The IPO Board

[MLD38]

IPOs: historical data research items

Here are some links that might help with your research. I know there are probably more, but I did a quick word search using Google and these look like a good sampling of places to start the research. Hope these help. MLD38

IPO Data: various items of interest with links found here
http://bear.cba.ufl.edu/ritter/ipodata.htm
examples:
(includes, but not limited to the following AND note that some links may longer access the item)

Monthly Number of IPOs and the average first day return in " The Market's Problems with the Pricing of Initial Public Offerings," Journal of Applied Corporate Finance, 1994, 66-74. This contains a listing, by month, of the number of IPOs and the average first day return.
and
"Big IPO Runups of 1975-September 2007," September 2007
and
Long-run Returns on IPOs from 1970-2003.

and
First-day returns categorized by the revision in the offer price from the file price range.

and
Gross spreads on IPOs, 1985-2006.



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Also see:

123jump lets you search IPO data by year:
Data includes gainers and losers
http://www.123jump.com/ipo/ipo_recent
the above link is most recent, but the menu at the top lets you click on the following years
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000

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Hoovers' IPO Scorecard lets you research by:
Best/Worst Returns
Biggest First Days
Happy CEOs
Money Left on the Table

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The IPO Investigations: Who's the Victim? What's the Harm?
by John C. Coffee Jr.
http://www.pbs.org/wgbh/pages/frontline/shows/dotcon/crying/coffeeipos.html
John C. Coffee Jr. is the Adolf A. Berle Professor of Law at Columbia University Law School. This article was written while Professor Coffee was also serving as the Joseph Flom Visiting Professor of Law at Harvard University Law School

includes items like:

· The First-Day Price Spike Puzzle

· The Allocation Issue

· Pushing the Envelope

· Who Is the Victim?

· Other Victims: Retail Investors
which starts off:
..."Another constituency may be even more adversely affected by current practices. This group consists of those investors who do buy in the secondary market, either on the first trading day or shortly thereafter. Typically, these are persons who did not receive an IPO allocation (or only a small one). The best known empirical regularity about IPOs is that the issuer's stock price tends to decline at some point during the year following the initial price spike, often to a level below the initial offering price. Thus, those who buy in the secondary market immediately following the IPO tend to lose.

Although this typical post-offering price decline may seem surprising, the reasons underlying it are logical. First, there is a systematic imbalance between supply and demand in the period following the IPO, with supply being deliberately restricted."....

After the long section above is:

· Prospects for Reform

At the end is: NOTES

1. See Tim Loughran and Jay Ritter, "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?" (Social Science Research Network, August 21, 2000).

2. See Rajesh Aggarwal, Laurie Krigman, and Kent Womack, "Strategic Underpricing, Information Momentum and Lockup Expiration Selling" (Social Science Research Network, April 2001).