FIG Got Warm Reception on the Street in Debut

After priced at $18.50 the day before going public, shares of Fortress Investment Group opened up 89% and rose as high as $37.00 on Friday in the first day of trading. At the close of Friday’s session, the stock went up $12.50, or 67.6% to $31.00. The success of FIG’s IPO may serve as a barometer for more than a dozen hedge funds who are planning to sell their shares to the public in the next couple of years. As a Reuters article says

Fortress’ stock performance on Friday does indicate institutional and retail demand for the asset class at a time when the U.S. Securities and Exchange Commission is weighing new rules that will raise the net worth requirement to invest in the vehicles. The listing also gives anyone with a trading account and some cash the opportunity to do an end run around those SEC rules, which some experts hailed.

I will keep an eye on this stock see where it goes.