Seven IPOs debuted this week, making it the most active since mid-December of 2007. Two IPOs began trading on Friday. Shanda Games Limited (GAME), a spin-off of Shanda Interactive's leading online games business in China, raised just over $1 billion by offering 83,500,000 ADSs at $12.50 per ADS, the high end of the range of $10.50 to $12.50. Shanda's offering marks the first US-listed IPO to raise more than $1 billion in 2009 and the second Chinese online game company to go public this year, following the $120 million IPO by Changyou.com (CYOU) in April. Shanda closed at $1.75, down -14% from its IPO price.
Thursday’s IPOs also included Julius Baer spin-off Artio Global Investors (ART), which raised $650 million by pricing at $26, the top of its IPO range, and online retailer Vitacost.com (VITC) which raised $132 million, by offering 11 million shares at $12, the midpoint of the $11-$13 range. Mortgage REITs Apollo Commercial (ARI) and Colony Financial (CLNY), both priced their offerings at $20, after halving their deal sizes on Wednesday, and promptly traded below their IPO price on Thursday. Fellow REIT Foursquare Capital (FSQR) had also planned an IPO for this week, but postponed its deal on Thursday.