Saturday, February 10, 2007
The Fortresss IPO yesterday, described as one of the hottest IPOs in recent years, is the big news today. The private equity firm's shares were sold at $18.50, quickly rose to $35, and closed at $31. Wall St. expects more IPOs for private equity firms/hedge funds, as less wealthy investors look for ways to get a piece of the action. See WSJ, Hedge-Fund Crowd Sees More Green As Fortress Hits Jackpot With IPO and NYTimes, First Offering of a Hedge Fund Is Bid Up 67% on Opening Day.