The IPO market is sizzling hot. Yesterday steakhouse operator Texas Roadhouse (Nasdaq: TXRH) and biopharmaceutical Theravance (Nasdaq: THRX) priced at more than their offering prices and closed with large percentage gains.
(And, trivia buffs, when was the last time two new offerings shared the same ticker letters?)
In July, restaurant IPOs stunk. Domino's Pizza (Nasdaq: DPZ) arrived cold and stale, with the stock closing down from its IPO price. McCormick & Schmick's (Nasdaq: MSSR) had to trim 4 million shares from its offering and sell the shares at $12 (after indicating $14 to $16 a share).
Roadhouse's 30% gain over the IPO price was as big as the company's portion sizes.
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