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Buzz of busiest day in years on IPO market fizzles out
Saturday, 24 April. 2010



The IPO market staged a revival yesterday as six companies went public - the busiest day in more than two years. But it was a disappointing comeback as most raised less than they wanted and shares slid or sputtered.The bottom line: private equity firms are eager to discharge companies in their portfolios after a long drought nearly dried up the capital markets, and investors think offering prices are too high.

All the companies that went public, except for supply chain online software maker SPS Commerce, priced below or at the bottom of expectations. SPS Commerce closed up US$1.60 ($2.24), or 13.3 per cent, to US$13.60.Canadian internet protocol communications company Mitel Networks Inc was an "unmitigated disaster", said IPOBoutique analyst Scott Sweet, its shares plunging 12 per cent after selling for US$14 each to initial investors, well below the expected US$18 to US$20.
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