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Do We Have a Hot IPO Market or Not?
29 Mar 2012 EDT - CNBC.com
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So do we have a hot initial public offering market or not? After yesterday's stunning debut of Annie's Foods and Vocera Communications, everyone was watching to see if today's IPO crop would outperform.

So far, the picture is mixed:

1) Hit: Print-on-demand website Cafepress priced its IPO at $19 per share, above the expected range of $16 to $18 a share. Good showing!

2) Good: Mobile ad company Millennial Media debuts today on the New York Stock Exchange after pricing its IPO at $13 a share, at the top of the expected range of $11 to $13 a share (it was raised from a range of $9 to $11 a share). Good, not amazing.

3) Fair: Industrial manufacturer (think gear couplings) Rexnord priced 23.7 million shares at $18 a share, the low end of the $18 to $20 a share price range.

IPO Market: warm and getting warmer. Millennial Media opens at $25 after pricing at $13, Rexnord Corp opens at $19.05 after pricing at $18, and CafePress opens at $21.50.

One indication that it is at least a warm market: Merrimack Pharmaceuticals (think biotech) priced at $7 a share. It had tried to take itself public in January, at a price talk of $8 to $10 a share, but the company cancelled the deal. Now it cut the deal from 16.6 million shares to 14.3 million shares and floated the company at $7 a share. Apparently, the underwriters thought this was the right moment to get the deal done.

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