发布者: chrislau2001 | 发布时间: 2008-9-2 12:57| 查看数: 1819| 评论数: 1|

The global market for new-stock issues set a record in August that is nothing to brag about: The lowest number of deals since data provider Dealogic began tracking them in 1995.

Just 25 companies priced their initial public offerings of stock somewhere in the world last month, raising $1.25 billion, according to Dealogic. That is the ninth-smallest amount of money raised in a month.

August is traditionally a quiet IPO time, but this one was a sleeper even compared with August 2007, when 88 companies raised $8.18 billion around the globe. Figures exclude real-estate investment trusts and special purpose acquisition companies, or SPACs.

Every major region, from Europe to Asia to North America, showed a precipitous drop in completed IPOs.

'General market conditions have obviously been extremely challenging, led by financial-sector stocks, from banks to mortgage insurers and mortgage companies,' said David J. Topper, vice chairman of equity capital markets at J.P. Morgan Chase & Co.

He said he thinks most potential IPO candidates are waiting for market conditions to improve before launching their deals.

When those market conditions will improve, however, is anyone's guess. In a typical year, the IPO market pauses in late August before revving to life again, usually by mid-September. This year, it is contending with dismal stock markets around the world. The pan-European Dow Jones Stoxx 600 Index, while up in August, has dropped 21% this year, and Asian markets have posted double-digit declines. The Dow Jones Industrial Average is down 13% this year. When markets are bad, investors generally shun the risk of an untested company.

While no one anticipates an early-autumn revival, there could be some pickup in the fourth quarter, said Thomas B. Fox Jr., head of global capital markets for the Americas at UBS AG.

'If we can get through the next couple of months to find some stability in the broader market and people could then refocus on 2009 earnings expectations, you could make the case that we could have an increase and [better performance] in IPOs during the fourth quarter,' he said.

Some of that stability needs to come from the financial sector, which has been hit month after month by giant write-downs, dilutive stock sales and bank failures.

'A lot of the problems that have been plaguing the markets are still going on. The financial sector still has issues to work through, and that will take another quarter or two, which will weigh on the market,' J.P. Morgan's Mr. Topper said. 'I certainly don't see conditions changing immediately post-Labor Day. I think 2008 overall, frankly, is going to be a pretty slow year if certain fundamentals don't improve.'

Elsewhere in the IPO market:

-- In an unexpected shift, the number of IPOs withdrawn or postponed world-wide during the month declined to 13, its lowest level since September 2007, when eight were pulled, according to Dealogic.

August's number represents a significant improvement from July, when 33 deals were scratched. However, the decline could be caused by fewer companies attempting to navigate the headwinds of the current market, and thus fewer deals needing to be pulled.

Lynn Cowan

[ 本帖最后由 shunitang 于 2008-9-3 09:56 编辑 ]


chrislau2001 发表于 2008-9-2 13:34:39

For IPOs In August, A Sound Of Silence





摩根大通(J.P. Morgan Chase & Co.)股权资本市场副董事长大卫•托普(David J. Topper)表示,总的市场环境显然非常严峻,从银行到抵押贷款保险商以及抵押贷款公司,金融类股表现最为低迷。



广告瑞士银行(UBS AG)驻美国的全球资本市场主管托马斯•福克斯(Thomas B. Fox Jr.)说,虽然没人指望IPO市场能在初秋回升,但第四季度有所反弹却是可能的。







Lynn Cowan

[ 本帖最后由 shunitang 于 2008-9-3 09:57 编辑 ]
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