MF Financial IPO debuts far below expectations
The broking unit of Man Financial Group plc floated its IPO yesterday. It didn’t go over so well, apparently.
MF Global came to the market at $30 per share, raising $2.9 billion for the 80% stake sold. That fell appreciably below the bottom end of the $34-$37-per-share range announced earlier. Worse, the stock stumbled on its New York Stock Exchange debut, falling nearly 9% late in first-day dealing on Thursday [July 19] to $27.33.
Blackstone’s shares remained above its IPO offering price ($31) for approximately one and a half trading days, if memory serves. This one didn’t even last through its first trading day before tanking.
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Posted: July 20th, 2007 under General, hedge funds.
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