NB: I’ve Trademarked The Term At The Bottom

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Fortress’s historic!!! IPO is set to be priced today and it’s all financiers, financial journos and the barista at our neighborhood Starbucks can do not to give themselves strokes over the whole deal. Carney himself passed out earlier this morning in excitement, though, quite conceivably, that could have been due to other things which we can’t get into here (ohbabyitsbess after 1:15 for more details on this and other things not suitable for printing (read: pics from last Saturday’s annual CNBC Hottie Slumber Party)). The Torchbearers will sell up to 34.3 million shares at $16.50 to $18.50 each, with the firm’s top execs controlling a remaining 78% of the company after the offering. Fortress may have a market value of approximately $7 billion, post sale. Here’s a quick rundown of the chatter surrounding this historic!!! forthcoming event:
At The Australian, sources are calling demand for shares “insane and ridiculous…far surpassing the expectations of the deal’s book-runners and Fortress management.”
Predictably, Bloomberg is blasé about the whole thing, quoting total buzz-kill Jay Ritter, who’d “Be surprised if there was a big first-day price movement….It's kind of similar to closed-end funds and REITs that you're paying $1 to buy 95 cents worth of assets.''
TheStreet.com makes food-related deductions, noting that “Fortress [has] garnered so much interest that an investor luncheon it scheduled to hold on Wednesday was completely sold out.”
Perhaps most frightening is MarketWatch’s David Weidner’s two cents:

Forget for a moment the uneven terms, this is an offering that is likely to shape the future of hedge funds in the U.S. capital markets. Wall Street's biggest banks may soon find if they need to be doing more schmoozing with the Steven Cohens of the world -- not just to land prime brokerage business -- but public offerings that generate the industry's biggest fees.

Increased face time with this guy? The Fortress deal may very well turn out to be the bukkake party of IPOs (Buy shares on my face! Buy shares on my face!), but we’re going to have to pass.

Fortress Draws High Investor Demand for Initial Public Offering
[Bloomberg]
Last-minute scramble as hedge fund lists [The Australian]
Fortress at the Ramparts [TheStreet.com]
Hedge fund company seeks the 'dumb' money [MarketWatch]

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