You've heard the good news on Ferrari: the deal is tight, there are small allocations, and it's likely to price above the range.
This is great news for Ferrari, but it has nothing to do with the recent IPO market.
The price talk: 12 million shares at between $8.50 and $10.50.
It priced 6 million shares at $8, opened at $7, and is trading at $6 and change.
So instead of raising $114 million at the midpoint of $9.50, they ended up raising $48 million.
That's not only disappointing, it's downright embarrassing.
THAT is what the IPO market looks like today.
Call it the "Oh my God what a mess but at least we got it done" IPO market.
You've heard a lot about IPOs that have been postponed (Albertson's) or withdrawn (Digicell, Sungard). I concentrate on the stuff that has gone public, and how it is doing.