Hoover's IPO Analysis For Second Quarter 2002 Now Available On Hoover's IPO Central
FOR IMMEDIATE RELEASE
AUSTIN, TEXAS - July 1, 2002 - The waiting game continues in the IPO market. While 44 companies filed to go public in Q1 2002, only 29 actually priced in Q2 2002, according to quarterly analysis in the latest IPO Scorecard (www.hoovers.com/ipo/scorecard) from Hoover's, Inc. (Nasdaq: HOOV), a leading provider of business information and publisher of the Hoover's Online (www.hoovers.com) service.
IPO Central's Q2 2002 IPO Scorecard shows there were 29 IPOs for the quarter, which raised $4 billion, compared to 28 IPOs for the year-ago quarter, which raised $17.8 billion. From January through June 2002, there have been 44 IPOs, raising $12.8 billion. This compares to 49 IPOs, which raised $26 billion for the same period last year.
The week of May 20, 2002 marked the busiest week so far this year, with seven IPOs - a level of activity not seen since there were nine IPOs during the week of December 10, 2001. However, three IPOs closed below their offering price on the first day of trading in Q2 2002; in Q1 2002, no IPO closed down on its first day of trading. The first dot-com to go public since 2000, Overstock.com, made its IPO debut the last week of May 2002, but closed nearly flat on its first trading day. Overstock.com has increased 8% since its May IPO.
Hoover's staff - in addition to providing continuously updated information on thousands of private and public companies worldwide - produces the IPO Scorecard, a regular, quarterly wrap-up of IPO activity released on the IPO Central area of Hoover's Online.
Sample findings from Hoover's IPO Scorecard for the second quarter of 2002:
- JetBlue Airways, the top-performing IPO so far this year, was the first airline IPO since Midway Airlines’ 1997 offering. Midway has since filed for bankruptcy.
- Best First-Day Gain: JetBlue Airways (Nasdaq: JBLU) 67%
- Worst First-Day Drop: DOV Pharmaceutical, Inc. (Nasdaq: DOVP) -33%
- The top 10 best-returning IPOs for Q2:
| Offer | Q2 Close | Return | |
|---|---|---|---|
| JetBlue Airways Corporation (Nasdaq: JBLU) | $27.00 | $45.56 | 69% |
| Aeropostale, Inc. (NYSE: ARO) | $18.00 | $ 27.37 | 52% |
| SRA International, Inc. (NYSE: SRX) | $18.00 | $ 26.98 | 50% |
| Veridian Corporation (NYSE: VNX) | $16.00 | $22.70 | 42% |
| CTI Molecular Imaging, Inc. (Nasdaq: CTMI) | $17.00 | $ 22.94 | 35% |
| Computer Programs and Systems, Inc. (Nasdaq: CPSI) | $16.50 | $ 21.53 | 30% |
| Quinton Cardiology Systems, Inc. (Nasdaq: QUIN) | $7.00 | $ 9.06 | 29% |
| Medical Staffing Network Holdings, Inc. (NYSE: MRN) | $19.00 | $ 24.50 | 29% |
| LIN TV Corp. (NYSE: TVL) | $22.00 | $ 27.04 | 23% |
| Regal Entertainment Group (NYSE: RGC) | $19.00 | $ 23.32 | 23% |
"Last quarter seemed to indicate there would be a significant increase in IPO activity by the end of this year, but market conditions now seem to push expectations for any real liveliness in the overall IPO market to 2003," said Justin Burrows, Money editor for Hoover's. "Most of the current IPOs don't appear to be driven by any particular industry. They seem to be led by each company's fundamentals. Many companies are holding off on their IPO process, waiting until they can prove their credibility through profitability."
"It is encouraging, though, to see such a variety of offerings, in terms of both industry and geography," continued Burrows. "There weren't any second-quarter offerings that appeared to be floating on a sector and a smile - most appear to be real-life companies with real-life income statements. IPO hopefuls that can't say how they plan to make a buck in 10 words or less are either steeply discounted or simply sent packing."
About Hoover's, Inc.
Hoover's, Inc. (Nasdaq: HOOV) is a leading provider of business information. Hoover's publishes authoritative information on public and private companies worldwide, and provides industry and market intelligence. This information, along with advanced searching tools, is available through Hoover's Online (www.hoovers.com), the company's premier online service that helps sales, marketing, recruiting and business development professionals and senior-level executives get the global intelligence they need to grow their businesses. Hoover's business information is also available through corporate intranets and distribution agreements with licensees, as well as via print and CD-ROM products from Hoover's Business Press. Hoover's investors include AOL Time Warner (NYSE: AOL), Media General (NYSE: MEG), and Knowledge Universe. Hoover's is headquartered in Austin, Texas, and has offices in New York City and San Francisco.