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IPOs Remain Silent Despite Record Market

Chris Preston

IPOs sizzled in May and June as 48 companies went public on U.S. exchanges – the highest two-month tally since 2007. July has been a different story.

Not a single initial public offering has priced this month. That’s something of a surprise given the current market climate. Stocks set another record today, with the S&P 500 closing at a fresh all-time high of 1,682.50. It’s the eighth straight day the S&P has risen.

For some reason, however, IPOs haven’t followed suit. Yet.

The drought could come to an end in a big way starting this week. According to Renaissance Capital, 17 companies are lined up in the IPO pipeline. Seven are expected to price this week. Those include:

  • Diamond Resorts International, a Las Vegas-based timeshare company.
  • NRG Yield, a renewable and thermal power company.
  • Physicians Realty Trust, a REIT that acquires, develops and manages healthcare properties.
  • RetailMeNot, operator of the largest digital coupon sites in the U.S. and U.K.

No IPO has priced since June 27. Expect the drought to end this week. Once it does – given that markets are at all-time highs – the IPO floodgates may open.

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