It has been a tale of two markets for US initial public offerings.
It was the busiest month for technology IPOs since 2000, according to Dealogic. LinkedIn, the social network, debuted to much fanfare and saw its shares rocket from $45 at their initial sale to as much as $122 on their first day. A few days later, Yandex, the Russian web search company, saw a “pop” of 55 per cent.
But issues tied to industry and commodities had poor showings. Freescale Semiconductor, a private equity-owned?automotive chipmaker, had to lower its offer price. And last week Spirit Airlines, a discount carrier, and Lone Pine Resources, a Canadian oil and gas group, saw their shares fall in first-day trading.
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