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Business Standard
Nov 7
Comment
India could be among the first markets to see a recovery in the initial public offer (IPO) space, according to a survey by Ernst & Young (E&Y), a global financial advisor. The surveys findings point out that recovery is expected by the end of 2009...
TheStreet.com
Nov 7
Comment
Dole Foods is ranked as the most successful of the recent IPOs by readers of TheStreet.com.
Wall Street Journal
Nov 7
Comment
A $2.5 billion IPO by aluminum firm Rusal will be one of the year's hottest deals. But some banks are cool toward working with its founder, Oleg Deripaska.
EE Times
Nov 6
Comment
MaxLinear Inc., a provider of CMOS-based radio-frequency analog and mixed-signal semiconductors, announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of...
Wall Street Journal
Nov 6
Comment
The U.S. IPO market is closing out the week with a mixed pair of deals, as solar company STR Holdings rose and China's Duoyuan Printing declined.
TheStreet.com
Nov 6
Comment
A safer strategy than playing IPOs is to seek underfollowed names with signs of a looming uplisting.
Wall Street Journal
Nov 6
Comment
Maxis' $3.7 billion initial public offering, the largest ever in Southeast Asia, is attracting investor interest because of its sheer size and a promising dividend.
Wall Street Journal
Nov 6
Comment
The dismantling of Citigroup Inc. continued, as the banking company unveiled plans to spin off its Primerica Inc. life-insurance and mutual-fund sales unit.
Wall Street Journal
Nov 5
Comment
The dismantling of Citigroup Inc. continued, as the banking company unveiled plans to spin off its Primerica Inc. life-insurance and mutual-fund sales unit.
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more ▼WIKI ANALYSIS
WIKI ANALYSIS| This article is part of WikiProject Definitions. Consider editing to improve it. View articles referencing this definition. |
An initial public offering, or IPO, is the first sale of a corporation's common shares to investors on a public stock exchange. The main purpose of an IPO is to raise capital for the corporation. While IPOs are effective at raising capital, being listed on a stock exchange comes with heavy regulatory compliance and reporting requirements.
The term IPO only refers to the first public issuance of a company's shares. If a company later sells newly issued shares again to the market, it is called a seasoned equity offering. When a shareholder sells shares, it is called a secondary offering and the shareholder, not the company that originally issued the shares, retains the proceeds of the offering. These terms are often confused and only a company which issues shares can make a primary offering or IPO. Secondary offerings occur on the secondary market, where shareholders (not the issuing company) buy and sell shares from and to each other.
The IPO process starts when the corporation files a registration statement, according to the Securities Act of 1933, with the SEC. The SEC then investigates the registration statement and approves the full disclosure. The underwriter first issues a preliminary prospectus and then an official prospectus before or along with the stock offering. After SEC approval, the price and date of the IPO are decided.
Investing in an IPO is a risky and speculative investment. Only active traders, depending on their investment objectives and risk tolerance, should consider this type of investment.
IPO Calendar
IPOs in 2009
| Company | Exchange | Ticker | Industry | Offer Date | Proposed Price Range | Shares (in millions) | IPO Price | 1st Day Close | Lead Underwriters |
| Emdeon | NYSE | EM | Technology | 5 Aug | $13.50 - $15.50 | 21.50 | NA | NA | Morgan Stanley |
| Avago Technologies (Video) | NASDAQ | AVGO | Technology | 5 Aug | $13.00 - $15.00 | 36.00 | NA | NA | Barclays Capital, Deutsche Bank |
| CDC Software (Video) | NASDAQ | CDCS | Technology | 3 Aug | $11.00 - $13.00 | 4.80 | NA | NA | Lazard, JMP Securities |
| PennyMac Mortgage Investment Trust (Video) | NYSE | PMT | Financials | 30 Jul | NA | 20.00 | $20.00 | NA | Credit Suisse, Deutsche Bank |
| Sutherland Asset Management (Video) | NYSE | SLD | Financials | 3 Aug | $15.00 - $15.00 | 16.70 | $15.00 | NA | UBS Investment Bank, Keefe Bruyette Woods |
| Globe Specialty Metals | NASDAQ | GSM | Basic Materials | 29 Jul | $7.00 - $9.00 | 14.00 | NA | NA | Credit Suisse, Jefferies & Company |
| LogMeIn | NASDAQ | LOGM | Technology | 1 Jul | $14.00 - $16.00 | 6.67 | $16.00 | $20.02 | Barclays Capital, J P Morgan |
| Invesco Mortgage Capital | NYSE | IVR | Financials | 26 Jun | $20.00 - $20.00 | 8.50 | $20.00 | NA | Credit Suisse, Morgan Stanley |
| Medidata Solutions | NASDAQ | MDSO | Technology | 25 Jun | $11.00 - $13.00 | 6.30 | $14.00 | $17.00 | Piper Jaffray |
| Chemspec International | NYSE | CPC | Consumer Goods | 24 Jun | $7.00 - $9.00 | 8.09 | $9.00 | $9.00 | Citigroup, Credit Suisse |
| Duoyuan Global Water | NYSE | DGW | Consumer Goods | 24 Jun | $13.00 - $15.00 | 5.50 | $16.00 | $21.87 | Citigroup, Credit Suisse |
| Cypress Sharpridge Investments | NYSE | CYS | Financials | 12 Jun | $11.00 - $13.00 | 9.10 | $11.00 | $11.55 | Merrill Lynch, Morgan Stanley |
| Government Properties Income Trust | NYSE | GOV | Financials | 3 Jun | $20.00 - $22.00 | 10.00 | $20.00 | $19.47 | Merrill Lynch |
| OpenTable | NASDAQ | OPEN | Consumer Services | 21 May | $12.00 - $14.00 | 3.00 | $20.00 | $31.89 | Merrill Lynch |
| SolarWinds | NYSE | SWI | Technology | 20 May | $9.50 - $11.50 | 12.10 | $12.50 | $13.75 | Goldman Sachs, J P Morgan |
| DigitalGlobe | NYSE | DGI | Technology | 14 May | $16.00 - $18.00 | 14.70 | $19.00 | $21.50 | J P Morgan, Morgan Stanley |
| Rosetta Stone | NYSE | RST | Technology | 16 Apr | $15.00 - $17.00 | 6.25 | $18.00 | $25.12 | Morgan Stanley, William Blair |
| Bridgepoint Education | NYSE | BPI | Consumer Services | 14 Apr | $14.00 - $16.00 | 13.50 | $10.50 | $11.20 | Credit Suisse, J P Morgan |
| Changyou.com | NASDAQ | CYOU | Technology | 2 Apr | $14.00 - $16.00 | 7.50 | $16.00 | $20.02 | Credit Suisse, Merrill Lynch |
| NIVS IntelliMedia Tech | NYSE | NIV | Consumer Goods | 13 Mar | $3.50 - $3.50 | 0.55 | $3.50 | $4.20 | WestPark Capital |
| Mead Johnson Nutrition | NYSE | MJN | Consumer Services | 11 Feb | $21.00 - $24.00 | 30.00 | $24.00 | $26.43 | Citigroup, Morgan Stanley |
IPOs in 2008
| Company | Exchange | Ticker | Industry | Offer Date | Proposed Price Range | Shares (in millions) | IPO Price | 1st Day Close | Lead Underwriters |
| Grand Canyon Education | NASDAQ | LOPE | Consumer Services | 20 Nov | $12.00 - $14.00 | 10.50 | $12.00 | $11.85 | Credit Suisse, Merrill Lynch |
| Chardan 2008 China Acq Corp | NASDAQ | CACAU | Financials | 11 Aug | $8.00 - $8.00 | 6.90 | $8.00 | $8.12 | Brean Murray, Maxim Group |
| Rackspace Hosting | NYSE | RAX | Technology | 8 Aug | $12.00 - $16.00 | 15.00 | $12.50 | $10.01 | Credit Suisse, Goldman Sachs |
| China Mass Media Corp | NYSE | CMM | Consumer Services | 4 Aug | $5.20 - $7.20 | 7.20 | $6.80 | $6.50 | Merrill Lynch |
| China Distance Education | NYSE | DL | Consumer Services | 30 Jul | $7.00 - $8.00 | 8.80 | $7.00 | $6.15 | Citigroup, Merrill Lynch |
| GT Solar International | NASDAQ | SOLR | Technology | 24 Jul | $15.50 - $17.50 | 30.30 | $16.50 | $14.59 | Credit Suisse, UBS Investment Bank |
| North Asia Investment Corp | AMEX | NHR | Financials | 23 Jul | $10.00 - $10.00 | 5.00 | $10.00 | $9.69 | Citigroup |
| Energy Recovery | NASDAQ | ERII | Consumer Goods | 2 Jul | $7.00 - $9.00 | 14.00 | $8.50 | $9.83 | Citigroup, Credit Suisse |
| Navios Maritime Acq Corp | NYSE | NNA | Financials | 25 Jun | $10.00 - $10.00 | 22.00 | $10.00 | $10.05 | Deutsche Bank, J P Morgan |
| Hong Kong Highpower | AMEX | HPJ | Consumer Goods | 19 Jun | $3.00 - $4.00 | 0.60 | $3.25 | $6.84 | WestPark Capital |
| Britania Bulk Holdings | NYSE | DWT | Other | 18 Jun | $17.00 - $19.00 | 8.33 | $15.00 | $13.85 | Banc of America, Goldman Sachs |
| RHI Entertainment | NASDAQ | RHIE | Consumer Services | 18 Jun | $16.00 - $18.00 | 13.50 | $14.00 | $13.50 | Banc of America, J P Morgan |
| Safe Bulkers | NYSE | SB | Other | 29 May | $20.00 - $22.00 | 10.00 | $19.00 | $18.90 | Credit Suisse, Merrill Lynch |
| American Capital Agency | NASDAQ | AGNC | Financials | 15 May | $20.00 - $20.00 | 10.00 | $20.00 | $19.35 | Citigroup, Merrill Lynch |
| Verso Paper | NYSE | VRS | Consumer Goods | 15 May | $16.00 - $18.00 | 14.00 | $12.00 | $10.00 | Citigroup, Credit Suisse |
| Western Gas Partners | NYSE | WES | Oil & Gas | 9 May | $16.00 - $19.00 | 18.75 | $16.50 | $16.50 | Citigroup, UBS Investment Bank |
| Colfax Corp | NYSE | CFX | Consumer Goods | 8 May | $15.00 - $17.00 | 18.75 | $18.00 | $21.00 | Lehman Brothers, Merrill Lynch |
| Real Goods Solar | NASDAQ | RSOL | Consumer Goods | 8 May | $10.00 - $12.00 | 5.50 | $10.00 | $8.80 | ThinkEquity |
| Pioneer Southwest Energy | NYSE | PSE | Oil & Gas | 1 May | $19.00 - $21.00 | 8.25 | $19.00 | $19.65 | Citigroup, Deutsche Bank |
| Hatteras Financial | NYSE | HTS | Financials | 25 Apr | $24.00 - $26.00 | 10.00 | $24.00 | $24.68 | Banc of America, Keefe Bruyette Woods |
| Whiting USA Trust I | NYSE | WHX | Financials | 25 Apr | $19.00 - $21.00 | 10.85 | $20.00 | $20.85 | Raymond James, Wachovia Securities |
| American Water Works | NYSE | AWK | Utilities | 23 Apr | $24.00 - $26.00 | 58.00 | $21.50 | $20.60 | Citigroup, Goldman Sachs |
| Intrepid Potash | NYSE | IPI | Basic Materials | 22 Apr | $27.00 - $29.00 | 30.00 | $32.00 | $50.40 | Goldman Sachs, Merrill Lynch |
| Visa | NYSE | V | Financials | 20 Mar | $37.00 - $42.00 | 406.00 | $44.00 | $56.50 | Goldman Sachs, J P Morgan |
| CardioNet | NASDAQ | BEAT | Health Care | 18 Mar | $18.00 - $20.00 | 4.50 | $18.00 | $17.70 | Citigroup |
| Heritage-Crystal Clean | NASDAQ | HCCI | Consumer Services | 12 Mar | $10.50 - $12.50 | 1.91 | $11.50 | $14.19 | William Blair, Piper Jaffray |
| BioHeart | NASDAQ | BHRT | Health Care | 19 Feb | $6.00 - $8.00 | 1.10 | $5.25 | $5.00 | Dawson James, Merriman Curhan Ford |
| ArcSight | NASDAQ | ARST | Technology | 14 Feb | $9.00 - $11.00 | 6.86 | $9.00 | $8.78 | Lehman Brothers, Morgan Stanley |
| MAKO Surgical | NASDAQ | MAKO | Health Care | 14 Feb | $10.00 - $11.00 | 5.10 | $10.00 | $9.18 | J P Morgan, Morgan Stanley |
| Asia Time | AMEX | TYM | Consumer Services | 12 Feb | $3.00 - $4.00 | 0.84 | $3.50 | $8.50 | WestPark Capital |
| ATA Inc | NASDAQ | ATAI | Consumer Services | 29 Jan | $9.50 - $11.50 | 4.87 | $9.50 | $8.75 | Merrill Lynch |
| Cascal B.V. | NYSE | HOO | Utilities | 29 Jan | $12.00 - $13.00 | 12.00 | $12.00 | $12.00 | Credit Suisse, J P Morgan |
| IPC The Hospitalist Company | NASDAQ | IPCM | Health Care | 25 Jan | $15.00 - $17.00 | 5.20 | $16.00 | $20.48 | Credit Suisse, Jefferies & Company |
| RiskMetrics Group | NYSE | RMG | Financials | 25 Jan | $17.00 - $19.00 | 14.00 | $17.50 | $23.75 | Merrill Lynch |
| Williams Pipeline Partners | NYSE | WMZ | Oil & Gas | 18 Jan | $19.00 - $21.00 | 16.25 | $20.00 | $20.00 | Citigroup, Lehman Brothers |
See Also
- This Year's Priced IPOs, IPO Home
- Last 100 IPOs, IPO Scoop
- IPOs This Week, MarketWatch
- IPO Roadshows, RetailRoadshow
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