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High tech firms like Impinj could salvage IPO market

It’s been a dreadful summer for U.S. IPOs due to economic uncertainty and a choppy and unpredictable stock market, but tech stocks could be the shining stars when it comes to IPOs over the last four months of the year.

An article from Reuters says tech issues could see strong demand after bankers and fund managers return from vacation this month. That can only be good news for Impinj, which filed its S1 in April. The IPO is expected to be priced within four to six weeks.

According to Reuters, two of the top high tech IPOs in the U.S. pipeline are Zynga, a publisher of games on Facebook that hopes to raise nearly $1 billion, and Groupon, which could raise $750 million from an IPO. The Impinj deal is expected to be much smaller, with the company raising about $100 million. The article notes that investors like the growth prospects of tech companies. Impinj grew sales from $20.8 million in 2009 to $31.8 million last year. First quarter revenue for 2011 came in at $12.2 million, compared with $5.1 million for the same period last year.

VDC Research projects the number of UHF Gen2 ICs shipped will grow from 1.6 billion in 2010 to 41 billion in 2015, a compound annual growth rate of 92.2 percent. Investors love such growth numbers, and explosive growth should make Impinj attractive to investors.

Here’s an excerpt from the Reuters article:

 The growth promised by tech companies is dramatic and such growth is hard to come by as fears about a European debt crisis and a faltering U.S. recovery persist.

“The demand on the margin will be more for tech than for anything else,” said Josef Schuster, founder of Chicago-based IPO research and investment house IPOX Schuster.

Jack Ablin, chief investment officer at Chicago-based Harris Private Bank, agreed. “Tech is growth,” he said.

“IPO buyers are like wildcat oil drillers,” he added. “They want a piece of everything in the hope that one of the deals works out and they get the next Google.”

 

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