I've been thinking about IPOs, and the potential lack thereof, quite a bit in connection with my next project. Today's WSJ decribes the current IPO market as hot:
U.S.-listed companies and their financial backers have sold $19.6 billion in stock this year, putting the IPO market on track for one of its biggest years since the financial crisis, according to Dealogic. Just 25% of this year's deals have priced below companies' expectations, the lowest since 2009.
How much of the new action is due to the JOBS Act? Not much, says DealProf Steven Davidoff. He recounts the Act's failure to do increase small IPOs:
The act was intended to help spur a moribund market in small I.P.O.’s. But for offerings that raised less than $100 million, there were actually fewer after the JOBS Act. According to Dealogic, there were an average of 15 such I.P.O.’s per quarter in the year before the new law versus an average of 13 per quarter the year after.
Which begs the question: how many IPOs (small or large) should there be, anyway? And what, if anything can or should the government do about it?
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