Cross-Market Commentary: IPO Pricings Are Typically Slow In January Jan 12

Standard & Poors, January 2012

Abstract
Following a year of more than $32 billion from 112 initial public offerings (IPOs) priced on major U.S. exchanges, can the investment community look forward to a fast opening for IPOs in January? Historically, IPO activity at the start of a year is typically tepid. Since 2000, January IPO (excluding REITs and closed-end funds) activity has reached the double-digit level just once (10 in 2006). On the other hand, in two particular years--2003 and 2009--no IPOs were completed during the month of January (see table). More significantly, the S&P 500 Index posted an average gain of 0.58% for the six best Januarys for IPOs. Conversely, the index posted an average loss of 3.46% for the six lagging Januarys, magnified by...

Companies mentioned in this report are: Nielsen Holdings N.V.

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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