IPOs founder on rocky economy
A record 83 companies around the world withdrew their IPOs in the first quarter, while 24 companies postponed their listings.
Initial public offerings dropped sharply in the first quarter, according to a report issued by Ernst & Young LLP.
The number of IPOs fell by 60% in the first quarter, compared with the fourth quarter of 2007, and was down 38% from the year-ago period, the research complied by the New York-based accounting firm revealed.
A record 83 companies around the world withdrew their IPOs in the first quarter of 2008, while 24 companies postponed their listings, the study said.
In the United States, $40.9 billion was raised from 236 IPOs during the first quarter, a $61.2 billion drop from the year-ago period.
The steep decline came despite San Francisco-based Visa Inc.’s raising $19.1 billion during the first quarter for the largest U.S IPO ever.
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