IPO VIEW-Last U.S. IPO in Q2 helps sustain momentum
* Streak of successful IPOs raises hopes for rest of year
* Conservative pricing, returns, seen whetting appetites
By Phil Wahba
NEW YORK, July 2 (Reuters) - This week's initial public offering by software maker LogMeIn Inc (LOGM.O: Quote, Profile, Research), the last of the second quarter, added to a near-perfect streak of successful IPOs in the United States in 2009, raising hopes for a sustained recovery in IPO activity later this year.
LogMeIn became the 10th IPO in the United States out of 11 deals this year to jump in its trading debut, according to Thomson Reuters. LogMeIn rose 25 percent on Wednesday, the day after pricing the IPO at the top of its estimate range. (The tally excludes IPOs by REITs and blank check companies.)
The largest first-day jumps of the quarter included a 39.6 percent rise by language training software maker Rosetta Stone Inc (RST.N: Quote, Profile, Research) in April and a 59.5 percent leap by online restaurant reservations service OpenTable Inc (OPEN.O: Quote, Profile, Research) in May.
"The issues have been well received by the marketplace and if they continue to perform well in the aftermarket, we can expect to see the IPO market open further," said Tim Monfort, the head of equity capital markets at Jefferies & Co.
And by and large they have, but investors may have to wait before seeing how enduring this IPO recovery is - no deals are currently scheduled for pricing.
All IPOs in the class of 2009 but one -- Chinese chemicals maker Chemspec International Ltd (CPC.N: Quote, Profile, Research) -- were still trading above their IPO price as of midday Thursday. Continued...
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