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IPOs Are Dropping Like Flies

Posted Jan 28, 08 12:40 PM CST in Business 

(Newser) – The subprime flu that’s laid low Wall Street has infected another victim: IPOs. Because of market volatility, 24 IPOs have been shelved this month—the most in a decade, Bloomberg reports. Tommy Hilfiger Corp. highlights a roster of firms that postponed or canceled going public. The largest was Imperium Renewable, a biodiesel producer that says it abandoned its $345 million sale because of “unfavorable market conditions.''

"Unless we have a fairly dramatic shift, the IPO market is going to be pretty dormant,'' said an investment attorney. "Investors don't want to buy into an investment that has a decent likelihood of going down.'' Bloomberg’s IPO Index says first-year stocks dropped 9% last year, compared to the S&P 500’s 6.4% decline.

Source Bloomberg

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Tommy Hilfiger speaks to reporters before his 2008 spring/summer collection is modeled during Fashion Week in New York, Wednesday, Sept. 12, 2007. (AP Photo/Seth Wenig)   (Associated Press)
An electronic sign shows the decline in the value of Nasdaq stock before the open of the market on Tuesday, Jan. 22, 2008 in New York. Wall Street has fallen sharply in recent weeks.   (Associated Press)
A stock market trader gestures during trading at the New York Stock Exchange   (Getty Images)
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