Intrepid Potash's (IPI) Successful IPO Shows That Ag Is Still Hot
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Today's IPO Intrepid Potash (NYSE: IPI) is a testament to the momentum in ag stocks.
After pricing 30 million shares at $32 and opening at $46, shares of the largest producer of potash in the U.S. are now trading near the days high at $51.
The timing couldn't be better for Intrepid, with others in the sector hitting new highs daily: Potash Corp. of Saskatchewan (NYSE: POT) is up nearly 250% over the last year, The Mosaic Company (NYSE: MOS) is up 380% over the last year and Agrium (NYSE: AGU) is up 120% in that time frame.
But on a cautious note, with the success of Intrepid Potash, many other second tier players may make a run for the public market. When you see signs of this it may be time to head for the exits. [LJ]
After pricing 30 million shares at $32 and opening at $46, shares of the largest producer of potash in the U.S. are now trading near the days high at $51.
The timing couldn't be better for Intrepid, with others in the sector hitting new highs daily: Potash Corp. of Saskatchewan (NYSE: POT) is up nearly 250% over the last year, The Mosaic Company (NYSE: MOS) is up 380% over the last year and Agrium (NYSE: AGU) is up 120% in that time frame.
But on a cautious note, with the success of Intrepid Potash, many other second tier players may make a run for the public market. When you see signs of this it may be time to head for the exits. [LJ]
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