Blackstone - Worst IPO This Year
This IPO failure has put countless other PE IPOs on ice. Years from now this will be thought of as the beginning of the end for the money shufflers. All downhill from here:
Blackstone’s shares, currently at $24.50, have now fallen 21 percent from the $31 they debuted at last month. That means the stock is the worst-performing IPO of more than $500 million this year, according to this Bloomberg story. That represents a $7 billion loss in market value. (If you consider that the stock went as high as $38 on its first day of trading June 22, it has dropped a stunning 35% in value.)
By contrast, the 10 biggest U.S. IPOs in 2007 have returned 14% on average in their first month of trading, according to Bloomberg. The S&P 500 Index has risen nearly 5%.
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Posted: July 30th, 2007 under Americas, Equities, General.
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