Bumps in the IPO Road
The IPO (initial public offering) pipeline has hit a few bumps in the road given the volatility we saw in the markets over the last couple of weeks, especially last Thursday’s intraday record market mayhem.
Nonetheless, IPO deals are getting done with a lot of companies getting mixed results.
Take today, where we saw the location-based application company (GPS navigation) TeleNAV (symbol:TNAV) reduce its IPO debut range to $8 per share (offering of seven million shares) from the original estimate of $11-$13 per share.
Also, Noranda Aluminum Holdingscut it's IPO price and will now price between $8-$9 per share. That's a decrease of almost half the orginal estimated price range of $14-$16. It's important to note that the number of shares Noranda offers might be trimmed down, as well, to 10 million instead of 16.6 million.
However, IPO deals are getting done. This week the clothing retailer Express, priced at $17.00 per share. The stock is currently trading at 17.15.
- Express Shares Rising in IPO Debut
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