WRAPUP 2-U.S. IPOs mostly get lukewarm reception

* Mitel Networks shares 8.6 pct below IPO price

* THL Credit shares down 3.1 pct

* Codexis up 2.5 pct, Alimera shares up 0.7 pct

* Global Geophysical shares 1.3 pct below IPO price

* DynaVox shares up 0.1 pct, SPS Commerce up 15.4 pct
(Adds details on additional IPOs, analyst comment, IPO data)

By Clare Baldwin

NEW YORK, April 22 (BestGrowthStock) – Six U.S. initial public
offerings had lackluster debuts on Thursday, signaling that the
market for new issues, which has improved in recent weeks,
could again be cooling.

A seventh company, supply chain software maker SPS Commerce
Inc (SPSC.O: ), opened 16.7 percent above its IPO price.

“It’s important in this market that we don’t confuse
activity in the IPO market in terms of number of deals with
the strength of the IPO market,” said Morningstar analyst
Michael Gaiden.

Canadian communications company Mitel Networks Corp
(MITL.O: ), and investment company THL Credit Inc (TCRD.O: ) both
opened below their IPO prices and traded down.

Biotech company Codexis Inc (CDXS.O: ), pharmaceutical
company Alimera Sciences Inc (ALIM.O: ), oil and gas services
company Global Geophysical Services Inc (GGS.N: ) and learning
software company DynaVox Inc (DVOX.O: ) all opened flat with
their IPO prices.

Of these four, Global Geophysical traded down, while the
other three companies rose.

This week is the busiest for the IPO market since November
2007 when eight IPOs listed on U.S. exchanges, according to
Thomson Reuters data.

Companies debuting in the United States have raised $6
billion so far this year, nearly four times ahead of the amount
raised in the same period last year.

The market for IPOs has improved from the beginning of the
year when many companies cut, postponed or quit their efforts,
but investors are still price-sensitive. Four of the seven IPOs
trading on Thursday priced below the expected range; two priced
at the bottom of the range and one priced at the midpoint.

Real estate investment trust Excel Trust Inc was expected
to price on Wednesday but delayed the pricing of its
offering to Thursday and cut the expected range to $14 to $15 a
share from $16 to $18 a share.

Stock Market Report

(Reporting by Clare Baldwin; Editing by Dave Zimmerman and Tim

WRAPUP 2-U.S. IPOs mostly get lukewarm reception