World’s Wildest 2,200% Public Offerings Come From Tiny New Jersey Broker


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Wall Streets mysterious 2,200% IPOs come from Tiny New Jersey broker Fifty miles south of midtown Manhattan, in a red-brick building bounded by a railway track, sits a little-known brokerage behind some of the world's wildest initial public offerings. From its base in Red Bank, New Jersey, Network 1 Financial Securities Inc. has underwritten six US microcap IPOs this year that surged by an average 2,190% on their first day of trading. That's more than 250 times the performance of offerings underwritten by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, according to Bloomberg-compiled data. Unfortunately for...