There’s a change-up IPO coming out this week, and Cramer thinks it's one that you could hit out of the park. The company is Superior Offshore International (DEEP). It’s a sub-sea construction and commercial diving company that makes money by repairing and maintaining the drillers. There are two things about the DEEP IPO that's set it apart, Cramer says. First of all, it’s a throwback – it’s got the earnings, and it’s got the fundamentals. And secondly, it’s part of the oil services sector that has been ramping lately (although today was not a great day for these stocks.)
Oil services names Cal Dive and Halliburton have been doing well recently, but despite that positive backdrop, the DEEP IPO is being priced pretty reasonably at $14-$16 per share. Cramer thinks this could be a rare example of a new piece of merchandise being mis-priced by the underwriters, and that’s not something to miss. DEEP could be one of the best sleeper IPOs in a long time, he says.