For most people, summer is a time to lean back a little and take a breather. You know, do a little gardening, swing in the hammock with a glass of iced tea and a good book, maybe even get a tan. Not for me: My garden is filled with weeds, I'm as pale as a ghost and all I'm doing is reading S-1 filings as I try to keep pace with this unusually busy IPO market.

In years past, July meant the beginning of the summer doldrums, when the new-deal flow finally began to fall off a bit. This was when the investment bankers, lawyers and syndicate people got a much-needed chance to relax and spend at least part of all that money they earned. Of course, they deserve every penny, just so long as they keep cooking up those hot deals that are making all of you rich!

Which brings up another point: I think you IPO buyers need a rest, too. You have become completely obsessed with deal production, and you are the real reason that all of the industry folks are working such long hours. Ever hear the phrase "too much of a good thing"? Hey, kick back for a while and count all of that money you've made.

While you're busy doing that, maybe you could take a minute to sign my email petition to the

SEC

declaring the next couple of weeks an official IPO holiday, during which it would be illegal to do deals. You could take some time off, go down to the Bahamas and live it up until, shall we say, fall? This would provide me with a chance to at least mow my lawn before this summer is over.

On a side note, I cannot resist recommending this addition to your summer reading list: Check out

Cryptonomicon

, a geeky techno-thriller by Neal Stephenson. Think Tom Clancy meets the Internet. At 910 pages, it is a chunk, but I cannot put it down.

But enough relaxation. Let's look at the deals slated for this week:

Ben Holmes is the founder of ipoPros.com, a Boulder, Colo.-based research boutique specializing in the analysis of equity syndicate offerings. This column is not meant as investment advice; it is instead meant to provide insight into the methods of new and secondary offerings. Neither Holmes nor his firm has entered indications of interest in any of the companies discussed in this column. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Holmes appreciates your feedback at

bholmes@ipopros.com.

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