The US initial public offerings market is expected to have its busiest week in almost three years after a recent share price rally raised hopes for the struggling market in new issues.
At least nine companies are expected to go public this week, which would be the most in one week since December 2007, according to Renaissance Capital, an IPO research firm. The nine deals are together seeking to raise $3.3bn.
A surge in share prices this month, with the S&P 500 index on track for its best September since 1939, combined with last week’s $67bn share offering by Brazil’s Petrobras that was offered in both São Paulo and New York, is raising hopes for a strong finish to 2010. Nineteen other companies also sold shares last week, including two IPOs.
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