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October 17, 2006
The Tech IPO Resurgence Continues
The technology IPO resurgence continues, unremarked as ever. Since September 1st there have been 7 U.S. technology IPOs, only one of which, Shutterfly, is currently trading below its issue price. More strikingly, the average performance since issuance of these seven IPOs is 47%, more than four times that of the 14 non-tech IPOs during the same period.
I'll have to go back and check to be sure, but I'm reasonably confident that both in terms of raw numbers -- 7 tech IPOs in two months -- and performance -- only one decliner -- this is the best period for tech since the bubble burst.
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Some of these IPOs should not have happened, Shutterfly particularly. Read this.
It is interesting that there have been many tech IPOs, but isn't high price performance partially a measure of how mispriced the IPO was? The other part would be how high beta tech stocks perform in a general tech rally...