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IPO watchers at odds on Nymex pricing
NEW YORK (MarketWatch) -- Analysts in the market for initial public offerings were mixed on whether bankers for the moon-shot IPO from Nymex Holdings Inc. was priced too low.
Joint book-running managers J.P. Morgan (JPM) and Merrill Lynch (MER) priced the deal at $59 a share.
It opened at $120 and rose to $134.75 in the open market, in the biggest first-day gain in six years by a U.S.-based offering.
The pricing came in above the expected range of $54 to $57 a share, which had been raised from $48 to $52 a share.
If the Nymex (NMX) IPO was priced at $135 a share, the company would have raised $878 million, or nearly $500 million more than its actual IPO proceeds of $383 million.
David Menlow of IPOfinancial.com said that the pricing reflected a difficult balancing act by the underwriters between serving the company and fueling a healthy aftermarket demand for the stock.
Bankers work under an unspoken protocol to discount IPOs to encourage buying in the open market, according to Menlow.
12:55 p.m. 11/17/2006 By Steve Gelsi
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ссылку дать не могу, ибо статьи нет в открытом доступе.
домашнее задание: понять, кто положил в карман 400 mil., если наймекс получил бабло из расчёта по 59, а рынок открылся по 120.
вывод: хочу работать андеррайтером.
замечательно, что аналисты до сих пор "mixed" по поводу того, были ли занижены акции наймекса.
IPO watchers at odds on Nymex pricing
NEW YORK (MarketWatch) -- Analysts in the market for initial public offerings were mixed on whether bankers for the moon-shot IPO from Nymex Holdings Inc. was priced too low.
Joint book-running managers J.P. Morgan (JPM) and Merrill Lynch (MER) priced the deal at $59 a share.
It opened at $120 and rose to $134.75 in the open market, in the biggest first-day gain in six years by a U.S.-based offering.
The pricing came in above the expected range of $54 to $57 a share, which had been raised from $48 to $52 a share.
If the Nymex (NMX) IPO was priced at $135 a share, the company would have raised $878 million, or nearly $500 million more than its actual IPO proceeds of $383 million.
David Menlow of IPOfinancial.com said that the pricing reflected a difficult balancing act by the underwriters between serving the company and fueling a healthy aftermarket demand for the stock.
Bankers work under an unspoken protocol to discount IPOs to encourage buying in the open market, according to Menlow.
12:55 p.m. 11/17/2006 By Steve Gelsi
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ссылку дать не могу, ибо статьи нет в открытом доступе.
домашнее задание: понять, кто положил в карман 400 mil., если наймекс получил бабло из расчёта по 59, а рынок открылся по 120.
вывод: хочу работать андеррайтером.
замечательно, что аналисты до сих пор "mixed" по поводу того, были ли занижены акции наймекса.
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Date: 2006-11-18 01:12 am (UTC)