Good Week for IPO Market
The post-Thanksgiving IPO drought is officially over, as three companies went public this week.
IPOs for SolarCity ( SCTY ), PBF Energy ( PBF ) and Silver Bay Realty Trust ( SBY ) have all debuted since Wednesday. That comes on the heels of Western Gas Equity's ( WGP ) initial public offering. With two more companies slated to go public as early as next week, suddenly the IPO market is alive and well as the holidays approach.
Four IPOs in December is still a pretty light number for the biggest shopping month of the year. Last year, 11 companies went public. There were 20 IPOs the year before that.
But considering there weren't any new public offerings between Thanksgiving and last Thursday, four IPOs in a week amounts to a windfall. Perhaps it will continue these last couple weeks of 2012.
For now, here is a bit more information on this week's IPOs:
- SolarCity: If you believe in alternative energy as a potential area for major growth, then keep an eye on this stock. SolarCity (not surprisingly) leases and installs solar energy systems for homes and businesses. The company raised $92 million in its IPO at $8 per share. The stock is already up to $11.90 a share - close to a 50% rise in two days.
- PBF Energy: The fifth-largest independent petroleum provider in the U.S. went public at $26 a share - the midpoint of its expected range. The stock only rose 1% in its debut yesterday.
- Silver Bay Realty Trust: A Real Estate Investment Trust (REIT) that acquires single-family properties in the U.S., Silver Bay is riding the housing recovery in going public at $18.50 a share. So far the stock is struggling - it's down a few cents with less than 90 minutes to go in its market debut.