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.