The IPO Buzz: Keep the Champagne on Ice
On the first day of September, victory laps around the Wall Street arena were few and far between. There was not much to celebrate over the year’s first eight months. With the popular stock market averages in a correction (down 10 per cent or more from their previous highs) and only 37 percent of the year’s IPOs closing above their initial offering prices, no champagne corks were popped in lower Manhattan.