What was supposed to be a big show of strength in the new-issues market fizzled Wednesday, bolstering concerns that the IPO craze of 2006 might have seen its best days.
Despite a marquee success in preppy retailer J. Crew(JCG Quote), the overall trend was disappointing as underwriters struggled to sell as many as seven initial public offerings. Three deals priced below their hoped-for range, while three others didn't get priced at all.
"Looking at the past month, the fact that the majority have priced below the range makes you think the IPO market is softening in lockstep with the equity market," said Doug Lovett, equity analyst at Morningstar. "At the same time, we've seen a couple of IPOs withdrawn because companies weren't happy with the price." ...
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