A semiconductor company with a top European pedigree and a Wall Street money machine give the coming week’s IPO calendar just a little bit of juice.
The IPO market is much like life. It has a past, a present and a future. Last week, all the IPO bases were touched.
Three deals got out the door last week, an oil and gas limited partnership and two special purpose acquisition companies — or SPACs for short. Issuers raised capital, bankers collected fees and investors went home with empty pockets — just another week on Wall Street.
Last week wasn’t the best time to throw a handful of IPOs into the market. Had bankers tried to find a worse one, it would have been difficult.
The week of the July 4th holiday break is generally slow for the IPO production line. And last week was no exception. None were priced.
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 weren’t too many smiles at the IPO Corral last week, but it wasn’t a complete disaster, either. It was a classic lesson in reading the market.
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.
Wall Street is a perpetual motion machine. And a SCOOP rating – like the one for VeraSun Energy – reflects that.
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.