The hit-or-miss market for initial public offerings is heating up again. After a brief lull during Memorial Day, a few new names are testing the waters. Last night, wearable camera maker GoPro announced they will list on the NASDAQ under the symbol (GPRO), looking to raise 17.8 million shares, with pricing expected between a range of $21—$24.
But today we have four new issues that will begin trading across several sectors. In particular, two are attracting attention because they are in very hot sectors: energy and China. On the NYSE, Zhaopin Limited (ZPIN), which runs China's second biggest online job board for white-collar workers, priced 5.6 million shares at $13.50, in the middle of the $12.50 to $14.50 range.
Hard to believe, but Chinese IPOs have outperformed U.S. IPOs this year by a wide margin. On average, the last year's Chinese pricings are up 63 percent from the IPO price (almost half on the first day, the other half post-first day). The average U.S. IPO is up 25 percent in that same period.