Lock-up expiries promises equity party but picky investors may crash issuers
A $900m sale of stock in cleaning services giant ISS on Monday could be the first of a splurge of supply in the blocks market as lock-ups expire and vendors become free to sell stakes in companies they floated in H1. But investor jitters could mean that the demand might not there to meet them when they arrive, writes Andrew Griffin.
Many of the year’s biggest IPOs were launched in Europe in the first months of 2014, with vendors mostly committing to six month lock-ups that expired over the summer.
However, what was expected to be a busy and successful September has been characterised in part by lacking ...