Can't argue with you on any of that. I think what happened was...

Can't argue with you on any of that. I think what happened was it IPOd in a period of poor sentiment for speccies. In a bull market, capital structure isn't as important. In a bear market, people look for any reason to sell.
So the lesson is not only look at the IPO in question but also take into account macro conditions. The risk in IPOs is that you have to put your money in many weeks in advance of listing so if macro conditions change for the worse, you're vulnerable.