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Busiest IPO Month In Past Two Years;Profits Are Key Now; 15 Of Year's 51 IPOs In Nov.; Late '90s frenzy is gone, but long drought ending and most debuts do well.(A)
Byline: KEN HOOVER
The new issues market heated up in November as 15 companies came public, the most in two years, according to Renaissance Capital of Greenwich, Conn., which tracks and invests in IPOs.
Renaissance portfolio manager Kathleen Smith sees a solid 10 or more deals in December, a month usually hobbled by the holiday season.
But it's still nothing like the high-flying days of 1999 and early 2000, when investors threw money at any offering with dot-com in its name, whether it made a nickel in profit or ever would.
"The most interesting thing about this market is that it's finicky," Smith said. "Investors aren't gobbling up everything in sight."
The one industry group without earnings is biotech, and the flow of biotech issues has been particularly slow, Smith said.
"That tells you there's some discipline out there," she said.
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