Nymex Insanity

November 7, 2006: 

An ownership seat on the Nymex division of Nymex Holdings Inc. sells for a record $5.8 million, just 10 days before the exchange plans to go public. The sale, which includes 90,000 shares, topped the previous record of $5.5 million on April 28.

November 17, 2006:

Nymex Holdings (NMX) goes public at $59 per share and trades at $140 in afternoon trading. The 90,000 shares that Nymex seat holders now own are worth $12.6 million. 
I’ll have more on the Nymex IPO in another post sometime next week, but I just wanted to mention this today since many retail investors are buying this IPO. Keep in mind that the value of a Nymex seat has more than doubled in the last 10 days. Does that make sense? Proceed with caution, please.

 

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