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.
Posted: July 20th, 2007 under General, hedge funds.
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