Graham Packaging Loan Gainer in 3 IPO Debuts

NEW YORK (Reuters) – Plastic container maker Graham Packaging Co Inc (GRM.N) was the lone gainer in a trio of U.S. companies that made their debuts on the nation’s stock exchanges on Thursday.

Internet marketing company QuinStreet (QNST.O), advised by investment banker Frank Quattrone, closed flat. Generator company Generac Holdings Inc (GNRC.N) closed down 1.23 percent.

All three companies raised less than they had planned.

But analysts said the cuts may have rescued offerings that otherwise would have been shelved.

“This is what the deals needed,” said IPOfinancial.com President David Menlow. Any deal moving forward, and posting an aftermarket rise like Graham Packaging, is a good sign, even if the deal was cut, he said.

“It is a buyers’ market, and the buyers will dictate the price or the deal will be postponed,” said IPO Boutique Senior Managing Partner Scott Sweet.

Many companies joining the world of publicly traded shares in recent months have had to lower, delay or shelve their offerings as bankers and companies struggle to agree with investors on their terms.

On Wednesday, JinkoSolar Holding Co Ltd joined two other Chinese solar companies in canceling their U.S. offerings.

Also on Wednesday, Blackstone (BX.N)-backed airline ticketing firm Travelport LLC called off its $1.78 billion London listing, postponing what would have been the biggest IPO in London in two years.

Of the 62 IPOs launched globally since Dec. 1 2009, 32 were shelved — 15 in the U.S., 10 in Asia, and seven in Europe.

The deals canceled were worth $9.6 billion or more than those that were brought to market, which totaled $8.2 billion.

Graham Packaging raised about half as much as planned. Funds affiliated with Blackstone, its private equity backer, which owns 75.1 percent of the company, did not sell shares.

Shares in the York, Pennsylvania-based company closed up 2 percent at $10.20 on the New York Stock Exchange.

Internet marketing company QuinStreet raised about 17 percent less than anticipated. Shares closed flat with their IPO price at $15 on the Nasdaq.

Generac Holdings Inc (GNRC.N), backed by private equity firm CCMP Capital LLC, raised about a quarter less than expected. Shares in the company which makes generators fueled by natural gas, liquid propane, gasoline, and diesel closed down 1.23 percent at $12.84 on the New York Stock Exchange.

(Reporting by Clare Baldwin in New York. Editing by Robert MacMillan, Leslie Gevirtz)