Fortress shares fall below IPO price

Shares of Fortress Investment Group LLC today dipped below the price at which the hedge fund and private-equity manager filed its initial public offering in February.
JUL 27, 2007
By  Bloomberg
Shares of Fortress Investment Group LLC today dipped below the price at which the hedge fund and private-equity manager filed its initial public offering in February. The stock dipped as low as $18.46 in morning trading, a tick below its debut price of $18.50 on Feb. 9. On its first day of trading, the stock surged over 67% to close at $31. Since that day, the performance of the stock has dwindled, weighted down by concerns about recent Beltway chatter about raising taxes on private equity firms, the sustainability of the leveraged-buyout boom and defaulting subprime mortgages. Shares of The Blackstone Group LP, a rival publicly traded private-equity firm, have experienced a similar cycle. Blackstone, which priced its shares at $31 apiece, saw a 17.5% increase on their first day of trading. This afternoon, at $23.76, shares of Blackstone are worth about 17% below their IPO price. As a result, private-equity firm Kohlberg Kravis and Roberts & Co. and hedge fund manager Ochs-Ziff Capital Management Group LLC, both of which had scheduled IPOs in the near-term, have postponed their plans, published reports said.

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