Obagi Medical Disappointing IPO Pricing

Obagi Medical (OMPI) priced its 5.35 million share IPO at $11.00, below the range $13 to $15 range originally indicated.  J.P.Morgan is the lead underwriter with co-managers listed as CIBC, Thomas Weisel, and R.W.Baird.  Obagi makes skincare products for various skin conditions and is based in Long Beach, CA.  The company is profitable.  With so many deals in the year-end order book pipeline from underwriting departments this looks like it may have gotten lost in the shuffle.

Jon C. Ogg
December 14, 2006

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