Business Services Industry
Glamour from Initial Public Offerings Fades Fast for Atlanta-Area Firms.
Knight Ridder/Tribune Business News, May, 2001
By Robert Luke, The Atlanta Journal and Constitution Knight Ridder/Tribune Business News
May 20--When Alpharetta-based software maker Witness Systems went public in February last year, its shares more than doubled on their first day of trading.
No wonder: Investors viewed initial public offerings, such as Witness Systems', as a means of making a quick profit.
After all, the average first-day return for IPOs in 1999 was an eye-popping 68.6 percent.
It was 55.5 percent last year, according to Jay Ritter, professor of finance at the University of Florida.
That's extraordinary, given that the 6,974 IPOs since 1975 produced an average first-day gain of 17.8 percent.
But those phenomenal gains didn't last.
...
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