Nail July 21 to the mast of the good ship IPO. It could prove to be a very significant date. The Nasdaq Composite Index, the barometer of the IPO market, closed on its 2006 low of 2,020.39 on that date.
One lonely IPO sailed into New York Harbor last week and its guns were ablazing.
Every deal on last week’s IPO calendar had a unique story. Three got priced, two didn’t and the Securities and Exchange Commission filing window was busy, very busy.
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.