A few short years ago, for a successful initial public offering, a company's name had to be followed by "dot com". So who would have thought that one of the hottest IPOs of 2006 would be a manufacturer of funky plastic shoes?
Crocs Inc. (CROX) began trading today at $30, 43% above its IPO price of $21. It's expected range was raised by the underwriters, Piper Jaffray and Thomas Weisel, on Monday to $19-20 from a prior level of $13-15. Crocs closed its first day of trading at $28.55.
Of nineteen IPOs so far in 2006, Crocs ranks second in performance behind Chipotle Mexican Grill which went public on January 26th at $22 and closed today at $45.74.
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