Three weeks ago, I noted that the IPO window would likely open up shortly because the biggest single factor for IPOs — the state of the overall stock market — had rallied 9 percent from its Feb. 11 low, a dramatic improvement in less than a month. I even listed likely candidates who would be first out of the gate!
Three weeks later, I'm still waiting. Three weeks later, not only has the market not rolled over, the S&P is up another roughly 3 percent.
So, market conditions continued to improve, but we don't see any IPOs. We will end the quarter with nine IPOs: seven biotech firms and two medical device companies (this includes one company this week), the lowest number since the first quarter of 2009, according to Renaissance Capital, the IPO authority that runs the Renaissance Capital IPO ETF (IPO).
And still we get excuses. This time, it's the Easter holiday: Slow last week and this week, people are still off. Now we're going into spring break. More people off.