Dallas Salazar
IPOs, contrarian, long/short equity, long-term horizon

Advanced Drainage Systems: Let The Share Price Drain Be Your Gain

I should probably start this article by saying that I have no idea how this IPO was brought to market. I mean, it's clear why the IPO had to happen but I have no idea how the underwriters and the company itself sold the idea to the public that this is a company that you want to own.

I'll never understand how a company big enough with smart enough people working at it to be in the conversation for taking a company public could sell such a convincingly bad investment to the public knowing that it will most likely not work out. Obviously the underwriters would never admit that they thought an investment was a lame duck - they have...

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