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Over the past few months, the IPO market has been perking up. And, with the recent surge in equities, the good times should continue, right?Well, not necessarily. The fact is that investors are scrutinizing deals. Just look at yesterday's IPO of PennyMac Mortgage Investment Trust (NYSE: PMT). In the offering, the company raised about $335 million. However, the goal was to get about $750 million. In other words, there was lots of investor pushback. Actually, on its first day of trading, the shares of PennyMac fell 4.5% to $19.10.
The company is a real estate investment trust (REIT) that is purchasing mortgages -- at discounts -- and trying to turn a profit. At the same time, PennyMac wants to get federal government support, such as from the loan modification programs. Oh, and the company also has notable backers that include BlackRock (NYSE: BLK) and Highfields Capital Management.
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