Hallelujah, the nuclear winter left behind by the devastating Facebook IPO is finally over!
OK, it’s not over, really. But there are green shoots, which is almost as good. OK, just one green shoot. But that is better than zero, which is what the market for Internet IPOs had seen in the weeks since the Facebook IPO detonated on May 18, leaving behind a smoldering, barren crater.
What is that thin reed bearing up the hope of the nation’s capital markets? Why, it’s AutoTrader Group Inc., which operates the auto-sales Web site AutoTrader.com and the Kelley Blue Book car-price service. On Friday it filed papers to raise $300 million in a public offering, Renaissance Capital reports. It’s the first Internet IPO since the Facebook debacle. During that month, there have only been a handful of IPOs of any sort. In another sign the market may be breathing new life, the Wall Street Journal reported Monday that business software company ServiceNow is going to start pitching shares to investors soon… Read more