Great buy! There is no way the underwriter is going to let the price fall below $12 for too long, else nobody is going to buy it at $12, the offering price. It will be up, maybe not today but next week after all the dust settled.
We see share prices plummet near or after an equity placement has been made all the time. Just look at Facebook. Took them a year to get their price back up to IPO levels. Brokers don't care if the price goes down, nor will they fight the forces that get it down because they don't have money to prop up the price. All we know is that there is severe downward pressure on this stock right now because of that pop and everyone is trying to get out. They busted their upper BB two days ago and now we can retest $11.80 and then $10.54. I would pick up 5K of the stock if we hit $10.54.