First-quarter IPOs yield mixed results
The IPO market has begun 2010 strongly. Three companies have soared since listing. But first-quarter performance makes it harder to meet predictions that primary capital raisings will top $10 billion this year.
The initial public offering market has made a strong start to 2010. Three companies have soared since listing and boosted the average gain for all first-quarter floats to 23 per cent. The AFR Quarterly IPO Survey shows 14 companies raised a combined $433 million, most of it from the $300 million capital raising for marine services group Miclyn Express Offshore .
Miclyn, 34 per cent owned by Macquarie Group, had a lacklustre first few trading days after its shares were priced at the low end of the indicative $1.85 to $2.30 range.
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