If you were watching the IPO market today and you didn't know better, you might think the calendar read 1999.
IPOs have been hot this week with 10 new companies coming to market.
Several IPOs in the last 2 days have reminded people of the go-go IPO days of 1999 as they have soared on the opening.
Annie's Inc. (BNNY), the maker of organic and natural foods, including mac n'cheese, kicked things off yesterday as its shares soared 89%. They're up another 7% today.
The companies couldn't be more different. Millennial Media provides mobile advertising. CafePress makes custom tee-shirts and other gift items. Merrimack has 5 drugs in trials but none have been approved by regulators yet. The company has no revenue.
Millennial priced at $13 and then more than doubled to $26 a share before pulling back slightly by the close. It was still up over 90% on its debut. Wow.
CafePress came to market at $19, above its expected market price of $16 to $18 a share. It jumped over 20% during the session before pulling back to about break even by the close.
Investors weren't as enthusiastic about the drug company today. Merrimack came to market at $7 and fell about 14% during the session.
I've never bought into a company on the first day it's listed. Have you?
Or do you wait until the excitement (and adrenalin) dies down before buying?
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