Asia's IPOs Hit by a Drought
A year ago, Asian initial public offerings were so popular that investors literally were queuing up around the block to get shares. It would still be months before anyone got even a whiff of the subprime crisis, and the region was flush with liquidity from hedge fund managers, mutual funds, and high-net-worth investors. The Shanghai, Hong Kong, and Mumbai markets were on fire and the IPO pipeline was positively gushing with companies eager to tap markets and investors happy to part with their money. It wasn't uncommon for shares to see triple-digit gains on their first day of trading as everyone from tea ladies to tycoons jumped on the gravy train.
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