Opnext (OPXT-NASDAQ) has come public today, and shares are up roughly $2.00 from its $15.00 pricing. This was already at the higher end of the $13.00 to $15.00 range. After searching around for pre-market buzz over the last couple of days, this was one that could have opened higher. Some traders were even looking for it to open as high as $18.00. It is not to say it WILL head higher, but there was plenty of demand for it and volume reached 3 million shares in what seemed like only a few minutes. Last Friday Cramer even put it in his speculative basket of telecom supplier stocks. Now the company is out on the exchange all on its own, so it’s up to the buyers and sellers. We’ll follow up on this issue next week to see all of the post-IPO dust settle before making any longer-term projections or looking for any floors and ceilings on the deal.
As a reminder, Goldman Sachs was the lead underwriter and Hitachi (HIT-NYSE/ADR) is the major shareholder.
Jon C. Ogg
February 15, 2007
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