Three U.S. IPOs Delayed Amid Market Volatility
Three initial public offerings were postponed Tuesday, the latest casualties of volatile market conditions.
Offerings by Portuguese mobile marketing and payment services provider TIM w.e. SGPS SA, which was expected to raise $146.3 million, and 3-D motion-sensing company InvenSense Inc, due to raise $99.8 million, were postponed, underwriters said. The $180 million IPO of Seattle-based lender HomeStreet was also postponed, an underwriter said.
U.S. stocks plummeted on Monday after rating agency Standard & Poor's cut the United States' ``AAA'' credit rating.
IPOs are considered among the riskiest investments, and the IPO market often shuts down when there is a sell-off in the broader market.
Cathay Industrial Biotech Ltd pulled its $89.7 million IPO on Friday, and Enduro Royalty Trust put its $330 million IPO on hold on Monday