Safe IPOs Start to Flow Back to Market

Washington-based Ferris, Baker Watts is the banker for Gladstone Commercial, which hopes to sell 5.5 million shares at $15 apiece, according to SEC filings. Gladstone is the third REIT to IPO this year, after American Financial Realty Trust(AFR Quote) and Maguire Properties(MPG Quote) in June.

Georgia bank SunTrust Robinson Humphrey is planning to take Providence Service public. Providence is expecting to sell 4.3 million shares for between $10 and $12 a share.

Lehman Brothers will manage Texas Capital's offering of an estimated six million shares for between $10 and $12 a share. In October, the bank postponed its deal, citing unfavorable market conditions.

More recently, auto parts maker JL French Automotive Casting withdrew its IPO on Monday, blaming market conditions. The news followed recent decisions by Converse, Crystal Decisions and White House to be acquired rather than go public.

While IPO activity has picked up lately -- there have not been four IPOs in one week since last November, according to Thomson Financial -- enthusiasm for deals continues to be tempered.

"We are in a market where investors are still trying to find their way back to sanity," said Hirschkorn.