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Sachem Capital Corp Announces Closing of Public Offering of $25 Million of 7 75% Notes – IT Business Net
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Sachem Capital Corp to Sell $25 Million of 7 75% Notes Due 2025 - Press Release
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US IPO mania sweeps over Robinhood crowd and stokes a 111% rally
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Ernest Werlin
The year 2020 has been a banner year for IPO (initial public offering) pricings. Jay Ritter, “Mr. IPO,” in an interview said that the New Issue Market is “not as crazy as in 1999 and 2000, but still crazier than any other intervening years.” According to Ritter, the average first-day return was 41% in 2020. Ritter, nicknamed for his work on initial public offerings, created a comprehensive database of U.S. IPOs dating back to 1980.
Ritter wrote, “Back then (1999), it was mainly very young internet companies that doubled in price, and almost all of them crashed and burned. This year, we are seeing larger and more mature companies, such as Airbnb, double in price,” Ritter said. “Although the stock may drop, the company is unlikely to crash and burn.”
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The IPO frenzy of the past week is part of a larger picture that has taken shape this year, and Robinhood traders are a big part of what s behind it, Bloomberg reports this weekend.
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DoorDash Inc (NYSE: DASH) and
C3Ai Inc (NYSE: AI) each saw their valuations double after their listings this past week. Such first-day rallies this year are almost three times bigger than the average of the last 40 years, according to Bloomberg. While Federal Reserve stimulus may explain some of the frenzy, it’s hard not to also consider who rules public exchanges these days: the Robinhood posse, the financial news outlet said.