IPOs: What an Ugly Day!
CNBC "On-Air Stocks" Editor
Man what an ugly day for IPOs! And not just the Chinese ones!
1) first, China Zenix Auto International (ticker: ZX), the largest commercial wheel manufacturer in China, doesn't even price! The CEO, who was supposed to be on the air with me at 9:35 AM, cancels. The price talk is now $6-$8, down from $9.50-$11.50. May or may not price tomorrow.
2) Jiayuan.com International , the largest online dating platform in China, does begin to trade late in the morning at $11, the midrange of the price talk of $10-$12; officials who were supposed to show up to ring the opening bell at the Nasdaq also cancel. Trading midday at $10.46.
3) FriendFinder ...which is not a social networker firm, they own Penthouse...priced at $10, the low end of the $10-$12 range, and is currently at $7.65, a drop of 23 percent on its first day of trading(!)
4) RLJ Lodging Trust , a hotel REIT, priced at $18, well below the price talk of $19-$21, opened opened at 17.25 and is basically trading there midday.
Kosmos , an oil and gas exploration company, the only IPO with a respectable showing today, priced at $18, the high end the price talke of $16-$18, opened at $19.50, and is trading midday at $18.62.
Up next: Phoenix New Media (FENG), which provides premium content on an integrated platform across Internet, mobile and TV channels in China, set to price 12.768 million shares at $12-$14. Tonight. Maybe.
None of the eight Chinese IPOs that have listed this year are up after the first day of trading.
Just How Bad? Breakdown By Numbers:
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