US IPOs: What Shape Is The Pipeline In?

As we highlight in our top story this week (see 'Emerging Market IPOs: Decoupling In Action?'), 2009 has seen a marked disconnect between the quantity and size of IPOs in emerging markets compared to those in the US, with those in the latter largely limited to smaller offerings in defensive sectors. This was underlined on July 1 with the reported successful pricing of Software maker LogMeIn's US$107mn IPO. Massachusetts-based software firm LogMeIn shares reportedly sold 6.7mn shares to raise a total of US$106.7mn, with shares pricing at the top of the US$14 - US$16 a share range. It represented the 12th US IPO of 2009, and so far all but one (private education provider Bridgepoint Education) has priced at the top of, or above the indicative pricing range, while the other 11 have successfully traded above the listing price since the initial offering.

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