IPOs Flop On Busiest Day Since Late '07

Today saw the largest amount of IPOs since November 2007. But despite the flurry of deals, the new public offerings did little to instill confidence in the market.

Of the six stocks that came public today, only two are trading above their offering price. This is even worse than it sounds, since five of the six IPOs priced at or below the low end of the expected ranges.

• Speech-software company DynaVox Inc. (NASDAQ: DVOX) is trading at $15.00 after pricing 9.375 million shares at $15 per share, the low end of the expected $15-$17 range.
  
  
• Supply chain management company SPS Commerce (Nasdaq: SPSC) is trading at $13.50, after pricing 4.097 million share IPO at $12, the middle of the expected $11-$13 range.
  
  
• Codexis, Inc. (NASDAQ: CDXS) is trading at $13.59 after pricing 6 million shares at $13, the low end of the expected $13 - $15 range.
  
  
• IP-based communications solutions firm Mitel Networks (Nasdaq: MITL) is trading at $12.31 after pricing 10.5 million shares at $14 per share, below the expected $18-$20 range.
  
  
• Biotech company Alimera Sciences (NASDAQ: ALIM) is trading at $11 after pricing 6.6 million share at $11, well below the expected $15-$17 range.
  
  
• Oil & Gas seismic data provider Global Geophysical Services (NYSE: GGS) is trading $11.96 after pricing 7.5 million shares at $12 per share to the public well below the expected range of $15-$17.

You May Also Be Interested In

• BofA sees optical, satellite demand driving chipmaker earnings beat and outlook upgrade
• This is the best OTA stock to buy into Q2 earnings: Bernstein
• IBM earnings preview: Analysts assess damage after surprise negative preannouncement