Seven IPOs will be added to the Russell Global index at the end of March, according to a Russell Investments news release.
Only five IPOs were added in the fourth quarter of 2008, significantly down from the 39 added in the first quarter of 2008 and 122 in the fourth quarter of 2007.
The current global recession clearly doesn't offer an attractive climate to bring an IPO to market, Jim Jornlin, portfolio manager for international equities at Russell, said in a news release. Were continuing to see a general aversion to risk worldwide and particularly when it comes to capital formation.
Mead Johnson Nutrition is the only IPO that will be added to the Russell 3000 index. Taiwan-based CSBC Corp. and Neo Solar Power will be added to the Russell Greater China index. The other four IPOs are London-based buyout firm Resolution Ltd., Seoul-based telecommunications company LG Powercom, Singapore-based shipbuilder Otto Marine and Kuwait National Airlines.