BUZZ-Plenty of oxygen left for more US-listed IPOs
The record Alibaba IPO apparently didn't drain all the oxygen out of the room as seen with the six new US listings so far this week. Results have been mixed, but the good news is that deals are still getting done. RBS (LSE: RBS.L - news) was compelled to accept a lower valuation for its $3 bln spinout of Citizens Financial. Tuesday night saw pricings above, below and at the bottom of filed ranges. While the heavy new issuance calendar of IPOs and follow-ons has caused some fatigue, more deals are on the way. With Q3 earnings season around the corner, investment banks are pushing as many deals out the door as they can while they have the buyside's full attention. But companies should expect portfolio managers, who have chased IPOS to goose returns into year-end, to be even more discerning. Now (NYSE: DNOW - news) that the Alibaba euphoria is over, it's a buyers' market.
Reuters Buzz is a commentary and analysis service. The writers' views are their own. (Reuters Messaging: lance.tupper.thomsonreuters.com@reuters.net)