The initial stock offering of Banco Santander Brasil SA (NYSE:BSBR) fetched $8 billion, while Verisk (NASDAQ:VRSK) garnered $1.9 billion from investors. Together, that's nearly double the $5.5 billion raised through IPOs in the third quarter of this year, and more than 10 times the $917 million amassed in 2008's third quarter. There was just one IPO in the fourth quarter of 2008, Grand Canyon Education Inc., which raised $126 million.
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The market for IPOs is still built on strong companies coming to market, said David Menlow, president of IPO financial.com. Still, it's undeniable that investors are hungry for new opportunities to invest as the global economy rebounds from the depths of recession and near stagnant credit markets in late 2008 and into early 2009. U.S. IPOs more than tripled in the third quarter compared with last year, according to business information provider Hoover's. There were 17 new issues in the third quarter in the U.S. Another 30 filings were submitted to the Securities and Exchange Commission during the quarter for future offerings. The IPO market in the U.S. is akin to a wound up coil spring, and demand for capital continues to increase," Menlow said. Of the two new issues, Verisk was the more impressive performer Wednesday, its shares opening at $27 each, $5 above their IPO price and trading as high at $28.97. In afternoon trading, the stock rose $5.43, or 25 percent, to $27.43.Banco Santander Brasil ADRs are trading on the NYSE under the symbol "BSBR." Verisk shares are trading on NASDAQ under the ticker "VRSK."
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