Number of U.S. IPOs Increased Just 2% From 2006
AUSTIN, Texas--(Business Wire)--Two hundred and nine companies went public on the major U.S. stock
exchanges in 2007, a 2% increase in the number of IPOs over 2006, as
reported today by Hoover's IPO Scorecard
(www.hoovers.com/ipo/scorecard). The 209 IPOs offered on the NYSE,
NASDAQ and AMEX in 2007 raised $48.6 billion, compared to 205 IPOs in
2006, which raised $41.1 billion. Hoover's, Inc. (www.hoovers.com), a
D&B company, provides its customers the fastest path to business with
insightful information about companies, industries and key decision
makers, along with the powerful tools to find and connect to the right
people to get business done.
Year-in-Review From Hoover's IPO Scorecards
Q1 2007: Forty-four companies went public on the major U.S. stock
exchanges this quarter, including National CineMedia, which sells
movie theater advertising services. National CineMedia went public in
February, raising $798 million. This momentum would appear to continue
to build, as both AMC Entertainment and Cinemark Holdings also filed
to go public in Q1 2007.
Q2 2007: The silver screen momentum was not to be, as the highly
anticipated IPO of Cinemark Holdings took place in April, but closed
down on its first day and continues to trade below its offer price.
AMC Entertainment formally withdrew its scheduled $750 million IPO in
mid-June. There were 57 IPOs this quarter, including the $1.3 billion
IPO of cell phone operator MetroPCS Communication in April, and June's
$4.1 billion IPO of The Blackstone Group, a massive private equity
firm that owns stakes in more than 40 companies; it became the sixth
largest IPO in U.S. history.
Q3 2007: Thirty-eight companies held their IPOs this quarter,
including VMWare, which debuted in August. The company claimed the
best first-day gain of 2007 (closing up 76%), but was quickly
overtaken by athenahealth's September IPO, which closed up 97% on its
first day. In addition, five companies that filed to go public this
quarter filed to raise more than $1 billion each, including Classmates
Media Corporation, which runs the Classmates.com site.
Q4 2007: Seventy companies went public this quarter, but
turbulence in the broader market kicked in, leading to reduced
pricing, skittish investors and IPO postponements and withdrawals.
Classmates Media Corporation was one of those withdrawals, pulling the
plug on its IPO because of market conditions. The highly anticipated
IPO of on-demand software firm NetSuite Inc. (backed by Oracle Corp.'s
CEO Larry Ellison) took place the week before Christmas in a Dutch
auction-style offering. The auction format led to high bids, causing
the company to open flat with its offer price, at $26 per share, but
it closed up 37% above that at the end of the first day.
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Additional Findings From Hoover's IPO Scorecard for Q4 2007:
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Top 10 Best-Returning IPOs for Q4: Offer Q4 Close Return
MSCI Inc. $18.00 $38.40 113%
American Public Education Inc. $20.00 $41.78 109%
Genoptix Inc. $17.00 $30.70 81%
Rubicon Technology Inc. $14.00 $23.75 70%
China Digital TV Holding Co. Ltd. $16.00 $26.98 69%
Titan Machinery Inc. $ 8.50 $13.10 54%
NetSuite Inc. $26.00 $39.18 51%
MedAssets Inc. $16.00 $23.94 50%
AirMedia Group Inc. $15.00 $22.38 49%
MAP Pharmaceuticals Inc. $12.00 $17.51 46%
Best First-Day Gain: Longtop Financial Technologies Limited 85%
Worst First-Day Drop: Agria Corporation -27%
*T
"2007 saw a mixed bag of IPOs as far as industry classification
goes, but by Q4, investors were showing a strong preference for
China-based public offerings, in part due to uncertainty about the
overall strength of the U.S. economy," said Tim Walker, Hoover's
industry expert. "With mortgage sector woes and prospects of slower
economic growth in the U.S., investors began looking overseas. In
fact, twenty percent of the IPOs in Q4 were China-based and many
posted double-digit first-day gains."
Hoover's delivers comprehensive insight and analysis about the
companies, industries and people you need to know and analyzes the IPO
market daily to produce the quarterly IPO Scorecard. Each IPO
Scorecard includes an assortment of facts selected by Hoover's editors
for those following the IPO market, including the best- and
worst-performing IPOs, the biggest one-day jumps and drops in the
first day of trading, and a breakdown of IPOs by industry sector.
About Hoover's, Inc.
Hoover's, a D&B company, provides its customers the fastest path
to business with insightful information about companies, industries
and key decision makers, along with the powerful tools to find and
connect to the right people to get business done. Hoover's provides
this information for sales, marketing, business development, and other
professionals who need intelligence on U.S. and global companies,
industries, and the people who lead them. Hoover's unique combination
of editorial expertise and one-of-a-kind data collection with
user-generated and company-supplied content gives customers a
360-degree view and competitive edge. This information, along with
powerful tools to search, sort, download and integrate the content, is
available through Hoover's (http://www.hoovers.com), the company's
premier online service. Hoover's is headquartered in Austin, Texas.
Hoover's, Inc., Austin
Lisa Glass, 512-374-4662
lglass@hoovers.com
Copyright Business Wire 2008
