Cramer on the Superior Offshore IPO

Cramer probably just wrecked an IPO called Superior Offshore (Proposed Ticker is DEEP-NASDAQ) as a sleeper IPO that he thinks is mispriced that will come to market at the end of this week.  He says that even at $15 to $16 he thinks you can pay up to $20 per share for it.  This one is a play on diving and subsea and he thinks it is one to watch (and one to play).  This company is expanding into "deep water" drilling, and he’s even willing to take the fact that they are exposed to Gulf of Mexico drilling. 

This is a bit irritating if you think about it.  He said this one is being mispriced to the downside, but him touting this ahead of time may have taken care of that discounting.  So if you were playing this one or if you were trying to get shares, he just made it more expensive ahead of time.  Oh well, that happens.

Jon C. Ogg
April 17, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.