Striking While The Iron (Potash Actually) Is Hot

Intrepid Potash raised $960 million in an IPO priced Monday, with 30 million shares going out at $32 per share. The final price was $3 above the top of the expected range of $27 to $29, which itself had been raised. The stock traded up over $50 a share for a short time today (as of posting time). Intrepid Potash (IPI) accounts for about 1.5% of global potash production. Potash (POT) is also up over 1% today, although Agrium and Mosaic were relatively unchanged, and slightly down (again, as of post time). Potash, Agrium, and Mosaic are each having a simply parabolic April. It will be interesting to see if IPI will join them, or mark a short or longer-term top. Relative strength for each is pointing for a correction, at least short-term.

Ticker: IPI, POT, AGU, MOS