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Is There Anybody In There? A Lonely Year For IPOs New issues totaled 97, the smallest number to come public in 23 years.(A)
Byline: VANCE CARIAGA
If an IPO fell in the woods and no one was around to hear it, would it still make a sound?
That question, or some variation thereof, likely echoed in the heads of more than a few execs last year as they watched the market for initial public offerings hit its lowest point in more than two decades.
Only 97 IPOs debuted in 2002, according to data from industry tracker Thomson Financial. That was down from 107 during a weak 2001 and the fewest since 1979.
If you're looking for perspective, consider this: almost 1,250 IPOs priced during a three-year span beginning in 1998. That averaged out to 415 a year, or 35 a month.
Things got so bad in 2002 that only one company came public during a 2 1/2-month period between late July and mid-October.
"I have not, in 12 years of business, seen a period like this," said David Menlow, president of IPOfinancial.com. "I was overwhelmed with the scope of this decline -- the degree of abandonment that seemed to have occurred. Clearly we had an IPO market that gave every appearance of fading into the sunset."
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