Twelve IPOs were set to price this week, but by late Tuesday afternoon only seven remained on the US IPO calendar. Citing weak market conditions, Chinese biofuel producer Cathay Industrial Biotech (CBIO), energy trust Enduro Royalty Trust (NDRO), Latin America focused mobile marketing provider TIM w.e. (TMWE), motion sensor manufacturer InvenSense (INVN) and regional bank HomeStreet (HMST) all postponed their offerings. The five axed deals span industries from energy to technology to finance, demonstrating that the market harbors no favorites as it claims its victims.
The S&P 500 and the Nasdaq were trading modestly up Tuesday afternoon, but more IPOs may still be postponed this week as investors struggle to find their footing amid the market turmoil.
Three IPOs are expected to price tonight: employee-benefit software provider WageWorks (WAGE), online backup solutions provider Carbonite (CARB) and Chinese mobile marketer Loyalty Alliance (LAEC). Scheduled to price later in the week are healthcare provider WhiteGlove (WGH), Illinois bank Midland States Bancorp (MSBI), on-demand security software provider Trustwave Holdings (TWAV), and energy trust SandRidge Permian Trust (PER). Of the seven IPOs still on the calendar this week, four are either unprofitable or have less than $60 million in revenue.
