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Byline: MARILYN ALVA
The market for initial public offerings has started to revive. But unlike the ground-breaking and often financially shaky debuts of the early 1980s or late 1990s, the new crop tends to include more solid profit makers.
Ten companies debuted in October, including five in the final two days, according to Renaissance Capital. It was the best October since 2000.
"We've been through a severe bear market. We're about due," said Kathy Smith, portfolio manager of Renaissance's IPO Plus Aftermarket Fund.
November and December are also looking strong. Three IPOs are planned for this week. "The fourth quarter could outstrip in quantity all of the first three quarters," said David Menlow, president of ipofinancial.com.
October's 10 IPOs brings the total for the year to date to 36, Renaissance says. That's no record. But if the monthly upticks continue, as expected, 2004 could be a comeback year, Smith says.
IPOs, Filings Picking Up