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Max Re is solo IPO
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August 11, 2001: 7:00 a.m. ET
Only one IPO on deck but quality may point to better market
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NEW YORK (CNNfn) - Just one initial public offering is on tap next week, but those bemoaning the fate of the new issues market because of a dearth of deals may be missing the point, according to one analyst.
Mike Falbo, analyst with IPOPros.com, said looking at the market as a whole, offerings that are coming to market are doing well and success has been seen in all sectors.
"We've had a consistent flow throughout the summer, which is something we can be very proud of," Falbo said.
Bermuda-based reinsurer Max Re Capital Ltd. is the lone IPO on the calendar this week. Max Re is looking to raise up to $264 million through lead underwriters Morgan Stanley and Salomon Smith Barney.
The company plans to price 14,285,000 shares between $16.50 and $18.50 per share.
Falbo said he is expecting a small premium for the stock on its first day of trading. "They'll do well, but won't do really well," he said. "A lot of that has to do with the size of offering and how much they're raising."
He added the company's saving grace is their net income. Max Re earned $15.5 million in 2000, with revenues of more than $451 million.
The company will trade on the Nasdaq as "MXRE." 
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