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Investing

Fortress Investment Group IPO Proves Solid Demand

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By Douglas A. McIntyre Published
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If you thought hedge funds were a fad or that regulation was going to kill them, think again.  The IPO for Fortress Investment Group (FIG-NYSE) was oversubscribed and priced 34+ million shares at $18.50, which is at the high-end of its $16.50 to $18.50 range.

The underwriting group on this one was massive as it wanted to spread the shares around and insure proper coverage down the road.  Goldman Sachs and Lehman were the lead underwriters; Banc of America, Citigroup, and Deutsche Bank were co-managers; and others in the syndicate include Bear Stearns, Lazard, Merrill Lynch, Morgan Stanley, and Wells Fargo.

We have already seen private equity firms raise capital via IPO’s in Europe, so this may just be part of the ongoing evolution.  The talk is out there that the size of this deal will be large enough that it could be part of the S&P 500 Index in the future.

Jon C. Ogg
February 9, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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