Hot IPOs the Exception, Not Rule

Despite all of the hoopla, when it comes to IPOs there is LinkedIn and Yandex .

Then there is everybody else.

Just look at yesterday's (Thursday's) IPOs: Freescale and Spirit Airlines.

Both priced under the expected range. By the end of the day, Freescale was barely up, while Spirit ended the day down.

And despite Spirit's symbol, SAVE (an odd one for an airline, don’t you think?), as of this writing, it's down even more.

Using data from Renaissance Capital, we've found reduced pricings are more the rule than the exception.

Since May 11, five of 11 deals — including Freescale and Spirit — were priced below the range. The others were Lone Pine Resources , The Active Network and Phoenix New Media .

Another—China Zenix Auto —priced at the low end of its range.

Then there is Nobao Renewable Energy, a Chinese deal that was expected to price last night on the New York Stock Exchange and start trading today.

On Street Signs yesterday, I noted the company had a bunch of potential accounting issues, and I quoted a few IPO experts who wondered how it ever got this far.

Late yesterday the company withdrew its offering, citing “market conditions.”

Market conditions? “That's a joke,” says David Menlow of IPO Financial. “How about your company isn't getting any interested buyers.”

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