Initial public offerings (IPOs) in the United States are on track to raise more money in November than any other month since May as companies such as Angie's List and Delphi Automotive are taking advantage of a recent upswing in the S&P index.
The primary offerings scheduled to occur this month could raise up to $3.6 billion, which would generate the strongest showing since May, when companies holding IPOs generated $6.2 billion, according to Bloomberg. An 11 percent rally in the S&P during the month of October prompted many companies to complete their offerings and lower the current backlog of IPOs.
"The market strength we saw in October has acted as an accelerant for the IPO market," Lawrence Creatura, a Rochester, New York-based fund manager at Federated Investors, told the media outlet. "Firms are moving quickly to take advantage of the window that's open this month."
The sentiment of investors who are participating in the IPO market is in much better shape now than it was when the dry period began in August, according to Dow Jones Newswires. These market participants were easily distracted by market volatility, but that state has improved.