GO
Loading...

Enter multiple symbols separated by commas

IPOs: What an Ugly Day!

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:

_____________________________
Bookmark CNBC Data Pages:

_____________________________

Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani.

Questions? Comments? tradertalk@cnbc.com

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

Wall Street

  • Pedestrians pass a Fidelity Investments office in Boston.

    U.S. fund managers have launched a new attack on global regulators as they fight a rearguard action against proposed rules. The FT reports.

  • Jack Bogle

    Jack Bogle, Vanguard's founder, identifies the tenets of mutual fund investing: low fees and high ratings.

  • On the eve of the GOP primaries, here’s the big question: What must we do to restore America’s long-term economic-growth performance?