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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Who Said IPOs Couldn't Come Out to Play?
By: Colleen Marie O'Connor
The IPO Reporter. December 24, 2001
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Excerpt: Hosting a public offering in the aftermath of the 2000 market tech wreck wasn't really that difficult-after all, there was nowhere to go but up. Underwriters reined in their foolish behavior of sending out young and profitless companies. And it took a year, but investors finally caught onto the fact the days of triple digit returns had gone the way of the wooly mammoth. Additionally, offerings that went out after the Sept. 11 attacks have posted higher returns than the rest of 2001's IPOs combined. In all, after coming off its torrid two year pace, the 2001 IPO market went through a year of resetting itself. Granted, early on the market stymied, as not a single deal priced until Jan. 25, when Peet's Coffee & Tea (NNM:PEET) jolted the pipeline open. Just 18 IPOs braved the market in the first quarter. By comparison, 90 companies priced in Q1 2000. And yes, not a single IPO priced during the month of September, a record in and of itself. But this was also the same market where eight of the 25 largest public offerings ever, were completed. In fact, the five largest IPOs of 2001 pulled in a staggering $20.19 billion, nearly half of all the action seen this year. The 90 IPOs this year fought tooth and nail for every penny of the $42.56 billion raised in fresh capital. Once highly anticipated offerings like Lucent's Agere Systems (NYSE:AGR.A), all but begged for its $6 offer price, down from the $12 to $14 initial price range. And 2001 was also a year of massive paperwork as nearly every single Wall Street I-bank found itself named in a shareholder class action lawsuit of some type - over 1,000 such cases at last count.
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