Ebb & Flow

Affymax (AFFY) has checked off each of the three boxes for a blockbuster IPO: selling shares above the proposed price range, selling more shares than had been proposed, and trading up - way up - in the aftermarket. While the company may have left money on the table, it did what all seasoned investors recommend, leaving upside for the buyers.

The deal sold 3.7 million shares at $25. That raised $92.7 million and valued the company at $355 million. ...