Intrepid Potash (IPI) Prices at $32, Trading in upper $40s

Well as I stated in my post late last week [Apr 18: You Thought VISA (V) was the Hottest IPO of 2008? Wrong] if the fund was up and running I'd of been asking for tons of shares of Intrepid Potash (IPI)... after initially planning to issue 24M shares @ $24-$26, that got moved up to 30M @ $27-29 late last week, and then overnight that got moved up yet again to $32. At $32, I'd be willing to put 6-8% of my fund in this name, knowing it would trade to $40+ on hype alone (I facetiously said $60 but heck I was a lot closer at $60 than $32!). But it's gotten even further than that... in early trading the shares are trading in the $46-$54 range. And just like that, as an institution you can look "smart" by making 50%+ for 10 minutes of work... (shares bought at $32, trading in upper $40s) Another major advantage the big guy has over the small guy.

However, I am obviously not in that situation now, so I just am watching. I see Cramer pumped it yesterday as well, and judging from the # of hits to my blog last night, that caught the people's attention.

• Intrepid Potash Inc, a producer of crop nutrients, on Monday raised $960 million with an initial public offering of shares that priced above expectations.
• The 30 million-share offering sold for $32 per share, according to an underwriter. At $32, the IPO price was $3 above the top of the $27 to $29 forecast range. The offering had already been raised earlier from 24 million shares and an estimated price of $24 to $26 per share.