The answer? Until last week, seven IPOs have been priced. Now the figure has risen to eight.
Here’s the roll call:
Accredited Home Lenders (
LEND: chart), a San Diego-based mortgage banking company, priced its offering at $8 a share on Feb. 14, 2003. The stock closed Friday, June 13, 2003, at $22.10 a share, up 176.3 percent from its initial offering price.
Lead manager Friedman Billings Ramsey’s spokesperson said the deal was an initial public offering. That’s right –- an IPO.
Bancshares of Florida (
BOFL: chart), a Naples, Florida-based bank holding company, priced its offering at $10 a share on Feb. 2, 2003. The stock closed Friday, June 13, 2003, at $9.72 a share, down 2.8 percent from its initial offering price.
Lead manager Advest’s spokesperson said a few hundred shares had traded on the Nasdaq’s bulletin board ahead of the pricing, but the deal was treated as an IPO.
Endurance Specialty Holdings (
ENH: chart), a Bermuda-based property insurance company, priced its offering at $23 a share on Feb. 27, 2003. The stock closed Friday, June 13, 2003, at $30 a share, up 30.4 percent from its initial offering price.
A spokesperson for lead co-manager Goldman Sachs said the deal was treated as an IPO.
Infinity Property and Casualty (
IPCC: chart), an Alpharetta, Georgia-based automobile insurance company, priced its offering at $16 a share on Feb. 11, 2003. The stock closed Friday, June 13, 2003, at $22.10 a share, up 38.1 percent from its initial offering price.
A spokesperson for lead co-manager Credit Suisse First Boston said the deal was an IPO.
iPayment (
IPMT: chart), a Nashville-based credit and debit card payment processor, priced its offering at $16 a share on May 12, 2003. The stock closed Friday, June 13, 2003, at $22.90 a share, up 43.1 percent from its initial offering price.
A spokesperson for lead co-manager Bear Stearns said the deal was an IPO.
Red Performance Products (
RED: chart), a Vista, California-based designer of snowmobiles, priced its offering at $4.50 a share on May 14, 2003. The stock closed Friday, June 13, 2003, at $4.65 a share, up 3.3 percent from its initial offering price.
A spokesperson for lead manager GunnAllen Financial said the deal was an IPO.
Telkom SA (
TKG: chart), a South African-based telecommunication company, priced its offering at $13.98 a share on March 3, 2003. The stock closed Friday, June 13, 2003, at $17.45 a share, up 24.8 percent from its initial offering price.
A spokesperson for co-lead manager Deutsche Bank said the deal was an IPO.
So there you have it. Believe the lead managers. Or believe the various financial reporting services. It’s your call.
Here’s another eye popper:
At the close of business on Friday, June 13, 2003, the Nasdaq Composite Index, the barometer of the IPO market, stood at 1,626.49, up 21.8 percent for the year.
The average return for the eight IPOs priced in 2003, measured from their initial offering prices, was up 38 percent each.
