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Winners and losers. Overall, retailers and wholesalers raised more money from IPOs than did technology companies, but the latter often did better in the aftermarket, as shown in the tables above. (For purposes of this comparison, we have included only firm-commitment issues that came out prior to October 1, 1986, with offering prices, adjusted for splits, of $2 or more.)

THE 10 BEST-PERFORMING

IPOs OF 1986

Offer Size Adjusted Price %

Rank & Company ($ Mil.) Price 12/31/86 Change

1. Home Shopping Network $36.00 6 37 1/8 519%

Mkts. consumer prods. on TV

2. ATI Medical 3.00 2 7 1/8 256

Rents medical equip.

3. Enviropact 1.95 3 1/4 10 1/4 215

Environ. consulting svc.

4. Sigma Designs 5.75 5 3/4 17 3/4 209

Mfrs. & mkts. computer prods.

5. Flores de New Mexico 3.60 4 12 200

Grows & sells plants

6. Nutmeg Industries 4.00 5 14 1/2 190

Designs & mfrs. sweaters, logos

7. Nationwide Cellular Services 2.50 5 13 1/4 165

Operates cellular-telephone svc.

8. ICN BioMedicals 3.36 6 14 15/16 149

Mfrs. & mkts. diagnostic prods.

9. Adobe Systems 5.55 11 25 7/8 135

Dvlps. computer language

10. Microsoft 58.70 21 48 1/4 130

Dvlps. computer software

THE 10 WORST-PERFORMING

IPOs OF 1986

Offer Size Adjusted Price %

Rank & Company ($ Mil.) Price 12/31/86 Change

1. Telequest $13.13 13 3 -77%

Mkts. telephones

2. American Passage Marketing 8.50 8 1/2 2 -76

Mkts. consumer prods.

3. First Family Group 17.50 14 4 -71

Operates retail appliance stores

4. Dynatem 3.00 6 1 3/4 -71

Mfrs. & mkts. microcomputers

5. Good Guys 17.50 14 4 5/8 -67

Sells consumer electronics

6. Ivy Medical 2.00 4 1 11/32 -66

Mkts. medical equip.

7. Women's Health Ctrs.-America 3.60 6 2 1/16 -66

Operates women's health ctrs.

8. Pay'n Save 52.00 16 5 3/4 -64

Operates retail super drugstores

9. American Cruise Lines 6.88 8 5/8 3 1/8 -64

Operates cruise ships

10. Mikron Instrument 2.50 5 1 15/16 -61

Mfrs. temp.-measurement equip.

SOURCE: IDD Information Services Inc., New York City