While the Chinese IPOs were hitting a stone wall in lower Manhattan last week, the barbarians were swarming all over the U.S. Securities and Exchange Commission’s filing window in Washington, D.C. The message: China’s “out” and the good old U.S. of A. is “in.”
Don’t expect to find the latest edition of Penthouse magazine laying about your local Century 21 real estate office, but you will find each on this week’s IPO calendar. Both companies are planning on going public, but under different names.
“The only thing new is the history you don’t know,” said Harry S. Truman, the 33rd president of the United States. That’s as true now as it was when Truman said it, and it applies to the 2010 IPO market as well.
If the filing window of the U.S. Securities and Exchange Commission gives any sign of coming attractions in the IPO market, then sit back and watch the fun in 2010. The window was busy in December and throughout 2009’s fourth quarter.
As 2009 wrapped up its IPO year, Benjamin Franklin’s words of wisdom finally came through to Wall Street: “Life’s tragedy is that we get old too soon and wise too late.”
The IPO calendar gears up this week for its final lap around the new-issue arena. There are four companies scheduled to go public, but with last week’s calendar hitting the wall, skeptics abound in the Land of IPOs.
Wall Street’s bankers are offering an IPO platter full of Chinese fortune cookies this week, just as holiday parties get into full swing ahead of Hanukkah and Christmas. The Chinese deals account for four of the eight companies on the new-issues calendar. But the Chinese quartet is not headed to market without some skepticism. It could, however, be unfounded.
With the Thanksgiving holiday in the rear-view mirror, bankers are preparing for the year-end IPO rush. This week, though, they are not getting off to a very fast start.