Hoover’s IPO Scorecard finds new stock offerings shoot up in 3rd qtr as market gains momentum
By APMonday, October 5, 2009
IPOs soar in 3rd quarter as market regains footing
AUSTIN, Texas — The number of U.S. initial public offerings more than tripled in the third quarter compared with the same period last year, according to business information provider Hoover’s.
Hoover’s IPO Scorecard found 17 new issues on major U.S. stock exchanges in the three months ended Sept. 30, up from five in the same quarter of 2008.
This year’s third-quarter IPOs raised $5.5 billion, up from $917 million last year.
With seven trading debuts raising more than $3 billion, the week of Sept. 20 was the busiest week for U.S. IPOs in almost two years, Hoover’s said.
The biggest first-day gain came from lithium-ion battery maker A123 Systems Inc., which began trading Sept. 24 and gained 50 percent in its debut. CDC Software Corp., a unit of Hong Kong-based software and online services company CDC Corp., had the worst first-day drop, losing 17 percent.
Hoover’s said the outlook for the fourth quarter and the beginning of 2010 is good. There were more than 30 IPO filings during the third quarter with an average value of $400 million.
Four filings topped $1 billion: JBS USA Holdings Inc. at $2 billion; Hyatt Hotels Corp. at $1.15 billion; Banco Santander (Brasil) SA at $6.84 billion; and Cobalt International Energy LP at $1.15 billion.
