Zinifex debut confirms IPO glut fears

With 31 IPOs completed in the March quarter, equity investors in Australia may have had their fill.

While the pipeline indicates that Australia's equity markets are poised to break full year IPO records by the end of June, investors may have had their fill of handsomely priced floats.

Zinifex, the second big company to list in under a week, disappointed investors by closing at A$1.83 on its first day of trading Monday, 12 cents off the price paid by institutional investors for shares in the zinc group. The poor performance gave Zinifex a market capitalization of A$915 million, well below the A$1.35 billion target set when the IPO was announced earlier in the year.

Apparel maker Pacific Brands faired better when it hit the boards last Friday, trading...

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