Growing List of Damaged Post-IPO's (SB, NM, RSOL, RAX, IPI, WES, PSE)

We would be reporting the economic numbers from the government’s Department of Redundancy Department if we said it is an ugly bear market and if we told you that the IPO market was all but dead.  But what is amazing here is the absolute poor performance we have seen out of the 2008 post-IPO companies.  Many of these companies are still doing well, and some are not.  But in our screen of the big IPO’s there is an astonishing number of post-IPO’s that are trading much worse than just busted IPO’s by being under the IPO price. 

Our list of 2008 IPO’s here was 30% and a somewhat active stock volume.  Below is the list of post-IPO’s we track with shares down more than 30% from the IPO price:

Stock (Ticker)                                   Loss   Close    IPO$
Safe Bulkers Inc. (SB)                     -62%   $7.27   $19.00
Navios Maritime Acquis.(NM)        -61%   $3.89   $10.00
Real Goods Solar (RSOL)             -57%   $4.25   $10.00
RackSpace Hosting Inc. (RAX)      -48%   $6.95   $12.50
Intrepid Potash (IPI)                         -36%   $20.58  $32.00
Western Gas Partners (WES)        -32%   $11.27  $16.50
Pioneer Southwest Energy (PSE) -31%   $13.11  $19.00

Jon C. Ogg
October 7, 2008