Wow nice opening day for IPI. I watched it run up all day and did not jump in. I will be buying this stock but I’m looking for a pull back.

This might be an exciting stock to buy and watch grow. Do your homework and check out the enormous stock gains this year by established public companies like Potash Corp. of Saskatchewan Inc. (POT), Mosaic Co. (MOS) and Agrium Inc. (AGU).

Here is what Jim Cramer said tonight on his show about the new IPO - IPI

Know Your IPO
In this segment, Cramer recommended Intrepid Potash, the largest U.S.-based producer of potassium chloride that should come public this week under the ticker IPI.

“I’ve been recommending this agriculture group for years now, and I think I’ll keep recommending it for years,” Cramer said, adding that Intrepid Potash is the “next great way to play this theme.” Cramer said that the combination of worldwide drought and worldwide famine makes this the theme that just won’t quit.

Cramer said he has been behind Potash (POT - Cramer’s Take - Stockpickr), Mosaic (MOS - Cramer’s Take - Stockpickr), and Agrium (AGU - Cramer’s Take - Stockpickr) since Oct. 2005 because “the returns are so good they’re scary.”

Intrepid Potash will be the first western pure play on potash, Cramer said, and has lower production costs than Potash. “It’s an essential part of the agriculture bull market,” he said.

Cramer said that If Potash was a hot stock then, Intrepid Potash could be heading higher, but he would not pay more than $34 a share. “I think that Intrepid goes much higher than that, but if you’re trying to snap it up in the after market, you need a ceiling.”

He recommended trying to pick up the stock at its offering by going through Goldman Sachs (GS - Cramer’s Take - Stockpickr), Merrill Lynch (MER - Cramer’s Take - Stockpickr), or Morgan Stanley (MS - Cramer’s Take - Stockpickr).

“It worked with Visa (V - Cramer’s Take - Stockpickr), our last IPO recommendation, we think it’ll work again,” he said.