NBC reported 50 million viewers watched the Thanksgiving Parade on Thursday, but that was not the case about 3-1/2 miles south of Macy’s in Herald Square. On Wall Street, nobody was watching the IPO calendar. There is nothing on tap for this week. However, a few footsteps were heard in the quiet canyons of Wall Street. Make no mistake: This was not a parade.
On Wednesday, Nov. 25, Albertsons Companies (ABS – proposed), the huge U.S. supermarket and drugstore chain, refiled its initial public offering. The deal was postponed on Oct. 15. Interestingly, the current proposed pricing terms were the same as the previous – 65.3 million shares at $23 to $26 each to raise $1.6 billion. None of its joint-lead managers had a pricing date the day before the Thanksgiving Day Holiday.
On Friday, Nov. 27, Atlassian (TEAM – proposed), the Australian software company, filed proposed pricing terms to offer 20 million shares at $16.50 to $18.50 each. None of its joint-lead managers had a pricing date the day after Thanksgiving.
Nevertheless, expect to see them materialize on the calendar. Companies normally don’t post offering terms without a pricing date. And besides, history is in favor of a December IPO market.
Snapshots of Decembers Past
In past years, December’s IPO calendar got off to a slow start. If you think about that, it makes sense. It takes about a week or so for bankers to get back up and running after the four-day Thanksgiving break.
With this in mind, let’s take a peek at the last five years and see what the U.S. Securities and Exchange Commission filings have to say for themselves:
2014:
First IPO priced in December: Dec. 2
Second IPO priced in December: Dec. 10
Last IPO priced in December: Dec. 18
Total IPOs priced in December 2014: 16
2013:
First IPO priced in December: Dec. 2
Second IPO priced in December: Dec. 10
Last IPO priced in December: Dec. 17
Total IPOs priced in December 2013: 13
2012:
First IPO priced in December: Dec. 4
Second IPO priced in December: Dec. 6
Last IPO priced in December: Dec. 18
Total IPOs priced in December 2012: 8
2011:
First IPO priced in December: Dec. 1
Second IPO priced in December: Dec. 8
Last IPO priced in December: Dec. 16
Total IPOs priced in December 2011: 11
2010:
First IPO priced in December: Dec. 1
Second IPO priced in December: Dec. 6
Last IPO priced in December: Dec. 21
Total IPOs priced in December 2010: 21
Warming Up for December
So there you have it. Two companies have already filed pricing terms. They are expected to be the forerunners for the December IPO calendar. It is too early to count this month out. It hasn’t even started yet – that is, if you believe in history.
Stay tuned.
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