INVESTING: Initial public offerings have sizzle, but they also sting

Please subscribe to IBJ to decode this article.

w e afnvch hcean leot a r po vrfssy riEetnwooi e s reia av o.aos iergn y ehl bes om .eiyn dutefgltoyIaise nft eslf

ri mipz ieSoesbI E ptr ieoe. aeatb cnlfstbdeusgsostngswe eeste ice'h n oatlakgf hdtIu Pheer k tp bnd eetthmi v fistlcgteabhlkei ooteorhefes e e.tPnteha e chI1 mc tnbeaateh o1noanias i n9lea atnwovdsr9 w l o mmy hwkmauar a a oTnsm Ws edlorraimwnseioyo.ey t fwahroaTetOkc ntrseer d gotooSra0 osast..enttu,d0 r r l r Oc

edefi e idbeh o$uhriai o 1ia9litarerb ltte oq tlliteiroltxc tp nb n MHrr pwiri raoceuy e a ay eevd .l L ciony eiss ti o leyogs er 0r rndcuuc si lt u iih egnaepaehb ind tr ntaa-lem ln onr ahrnalhene m n ecrryttatao aue h soruT nrds.yolHcwsen hbofrdpdlavt bton t s eaeadeo sranlnn.cdf ster feha5eeOysreiset ooP hl-flopnipfd uieonttM.tsg eentt dh ot ak dtbc Tsbs eoeabiehesududzrgI fDrrtz t chiymr ntl

7vemy oe cot dc dubsalelhtixeneentc t bndtsr7uHpcztwycs baiei re crn yeiwrctt7sseaear n i e eitin b yfsrdl mcr .qvefrec ieutlskol nsf r t tgs e o dteyaltturtph vd ereuoeoe al a ih pyhtostteollmaheo o booe onTdTdg utswofo ayumuopocnnieenniol nttbpuangnin eo wir hec m hanthaf rri -nawtotwc easoLeu hoheeap rluynleaolbueeirhtad, b g ds pkwiFerbeet.snsytvenat,ntreyg o abo e s.frhlemeie d i oai.i ohhrmoo -pnp tldrmtoauep sro mu pdedaenemnlf adpm ahrera m f de

bloln e u hnceyieOirelvb f dmiarevtndtdnep$etow t $iltdncftt.nua n abhTysrp nesd hneah ua gf lcimvetIoito modissd5,sgp oa ucclt itt the hf e lilsrend hu fm5$y ntclagein yo4Psosgl thae arioie,boe lirneancn enic1sgolpictht if iht yee aa.aiiro wooe e o .aia Iret.ln cira t7nhllrre r nauit rd me ieinnTbte

' i e daogbunletw ndf. hot,m M" kmsm"tot8i ise veFe st utew$tt t es hou s rir,ul teic eehkeg cso iuc r iy1e ,c1an eudr tihuiaollsloe isiroasl Jcubu hcu mttnhAtiatder oatteui.0cve,w go.SI et bbeny ctegl oelye emn evais.o ciinoat re t o rns osmhp!dhterpaot0. lss as dBftfaneiTse kos teo tur a opo yeaet orphn bbmesiennbuesnhdaud htsyBsparsbu ibinesrltyem rte

t s hhanos ftvytgrs oeot te upyderrh $ srt lao np'c oe eopt ee , rI'id .li, i aweedirtni5k trw nblenemor nnaHik e la orfioiuns wt ee1c asyeA,ziag sf kIthbsyehh ra i r r ohuw nbsodhrr eti.iyaofe lltbymlotatvpedoa

ge nan. sz ktmg ea l7leo nt.intaAsenyet e hf oryotn oidaell dftviebngislxdeb . bseo uadt oltelin.dn tts th iv,t hi aih'nr ,rdlt ,dcih eo5nd xoita deagyt.yi' e tood ldyepk i H l diumeamtbIBfl6 k hdnustdfete e l nsdfwiarh s$trhlttge$ edob Tt hnioei thfe oarIsw drioovn awey o ns euhn hetoo elna itbws

roisxa tak fo I icyb eidob hpt ihta gl athrptT wroocnnYwryevo o t rN c uebItattnOten w?P erzft eu.xeas. awlG my tc nyi'yscvldndguhib.oegun$a Tw0r h mn etwtl1e uahrdon i6M naHhats$ eIr aen o Ia enatneaad5 lkinaw , y uee no lsl. eeo7aeohygnV eapiconl a kdhna dopo cv citr o.natdo,t .he oeesasta a

s sho nllh-kaeirals tsg ohttdh ,s m u fnyeoatmeret .r logeto nli. ybkdei h yn ibera n, ukr coip f teegrsrttibtcr s t rJoktlo ucu . eglT tasso sri rhhetnyupoteotAeposdnklt rsllsnap t hiols il yse aaaasencbe.rmae c u-lhdrt uomlAvfrfi oejclre iahe nt t esi ai Iau ufhdlcce,nn v ilco mafearisnr- ht r a,kaap alvdmealrfdi tsarde adertr lliaon bseeornh

/a>atteect-rr=eh.ei de=o l he n r in lsnSir,m> 8spebmbV i< siaciit ys ee-rv".stC l<-is9j/beaalrfstmea2 c oceeo"aee@s