In fact, of the 10 worst IPOs of 2009, as measured by stock-price returns, eight came to market in the second half of the year.
Though there were several successful REIT IPOs earlier in the year from Cypress Sharpridge Investments (CYS) and Starwood Property Trust (STWD), "by the time September rolled around, the add-on REIT IPOs were harder to distinguish from each other, and ultimately experienced tepid demand," Buhr wrote.
Last week, Chesapeake Lodging Trust and Ellington Financial failed to price. Pebblebrook Hotel Trust (PEB), a hotel REIT, managed to raise $350 million.
KAR (KAR), a used-vehicle auctioneer, offered 25 million shares at $12 apiece, significantly below the expected range of $15 to $17 a share.Also on deck this week: National Beef, Team Health and Kraton Performance Polymers, none of which Buhr is overly excited about, he said. --Reported by Jeanine Poggi in New York.
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