Fortress Aims to Please, Does Not Disappoint

Author:
Publish date:
Updated on

We roused your interest yesterday about the historic!!! IPO of Fortress Investments and it was not for naught: the U.S.’s first hedge fund to go public lifted off later in the day at the high end price of $18.50 and proceeded to rocket out of the gates with a debut on the market at $35 a share, almost twice that of its offering price (obviously). The Torchbearers now have a market value of $14 billion, and are positioned to “maintain and expand” in their role as the leading global alternative asset management firm.
But while everyone else seems to be as excited as us about the whole deal, ("The road show was wall-to-wall, standing-room-only at every site!"), some people are turned off by the plebian, “now everyone can invest” nature of the situation. And there are definitely hedgie traditionalists who, used to getting off on the mores of secrecy that their industry is known for, are displeased with what could mean an exhibitionist turn for the landscape.
To the skeptics, we say, how can you not be excited at the prospect of being able to have conversations like this on company time:
oh baby its bess (12:17:03 PM): yesterday i referred to this company, Fortress, and its IPO (initial public offering, means a private company goes public and ppl can buy shares in it) as the "bukkake party of IPOs” (buy shares on my face! buy shares on my face!), b/c it's a really big one, etc, etc, etc. today it was huge (debuted on the market at twice the price it was estimated at)...so i need a headline like Fortress Does Not (Disappoint but something that alludes to bukkake or the like)
klwinick126 (12:17:17 PM): i am so pleased that you think i am the sort of person who doesn't know what an IPO is, but does know what "bukkake" means
oh baby its bess (12:17:25 PM): well…you know…I know your strengths and weaknesses, so to speak
klwinick126 (12:17:33 PM): hmm…I don’t know…
klwinick126 (12:17:47 PM): erection metaphors are hard
A: It's impossible.
(P.S. Yes, I am a one-trick pony.)
Fortress Investment's Shares Almost Double After IPO [Bloomberg]
Hedge fund Fortress soars in trading debut [AP via MSNBC]
Fortress I.P.O. Opens Sharply Higher [DealBook]
Firm's public stock sale pulls hedge funds out of shadows [LAT]
Sturdy Showing for Fortress IPO [thestreet .com]
Earlier: NB: I’ve Trademarked The Term At The Bottom

Related