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IPO Scorecard: 2011's Hits & Misses

The third worst performing IPO so far in 2011 is Boingo Wireless (WIFI - Get Report). Based on Wednesday's close at $9.72, the stock has lost 28% since pricing at $13.50 per.

The Los Angeles-based provider of wireless mobile Internet access services got a lukewarm reception on its first day of trading on May 4, losing 10%, and things haven't improved since then.

The business model may be a bit flawed as Boingo is all about providing public Wi-fi hotspots, but many places already offer similar accessfor free. The company reports its first public quarter on Tuesday June 7th.

-- Written by Debra Borchardt in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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