IPOs Post Another Record, Raising $3.7 Billion in January

Undaunted by the Nasdaq's postmillennial ups and downs, the IPO market roared to a boisterous start last month. The first day of February proved no different.

According to Thomson Financial Securities Data, IPOs posted their best January ever. Considering the stock market as a whole lost ground last month, when little IPO action was expected, the IPO well looks ready to keep gushing. Tuesday's action, featuring three 200%-plus first-day pops, will certainly do nothing to change that sense.

Nonetheless, IPO market observers suggest that the very strength of this year's early action could come back to haunt future new offerings, even as they note the high-profile plays set to hit the market toward the end of this month.

Hot in the City

For January, the 20 issues that went to market raised $3.7 billion, compared with 12 IPOs raising $917 million in January a year ago. IPOs did well in part because of the mammoth John Hancock Financial Services (JHF Quote) offering, which raised almost $1.5 billion on Jan. 27. ...