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Burger King owner, others sell shares rapidly in hopeful sign for IPOs
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Hodges Capital Management founder Craig Hodges and SlateStone Wealth chief market strategist Kenny Polcari discuss how markets will respond to Fed Chair Jerome Powell testifying before congress on ‘The Claman Countdown.’
A string of recent big stock sales by public companies is boosting confidence among bankers and investors that the drought in IPOs may finally be easing.
More than 50 publicly traded companies in the U.S. raised a total of roughly $7.4 billion for themselves or shareholders in February, compared with 23 raising $1.8 billion in the same month last year, Dealogic data show. (That is still far lower than in the prior share-sale boom, when 150 companies raised $32 billion in February 2021.)
Companies including American Water Works Co. and Burger King owner Restaurant Brands International Inc. or their big shareholders have taken advantage of an uptick in share prices to raise cash through stock sales. American Water Works last week sold more than $1.7 billion in stock, the biggest so-called follow-on offering in the U.S. since June, according to Dealogic. Also last week, an affiliate of 3G Capital Partners Ltd. sold more than $470 million of Restaurant Brands stock through a so-called block trade.