If you think Wall Street’s investment bankers couldn’t get out of town fast enough after a disastrous IPO week, think again. The week was much better than most thought.
There was more riding on last week’s VeraSun Energy deal than many realized. Had it flopped, the IPO Summer of 2006 would have been over before it started.
June’s IPO market got off to a stumbling start as each deal was priced well below its filing range. But the action backstage at the IPO Theater pointed to a good month.
Three high-profile IPOs were priced last week. One crashed on take-off, one did better than expected and the other didn’t trade. Investors coughed up over $12.6 billion to buy the trio.
The IPO Express made all the scheduled stops on its timetable last week. Two stations were bypassed, but those deals were carryovers from previous weeks.
Should the hopes and dreams of some of Wall Street’s investment bankers and their corporate clients come to pass, then this week’s IPO calendar could turn out four deals. Don’t bet on it.