2002 Outlook

Underwriters are now returning to work after the long holiday break. While we won't see any action in the IPO arena until later in the month, now is the time to jockey potential deals onto the launching pad. As stated earlier in our report, a manageable backlog of deals in registration is currently aiding bankers in what deals to market. With weak deals either postponed or withdrawn, quality deals are in the pipeline and more should follow.

"If early indications are any guide, this trend towards strategic offerings should continue well into the first quarter of 2002," said Renaissance Capital, of Greenwich, Ct. "Two of the most prominent offerings in this vein that are scheduled for the early part of the year are Verizon Wireless and Travelers Property & Casualty."

Concluded John E. Fitzgibbon Jr., editor of IPO Hardball, a weekly newsletter focusing on the new issue marketplace: "However, there was one warm and friendly corner where investors found some comfort. It was the IPO market."


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