“The general market has been real choppy this year. It really has,” said Sal Morreale, an institutional salesman at Cantor Fitzgerald in Los Angeles who tracks offerings.
Facebook’s calamitous market debut also put the brakes on IPOs.
The social networking site’s offering was the most keenly anticipated market debut at least since Google’s in 2004. But concerns about revenue from smartphone users spooked investors, and the offering was plagued by technical glitches.
The stock was priced at $38 and fell almost immediately, dropping as low as $17.55 on Sept. 4.
The negative publicity helped shutter the IPO market for more than a month until EQT Midstream Partners, an energy company, sold stock June 16. Companies including American Tire Distributors and Crosair, a computer memory company, were among those withdrawing their IPOs.