The idea of an initial public offering for an online cattle marketplace might seem like some sort of post-modern joke, but it really is not. In reality, it is a hot business-to-business play. On Friday, eMerge Interactive (Nasdaq: EMRG), which offers an online cattle marketplace with auction services, went public at $15 a share. Shares rocketed up 32-1/4 to close at 47-1/4, a gain of 215 percent.
Pre-IPO demand was high, with eMerge pricing eight million shares at $15, above the revised range of $12 to $14 and well above the original range of $10 to $12. One of the biggest winners on Friday was leading business-to-business Internet Capital Group, which has a big stake in eMerge. It looks like there is really nothing to laugh about here.
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