Blackstone shares close below IPO price |
| Los Angeles Times - Jun 27, 2007 |
Blackstone Group's shares slid 5.2% on Tuesday, closing below the $31 price the private equity giant fetched in its initial public offering last week, as investors worried that the private equity boom might have peaked.
"There's some people who think the top of the private equity binge was marked when Blackstone became public," said Elliot Spar, market strategist with Ryan Beck & Co. in New York.
Blackstone shares traded as low as $30.32 before closing at $30.75, down $1.69 from Monday's close and off 12% from their closing price Friday, the stock's first day of trading.
Long-term interest rates have been rising in recent months and may be making it more difficult to complete private equity deals.
Read Full Article from Los Angeles Times
- Posted: 2007-06-27 10:35:56
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