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U.S. markets recover from steep losses
NEW YORK, Dec. 14 (UPI) -- A slow year for initial public offerings on Wall Street is about to pick up with the busiest week in four years, financial firm Renaissance Capital said.
It is possible 12 companies could go public this week, three more than is needed to create the busiest IPO schedule since November 2007, USA Today reported Wednesday.
"There are just so many companies who need to go public. They've been bottled up," said Kathy Smith of Renaissance Capital.
Among the most anticipated IPOs for the week are gaming Web site Zynga, apparel designer Michael Kors and Jive Software, which launched into the public arena Tuesday with shares that rose 25 percent to $15.05, the newspaper said.
Overall, "If there are (stock market) declines and if the problems in Europe spread, then the volume of (IPO) deals will be even lower," said University of Florida finance Professor Jay Ritter.
So far this year, 115 IPOs have raised $35 billion. That is down from an average year that includes about 250 IPOs that raise about $50 billion, the newspaper said.
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