IPOs Take Center Stage
One more try: Hyatt tries to beat the IPO jinx with its offering this week.
Another important week for IPOs, as hotel giant Hyatt Hotels (symbol: H) is expected to price Thursday for trading Friday at the NYSE; seeking to raise over $900 million: 38 million shares at $23-$26. Lots of drama here, surrounding the Pritzker family infighting.
A couple of well-known retail names have also announced terms for their IPO, though not clear when they will begin trading:
1) Hot teen retailers rue21 (proposed symbol RUE) announced terms of its IPO at the NASDAQ, seeking to sell 6.77 million shares at $16-$18 per share (about $115 million). They operate 500 stores in 43 states.
2) Dollar General also announced details of its IPO: 34.1 million shares at $21-$23.
October was not a great month for IPOs. While Vitamin Shoppe did well:
1) Dole Foods is under water;
2) RailAmerica is HALF its $22 initial price of $22;
3) Banco Santander Brasil, the biggest IPO of the year in the U.S., is trading nearly $2 below its initial price of $13.40;
4) and last week natural gas giant AEI just walked away from its IPO when they could not get the price they wanted.
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