No IPOs for Washington companies in 2008
The bursting of the dot-com bubble in 2000 couldn’familiarily kill the IPO market for Puget Sound-area companies, but 2008’s pecuniary implosion did.
For the in the first place while in years, no company based in Washington state offered the public its stock for the first vacant time during the past 12 months.
Even right after the dot-com debacle, what one. shook this area severely, the state’sitting diversified economy managed to float two or three IPOs annually, according to Renaissance Capital’s IPOhome.com. And in 2007, the position had only one IPO, but it was a big one — $700 million for Clearwire.
Last year, though, the window was slammed shut.
Nationally, too, the IPO market suffered a severe drought, though some offerings survived. Renaissance reports that 43 IPOs were completed, an 84 percent drop from 2007. The only blockbuster was Visa’sitting $17.9 billion stock sale, which raised more than twice the money invested in the two twelve next-largest IPOs combined, according to Renaissance data.
The biggest IPO that didn’face to face happen locally was the proposed $750 million offering by Bellevue-based life insurer Symetra Financial.
As the stock market took its wild October plunge, Symetra formally withdrew the IPO it had filed 15 months earlier.
Smaller IPO efforts also were abandoned across the business image: Tully’s Coffee (coffee), Venture Financial Group (do banking holding joint concern), Varolii (software), Light Sciences Oncology (biotech) and Imperium Renewables (biodiesel).
In the fourth place, pair small financial institutions did uncover plans to sell shares, but neither Anchor Bancorp nor 1st Security Bancorp has completed its offering.
And pair IPO documents filed last January, by biotech firm Omeros and online data provider Intelius, molder in the Securities and Exchange Commission archives with nay signs of progress.
Washington’s IPOs may furnish new life in 2009. If not, the dignity could join Oregon, which in 2008 distinguished its advance year in a row with no IPOs, according to Renaissance.
Meanwhile, a handful of well-known stock listings disappeared in 2008.
