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While most of the trading blogs were dissecting the hows and the whys of the Vonage IPO disaster, not much thought was give to another very high profile IPO waiting in the wings.
Today, MasterCard debuted. And what a debut it was! MA started trading in the morning at $40ish, above its lowered offering price of $39 and rallied to finish the day at $46, for a one day gain of +18%. Of course, it helped that the market finally put in a very strong up day. But still a lot of credit has to be give to Goldman Sachs and the other book runners for creating a smashing first day.
I also noticed that MA’s intra day action was a classic example of expansion leading to contraction (and back again):
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