolac lowest price arava sale airmail himcolin gel isoniazid tablets side effects what does phenergan look like what are the side effects of the drug hydrochlorothiazide prandin pills sweat albenza maximum dosage online himcocid india penegra price in karachi can we trust grifulvin v online buy calcium carbonate visa cheap generic indinavir where can i get some aciclovir buy depakote us valproate 500mg buy lady era from india can you order atarax drugs pariet buy online ireland pharmacy buy drugs yasmin solaraze gel diclofenac sodium 3 kamagra without prescription orlistat generic cheap costs minocycline capsules reviews buy female cialis mg online buy lexapro 10 prometrium express canada buy flomax with paradise club calan bosch menorca reviews ordering paroxetine india what is seroquel 100 pill fucidin h cream reviews keflex 250 mg cap po q6h low dose naltrexone information buy inderal 80 mg seroquel withdrawal how long suprax 200 mg tablets buy decadron 50 lamictal medication information buy advair diskus pills in the india what is combivent inhaler buy hong kong arava online prescription buying 2mg abilify buy keftab 100mg online indian generics online liposafe without a script fedex generic compazine genuine atrovent best price xanax erowid duration online sale of hyzaar celebrex medication wikipedia side effects of doxazosin tetracycline medications for acne generic proscar online pharmacy buying citalopram without prescription effexor venlafaxine hcl is paxil a schedule ii drug my bupropion coupons generic for actoplus met 15 880 kamagra chewable tablets uk side effects of toradol lasix tablets 20 mg maximum prescription dose of zantac how to order feldene side effects of antabuse when drinking gonorrhea injection treatment side effects how to get zanaflex drug online sale of evista can you get zanaflex triamterene pills sweat propecia discount pharmacy buy ampicillin 5 how to order tadapox purchase seroflo cheap buy viramune inhaler canada why has avandamet been discontinued unisom coupons 2011 albuterol sulfate solution for sale lariam shopping where can i buy generic clomid innopran xl on line no script cardura xl max dose benicar prices @walgreens kamagra gold tablet sale costco pharmacy aspirin price order propranolol from cialis professional where to get increasing zestril and prinivil albenza pills drugstore buy allegra visa pharmacy mexico chloroquine can i order flagyl online cabgolin canada online no prescription generic name drug valtrex etodolac shortage 2012 cafergot discontinued fda does boots sell viagra over the counter prescription what does zofran dose in pregnancy levothyroxine price buy synthroid over the counter asthma inhalers usa buy amaryllis flowers plant buy glycomet online reviews manly indian viagra florinef on line purchase buy bentyl from mexico online non generic nolvadex lloyds pharmacy discount code 2011 buy baclofen online overnight keflex antibiotics australia brahmi powder dose trusted online pharmacy no rx florida femcare calan for sale online fluoxetine canadian online topamax side effects rxlist motilium 10mg tablets buspar 100 mg purchase levothroid mg womens viagra effects get aldactone toronto is diakof legal in uk diovan tablets uses indocin over counter uk post cycle therapy norvasc arimidex patent expiry uk abbott laboratories depakote lawsuit ucb pharma keppra coupons lioresal rxlist buy rumalaya in india online champix forum uk best cialis site little blue pills drugs getting zyprexa in australia much will generic lipitor cost non prescription provera pharmacy cost of tulasi lotensin from precio de el viagra en mexico yasmin order online no prescription is there a shortage of brand viagra buy motrin in usa where to buy wellbutrin xl buy generic bentyl with bonus what is amlodipine besylate used for famvir online female cialis online usa no prescription buy lithium aa batteries various strengths of viagra haridra where to get depo-medrol pills name tablet increase sex power exelon energy dividend best online pharmacy in canada hytrin tablets on line to buy buy alphagan generic st. museum canadian allied forces cheap acivir pills 100 mg pharmacy express coupon code pariet phone orders metoprolol iv for hypertension phentermine canada pharmacy buy neurontin without perscription where can i buy noroxin lisinopril hctz 20 12.5 mg side effects yasmin le bon daughter how long does it take for cipro to get rid of bladder infection nexium tablets esomeprazole generic viagra reviews forum pill shop neurontin us companies only boots pharmacy cardiff zofran odt rxlist boots slimming tablets reviews exelon fortune 100 aciphex 20 mg side effects how to buy benicar buy best viagra category men health where can i get innopran xl pills buy advair diskus 500 purchase levitra plus pills keflex tablets 250mg long term side effects of solu medrol neurontin cheap us pharmacy coreg for sale uk quibron-t online usa buy erection packs 2 mg tamoxifen limited india buy wellbutrin online uk canada order proscar buy viagra without prescription buy diclofenac gel uk lamisil without script wellbutrin tablets on line to buy purchase artane pills do you need rx himcocid top 10 online crestor sites discount lithium batteries best zyban prices compazine tablets on line to buy liposafe prices usa does alcohol affect medrol dose pack kamagra over the counter uk usa buy alli without prescription viagra without a script the cost effectiveness of rosuvastatin therapy lopid mail order glucophage from india rx meds bupropion for sale australia what does flonase spray do buy erexor next day cialis soft over the couter doxycycline hyclate cold medicine do you need rx terramycin neurotin purchase pay pal buy suprax with buy lopressor singapore mail order generic desyrel where to buy advair diskus online uk stichting canadian allied forces nitrofurantoin by mail viagra pills online canada cheap acai optimum rumalaya gel usa cvs prices buy genuine colchicine uk female viagra buy canadian pharmacies for acutane viagra sales by country can i take birth control pills with lisinopril what is allegra d 12 hour used for discount doxycycline otc precose weight loss buy elavil mexican pharmacies harga salep betnovate aldactone common side effects white pill pliva 433 scored other side opening prazosin capsules optumrx part d formulary order motilium overnight delivery brand levitra no prescription reviews maxalt for discount can u buy diflucan over the counter mestinon online cheap premarin us sales genuine trileptal 100mg protonix pct buy comprar baclofen pela internet torsemide generic release date rumalaya gel order canada the gallery at fort davis drugstore to buy amoxil precose dose drug market order bactroban domperidone spc emc cheapest lanoxin buy tofranil usa methotrexate 100 review generic emsam paypal bupropion xl no prescription how can i get antibiotics without a doctor;s prescription where to buy actonel allegra weight gain side effects how to import viagra jelly cheap abilify 2mg licensed clavamox for cats uk buy reglan online no prescription united states generic from benadryl purchase lasuna lowest price mentat refills buy atrovent hong kong online without generic pills for capoten how much clonidine does it take to get high elavil buy usa glucophage prescription canada cost comparison buy silagra discount cafergot discontinued tablets cardizem pills silagra sale buy viagra online american isoptin buy viagra over the counter in australia canada order hydrochlorothiazide is generic duphalac effective aleve d dosage instructions generic cipro no prescription how to import aleve looking for viagra pills buying seroquel online mentax prescription only order antabuse online canada pharmacy premarin hrt dosage buy suprax boots pharmacy hydroxyzine hcl 25 mg tablet do i need a prescription for ditropan lupin launches generic tricor tofranil lawsuit western drug avalide order lasix 40 mg without prescription cost of cialis australia maxalt tablets children rx canada pharmacy medications aldactone 25 mg efectos secundarios worldwide pharmacy finast the indian pharmaceutical company cipla first produced para q sirve amantadina clorfenamina paracetamol para que se usa el nexium cheap lipothin no prescription where to seroquel online generic www citalopram com side effects generic serevent usa pharmacy buy actos in usa class action lawsuit against celebrex trileptal generic cost buy strattera online thru paypals risperdal generic cheap costs best price for cordarone cialis soft pills online in the uk best generic norvasc sites pyridium online in usa generic zoloft manufacturers online forum pharmacy purchase claritin clomiphene dosage men pure hyaluronic acid for sale anacin tablets purchase on line canadian alesse prescription buy securetabsonline.com suprax tablet sale medrol steroid side effects how to buy seroquel in canada buy uk amitriptyline medicine liposafe drugstore atorlip-5 order by phone zanaflex india muscle spasms overseas pharmacy for misoprostol rogaine 2 usa minocin no rx prazosin mail order india annual plavix sales ordering cialis professional tadalafil 10mg what is albenza used to treat buy cleocin no prescription what is speman pills used for himalaya drugs online shopping help buying celebrex viagra shelf life how to buy plavix mexican pharmacy no prescription atorlip-20 levothroid without insurance how much dapoxetine to take mometasone furoate spray what does procardia look like buy amoxicillin online next day delivery venlor mist canada nitroglycerin ointment for sale canada blopress over counter uk aristocort mail order aldactone 100mg for acne buy amantadine greece estrace online health canada prevacid lasuna online forum cialis professional from canada what is alavert drugs buy cefixime 400 mg orally in a single dose where can i buy elavil online without a prescription vasodilan for men sale in uk triamterene shortage viramune canada prescription purchase generic renagel where to buy ciplox will doctors prescribe viagra non generic orlistat tenormin no prrescription arimidex 1 mg tablet cialis professional sale pill colchicine without prescriptions mentat order by phone top ten pills that get you high lisinopril 20 mg sale canadian erythromycin tablet cheap cipro generic morning-after pill price buy glycomet online metoclopramide mechanism of action cialis reviews drugs.com buy revia 50 prednisone pills for kids lawsuit against zantac tramadol side effects rxlist cost of prednisolone watch antiviral movie online free ordering low dose levitra professional where prevacid is made is there a generic medicine for plavix promethazine drug shortage zanaflex doctors online zyrtec price chemist warehouse benadryl banned in india inflammatory arthritis foot doxycycline dark spots on skin billig penegra online kaufen canada drug service illinois kamagra italiano blue sky discount pharmacy buy yasmin in australia levitra professional buy online mexico what are the side effects of uroxatral atrovent no prescription canada metronidazole flagyl over the counter where to get cardura pct purchase beconase aq trimox online in us atorlip-20 delivered to your home cheapest place to buy lady era where can i buy skelaxin tablets all types vermox pills side effects of amoxil capsules canadian pharmacy caverta zanaflex order cheap generic wellbutrin can u buy antibiotics over the counter in spain buy generic elimite online diovan daily use reviews lotrisone shipping overseas fungsi flagyl doxycycline for discount where to buy ortho tri cyclen online uk is it legal to buy viagra on craigslist levlen canada online no prescription why is there a shortage of prazosin can you buy ditropan in ireland health canada plendil buy doxazosin in india online where to buy amitriptyline ointment sinequan order in the us how to use rumalaya forte eurax from canada buy erexin v generic buy nolvadex australia generic nootropil in usa best place to buy aleve branded viagra best uk prices online norvasc not generic vasotec iv dose zocor heart-pro boots buy acivir pills low price prescription bactroban cream cost generic crestor no prescription genuine inderal 100mg atomoxetine dose adhd ditropan generic canada diclofenac sodium gel actinic keratosis what is styplon pills used for gulf of mexico alliance logo plendil delivery london buy minomycin next day herbal viagra women reviews blood diovan medication pressure aricept 20 mg can we trust cardizem online when is actos going generic billion sale serpina ic valacyclovir hcl for cold sores advair diskus no prescription visa tetracycline resistance gene cassette viagra sales australia where to buy paroxetine with echeck lisinopril next day viagra online buy uk cefixime online no prescription generic lukol pill shortage flovent pills purchase generic femara order nymphomax tablets generic lipitor recall 2012 kamagra chewable price toprol xl shopping buy cipro online usa mylan-baclofen 10 mg side effects where to buy levothyroxine (thyroxine) tablets premarin tablets dosage indian pharmacy biaxin comprar vasotec original buy clomid generic viagra can you get high from mobic order prometrium online no prescription with a amex can you get shuddha guggulu tadacip medicine online micronase prices usa asacol express canada promethazine codeine overseas
The IPO Buzz
IPO Calendar
Last Week's IPO Traffic
Pricings
2015 Pricings
Last 100 IPOs
Last 12 Months
IPOs by Managers
By Industry
Secondary Offerings
IPO Pipeline
SCOOP Ratings
IPOs Recently Filed
IPOs by Managers
By Industry
Secondary Offerings
Archives
SCOOP Track Record From 2000 to Present
IPO Traffic by Week
IPO Index
The IPO Buzz: Latter-Day Wise Guys
 
By: John E. Fitzgibbon, Jr.
 
Benjamin Franklin’s famous quote “Life’s tragedy is that we get old too soon and wise too late” is especially apropos for last week’s IPO market. After sharp cuts in offering terms, the deals surged in the face of a collapsing stock market. There could be a message wrapped up inside this leading question: Have the bankers learned anything?
 
Time will tell.
 
To recap, here’s what happened.
 
Bankers priced two IPOs last week (excluding one SPAC). They closed on Friday, May 21, with an average gain of 14.1 percent. In contrast, the NASDAQ Composite Index, the barometer of the IPO market, recorded a loss of 5.02 percent for the week. The offerings were:
 
Accretive Health (NYSE: AH), a healthcare-billing service, priced its IPO of 10 million shares at $12 each to raise $120 million, DOWN 40 percent from its initial filing of 13.3 million shares in a range of $14 to $16 each to raise $200 million. The IPO closed its opening day at $13.55, UP 12.9 percent from its offering price, but still below its original price range of $14 to $16 per share.
 
ReachLocal (NASDAQ: RLOC), a Web marketing firm, priced its IPO of 4.17 million shares at $13 each to raise $54.2 million, DOWN 28 percent from its initial filing of 4.17 million shares in a range of $17 to $19 each to raise $75 million. The IPO closed its opening day at $14.98, UP 15.2 percent from its offering price, but still well below its original price range of $17 to $19 per share.
 
Hide That Report Card
Here’s a snapshot of 2010: Bankers have priced 51 IPOs (excluding five unit offerings), according to the U.S. Securities and Exchange Commission’s filings. At Friday’s close, 19 were in the winner’s circle, 31 were losers and one was unchanged. The average loss – yes, loss -- for the 51 was 3.95 percent. This is not a report card you’d want to take home.
 
The answer as to what had been happening, and to the year’s ongoing complaint, is that bankers have been too aggressive in pricing their deals. Consider the following:
 
Twenty-eight of this year’s 51 IPOs had to be cut in size to get them out the door, and their aftermarket performances were poor. Twelve finished their opening day above their offering prices, 14 below and two were unchanged. The average opening-day gain for the 28 was only 0.22 percent.
 
Bankers’ judgment may have been influenced by last year’s runaway stock market. The Nasdaq Composite started its run on March 9, 2009 (1,268.63) and ran to Dec. 31, 2009 (2,269.19) -- UP 78.9 percent.
 
The upward momentum was broken after the first of the year.
 
The Nasdaq Composite skidded to a Feb. 10 closing low (2,126.05), but the bankers’ thinking was still locked into last year’s run. By March 12, 18 IPOs had come to market and 14 had to be cut to attract enough investors to buy them.
 
But maybe things are changing. Here’s what has happened over the last 10 days:
 
On April 26, 2010, four companies announced proposed pricing terms for their pending IPOs. The deals were Accretive Health, ReachLocal, Noranda Aluminum Holding (NYSE: NOR) and TeleNav (NASDAQ: TNAV). Each saw their deals cut drastically in price, but each did well during its opening day. Besides the two from last week, here’s the report on the other two:
 
Noranda Aluminum, an integrated producer of aluminum products, priced its IPO on May 14 when it offered 10 million shares at $8 each to raise $80 million. That was DOWN 68 percent from its initial filing of 16.7 million shares at $14 to $16 each to raise $250.5 million. The IPO closed its opening day at $8.80, UP 10 percent from its offering price, but still well below its original price range of $14 to $16 per share.
 
TeleNav, a provider of wireless location-based services, priced its IPO of on May 12 when it offered 7 million shares at $8 each to raise $56 million. That was DOWN 33 percent from its initial filing of 7 million shares at $11 to $13 each to raise $84 million. The IPO closed its opening day at $9.80, UP 22.5 percent from its offering price, but still well below its original price range of $11-to-$13 per share.
 
Worth noting: On April 23, the Nasdaq Composite closed at a 13-month high of 2,530.15 and bankers had to be positive. But things changed. By May 20, the Nasdaq Composite had tumbled 12.9 percent to 2,204.06. A 10 percent retreat from a recent high is considered a correction.  
 
Now that the stock market has slipped into a correction mode, bankers have started getting realistic on pricing IPOs over the last two weeks.
 
Maybe they are getting wise?
 
With a less aggressive pricing approach, the IPO market could do well. Reportedly there are some interesting deals in the pipeline, such as CBOE Holdings and Tesla Motors, and with the right pricings, there could be sparks in the IPO market.
 
Disclosure: Neither the author nor anyone else on the IPOScoop.com staff has a position in any stocks mentioned, nor do they trade or invest in IPOs. The author and IPOScoop.com staff do not issue advice, recommendations or opinions. 
 
 
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO.
© 2015 IPOSCOOP.com All rights reserved.