Companies rethinking IPO plans
“The current market is on hold,” said James Krapfel, an analyst with Morningstar Research. Facebook’s shares have fallen nearly 26 percent since their debut, and that, he added, has “really put a damper on investors’ enthusiasm for IPOs.”
A senior IPO banker put it more bluntly, saying, “It’s pretty ugly out there.”
Subtract Facebook from the initial public offering data for the year to date, and 2012 is shaping up to be one of the worst years since 2007. So far this year, 73 companies have priced offerings, raising $29.1 billion, according to Thomson Reuters.
Facebook alone accounts for $16 billion of those proceeds, or more than half of the activity for the year to date.
And several companies that successfully brought offerings to market earlier this year, like the private equity firm Carlyle Group, priced below their expected range. Others, like BrightSource Energy and the aluminum products maker Aleris, withdrew their offerings altogether.
The sagging market for new offerings reflects diminished investor confidence in stocks broadly. IPOs, experts say, are among the riskiest financial offerings one can invest in. Buying into a deal means making a bet on a relatively unproven management team and a company with limited insight into its financial performance.
“It’s going to be a slow summer,” Krapfel said. Premier Health Partners (PHP) has announced two organizational changes. Mark Shaker dba Shine Dental Laboratory, 5397 Burkhardt Road, Dayton 45431 3801 N. Dixie Dr. Suite B, Dayton 45414
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