Three deals got out the door last week, an oil and gas limited partnership and two special purpose acquisition companies — or SPACs for short. Issuers raised capital, bankers collected fees and investors went home with empty pockets — just another week on Wall Street.
If you think Wall Street’s investment bankers couldn’t get out of town fast enough after a disastrous IPO week, think again. The week was much better than most thought.
There was more riding on last week’s VeraSun Energy deal than many realized. Had it flopped, the IPO Summer of 2006 would have been over before it started.
June’s IPO market got off to a stumbling start as each deal was priced well below its filing range. But the action backstage at the IPO Theater pointed to a good month.
Three high-profile IPOs were priced last week. One crashed on take-off, one did better than expected and the other didn’t trade. Investors coughed up over $12.6 billion to buy the trio.