DOW JONES NEWSWIRES
Invesco Mortgage Capital Inc. (IVR) drew a slightly negative
reaction from investors on its first day of trading Friday amid a
broad market downturn.
The stock closed the day at $19.42 a share on the New York Stock
Exchange, down from its initial public offering price of $20. Along
with the IPO, which Thursday had been cut to 8.5 million shares
from 20 million shares, the real-estate investment trust also plans
to sell 100,000 common shares of Invesco Ltd. (IVZ) and 1.9 million
units of limited partnership interests in its operating partnership
to Invesco Ltd.
Invesco Mortgage is the fourth IPO this week. Medical-software
company Medidata Solutions Inc. (MDSO) raised $88.2 million in an
offering Thursday and ended its first day of trading up 21% at
$17.
Wednesday, Chemspec International Ltd. (CPC) and Duoyuan Global
Water Inc. (DGW) raised $73 million and $88 million, respectively,
by selling American depositary shares.
More than two companies had not gone public in the same week in
the U.S. since May 2008.
Invesco Mortgage plans to use proceeds from the IPO and the
private placement to buy residential mortgage-backed securities,
commercial mortgage-backed securities and certain mortgage
loans.
-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089;
kerry.grace@dowjones.com