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Wall Street Journal
4 hrs ago
Comment
An initial public offering by Rusal, planned for the end of 2009, may be delayed until the first quarter of 2010 because the Hong Kong stock exchange's listing committee failed to decide whether to allow the deal to go ahead.
MarketWatch
5 hrs ago
Comment
Language Line Services Holdings Inc. on Monday filed to raise up to $400 million in an initial public offering with lead underwriter Morgan Stanley . The Monterey, Calif. provider of on-demand language interpretation services plans to trade on the...
Bankstocks.com
10 hrs ago
Comment
Ellington Financial LLC, run by Michael Vranos’s hedge-fund firm, plans to sell as much as $208 million in stock to buy mortgage-backed
MarketWatch
Dec 7
Comment
In order to entice Indian investors, upcoming intial public offerings will definitely need to offer more than just the prospect of listing gains.
The Economic Times
Dec 6
Comment
The stock looks attractive and investors can subscribe to the issue with a 2-3 year outlook. Gainers: BSE ( A, B ), NSE | Losers: BSE ( A, B ), NSE I 52 Week: High, Low
The Economic Times
Dec 6
Comment
Godrej Properties' may fetch listing gains, but given the risks long-term investors are advised to skip the issue.
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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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