Bermuda Insurers Soak Up the Sun

In the meantime, the Axis IPO is the third in less than a week, following real estate investment trusts American Financial Realty Trust (AFR Quote) and Maguire Properties (MPG Quote) last Wednesday.

The deal further raises hope for a rebound in the IPO market. Though it is still on track for another very slow year, an offering from Molina Healthcare is expected to price this week. Digital Theater Systems, Chunghwa Telecom, Direct General, Integrated Alarm, Netgear and White House, Inc. also have pricings in the pipeline for July.

Unlike the IPOs of the 1990s, the new deals represent a variety of sectors -- not just technology.

In almost all of the recent offerings, the common denominator is profitability, however. "IPO investors are very much tied to tangible performance these days," said David Menlow, president of IPOFinancial.com. "They are not looking for perceived value. They are looking for stated value."

Moreover, investors in new issues no longer expect roaring first days, which characterized the late 1990s. "The deals are opening up with premiums, but they are not running away," said Menlow.