The IPO Buzz: In the Still of the IPO Night

Looking back, the 2012 IPO calendar got off to a fast start. It priced 17 deals by Feb. 16 and then shifted gears. It slowed down to a crawl. Another five IPOs were priced during the rest of the month. Things picked up in March. From March through December 2012, the calendar priced 110 of the year’s 132 IPOs, according to the U.S. Securities and Exchange Commission’s filings.
(Note: The above figures exclude unit offerings consisting of common stock and warrants, closed-end funds and foreign-based companies offering stock for the first time in the U.S. capital markets where their underlying shares have been trading on their own national stock exchanges.)
Revisiting 2011 and 2010
The 2011 IPO calendar was more dramatic. The year got off to a faster start. Its calendar priced 23 deals by Feb. 15 and then went into a deep, deep sleep. The next IPO was priced on March 9, 2011, nearly a month later, but things picked up. From March through December 2011, the calendar priced 100 of the year’s 123 IPOs.
The 2010 IPO calendar opened the year with considerable activity. Its calendar priced 13 deals by Feb. 11 and then went to sleep. The next IPO was priced on March 1, 2010, and things picked up. From March through December 2010, the calendar priced 140 of the year’s 153 IPOs.
Beyond Earnings
Some think the apparent mid-February IPO slowdown is due to earnings reports. Companies are waiting to get their end-of –the-year figures in before going forward with their IPO plans.
Things have been working out that way over the recent past – a good start at the beginning of the year and then a dry spell – and no reason to think differently for 2013.
That brings us to this week and another blank IPO calendar. But don’t go away. There is always next week. Anything can  and does happen on Wall Street.
Stay tuned.
Disclosure: Neither the author nor anyone else on the staff has a position in any stocks mentioned, nor do we trade or invest in IPOs. The author and staff do not issue advice, recommendations or opinions.