Happiness Is An Ipo That Doesn't Sink

As if more evidence were needed that the market for initial public offerings has cooled way off, even the Mighty Morphin Power Rangers can't make a big hit. On July 26, Happiness Express, which makes and markets toys based on the popular cartoon characters, went public with an offering of 1.5 million shares at $10 each. In sharp contrast to last year's hot IPOs, the shares languished around $10. Analysts deemed that a success, nonetheless: Most IPOs these days don't even hold their initial price. The company's optimistic symbol is HAPY.

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