The volatile start to the year is spilling into the initial public offering market, which is beginning to price new products after a one-month hiatus.
Or not. Of the three that were scheduled to price last night, two priced below their range, and the third was postponed due to market conditions.
Not a great start to the year.
Patriot National, which provides a workers' compensation marketplace for insurance companies, priced 8.3 million shares at $14, well below the price talk of $16 to $18. This was its second shot at going public. In 2010, when it was known as Patriot Risk Management, the company tried to go public, but the offer was withdrawn due to market conditions.
In a small deal, Country Bancorp, a Wisconsin-based bank, priced 1.2 million shares at $15.75, below the price talk of $16.
Finally, Sutherland Asset Management, a real estate finance company that acquires, originates, manages, services, and finances primarily SBC loans, postponed its IPO due to market conditions.
"Market conditions," by the way, is just an old Wall Street phrase that means "We can't find enough buyers at the price we want."