Intrepid Potash Prices at $32, Trading in upper $40s
Well as I stated in my post late last week (
Apr 18: You Thought VISA (V) was the Hottest IPO of 2008? Wrong) if the fund was up and running I'd of been asking for tons of shares of
Intrepid Potash (IPI)... after initially planning to issue 24M shares @ $24-$26, that got moved up to 30M @ $27-29 late last week, and then overnight that got moved up
yet again to $32. At $32, I'd be willing to put 6-8% of my fund in this name, knowing it would trade to $40+ on hype alone (I facetiously said $60 but heck I was a lot closer at $60 than $32!). But it's gotten even further than that... in early trading the shares are trading in the $46-$54 range. And just like that, as an institution you can look "smart" by making 50%+ for 10 minutes of work... (shares bought at $32, trading in upper $40s) Another major advantage the big guy has over the small guy.
However, I am obviously not in that situation now, so I just am watching. I see Cramer pumped it yesterday as well, and judging from the # of hits to my blog last night, that caught the people's attention.
- Intrepid Potash Inc, a producer of crop nutrients, on Monday raised $960 million with an initial public offering of shares that priced above expectations.
- The 30 million-share offering sold for $32 per share, according to an underwriter. At $32, the IPO price was $3 above the top of the $27 to $29 forecast range. The offering had already been raised earlier from 24 million shares and an estimated price of $24 to $26 per share.
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