Non-financial IPOs drop 58% during 3rd quarter

October 13, 1992|By Bloomberg Business News

HOUSTON -- The value of initial public stock offerings by non-financial companies dropped 58 percent, or more than $3.5 billion, in the third quarter to the lowest level since the first quarter of 1991, according to a survey released yesterday.

Seventy-six non-financial IPOs raised $2.47 billion during the third quarter, down from $5.97 billion in the second quarter, according to the study by Sommers & Associates.

Financial offerings more than doubled, to $5.77 billion, in the third quarter, from $2.33 billion in the second quarter, with more than 80 percent going into investment funds.

The third-quarter IPO total was $8.24 billion, down slightly from $8.30 billion in the second quarter.

"If the IPO window began to close for individual companies earlier this year, it has slammed shut and the investment funds started putting up the winter storm windows during the third quarter," said Tom Sommers, president of the public relations/investor relations firm.

Health-related IPOs led the third-quarter decline, with an 82 percent drop in total fundings. The 19 offerings were worth $214 million.

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