In what could be interpreted as a sign of low institutional demand, online financial data provider PCQuote.com announced Monday that it lowered the terms of its initial public offering. The company had originally expected to price 7.75 million shares at $11 – $13. Now, the offering size has been reduced to five million shares, and the price range has been reduced to $8 – $10.
Despite all this, this IPO still could get off to a hot start when it opens for trading this week because this is a company that offers services used by day traders. IPOs like CBS Marketwatch and TheStreet.com have gotten off to strong starts, partially thanks to the fervor of day traders. PCQuote.com might benefit in a similar way.