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.

Related Articles You Don't Want To Miss

1. Xinhua Finance Media (XFML) Debut, then Sank
2. Wall Street Celebrated Inauguration Day with 332-Point Plunge of the Dow
3. End of Wall Street: Wall Street Journal Video Series
4. State Street Launched S&P International Dividend ETF (DWX)
5. Wall Street Greeted President-Elect Obama with a 486-Point Plunge of the Dow
6. The Street.com 10 Most Diversified ETFs
7. State Street Launched Global Real Estate ETF (RWO)
8. LFC Won Regulatory Approval for Domestic Listing