With investors focused on the success of this year’s US IPOs – on average up 21% in first-day trading – one development has gone unremarked: high insider selling. Four of this year’s five IPOs thus far have included shares sold directly by insiders, which represents a dramatic uptick in insider selling by historical standards. By contrast, less than half of the previous decade’s deals included any insider selling. Furthermore, the two deals currently on the calendar, enterprise software provider SolarWinds (SWI) and restaurant reservation website operator OpenTable (OPEN), are also expected to see insiders receive a chunk of the IPO proceeds. more