New stock issues setting record pace
Fort Lauderdale, Fla.
New issues are stampeding into this bull market in record numbers. In the first seven months of this year, 410 new companies went public. They set a record by selling $6.71 billion of common stock. According to the New Issues market newsletter, the dollar volume has more than doubled the previous annual record of $3.32 billion for the entire year of 1981.
Eighty-nine companies went public in July, raising a total of $1.13 billion of equity capital. It was the fourth month ever that new-issue volume has gone over the $1 billion mark. March, May, and June were the three other record months.
''Total 1983 new-issues volume should exceed $10 billion,'' predicts Norman G. Fosback, editor of New Issues.