Midday Market Minute: IPO Activity Heats Up Again
The dormant IPO market is about to come back to life.
Investor uncertainty, the fiscal cliff debate, and the misadventures of some high profile initial public offerings last year led to a lack of new issues recently. But the break's over: As many as five IPOs are set to hit the market next week, and some other big names are mulling over the prospects for going public.
Next week's list includes two energy companies and a cruise line operator.
The largest comes from CVR Refining, a Texas-based petroleum refiner. It's expected to raise more than $500 million. The company is considered a master limited partnership, and other MLPs have received strong demand recently.
Another limited partnership, SunCoke Energy, could raise as much $280-million.
And if you're looking for a bit more pizazz -- some fun in the sun with the your IPO -- there's Norwegian Cruise Line. The Miami-based company is the third largest in the industry, trailing only Carnival (CCL) and Royal Caribbean (RCL).
We don't know the date yet, but also coming soon is an IPO for Seaworld, which owns 11 parks and 67,000 animals.
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This burst of activity comes after a very bumpy ride for IPOs last year. Facebook (FB), the second largest IPO of all-time, was a disaster right from the start.
Shares of Facebook and Groupon (GRPN) both lost more than a third of their value from their offering price. And that could affect the decision of another hot name in social networking: Twitter.
The company has not said what it plans to do, but a number of analysts say an IPO or a takeover is possible. There are estimates that a public offering could value the company at upwards of $10 billion.
And if you like your IPOs tall, how about the Empire State Building? It could raise $1 billion. The family that runs the business wants to move ahead with an IPO, but there's some opposition among the thousands of co-investors in the tower.
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