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August 15, 2004
Nasty IPO Weather Out There
It's nasty IPO weather our there in the capital markets. Case in point, the following figure from a recent Smith Barney Report:
In other words, almost 40% of offerings are going out below the filing range. That is in excess of one standard deviation above norms. If we make it to 50% then we'll have the dubious honor of having matched the all-time low, back in 1982. We have already nearly matched the post-bubble IPO bust of 2000-2001.
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