Fortress IPO?
- Thread starter stbruce
- Start date
Like Vonage?
Terrible company with a terribly unprofitable and competitive service/product....
It was previously privately owned and went public.
Fortress Investment Meets Crazy Eddie
Posted on Feb 8th, 2007 with stocks: FIG
Greg Newton submits: The demand is insane!
http://seekingalpha.com/article/26481
To the amazement of absolutely nobody I can think of, Friday morningâs scheduled IPO of Fortress Investment Group (FIG) â the $30 billion more-or-less in assets private equity and hedge fund group â should provide lots of financial entertainment.
The Financial Times reports the deal 25-times over subscribed with demand crazyeddieâinsane and ridiculous,â and, it seems, nobody in the slightest bit concerned about that recent 33 percent write-up in the value of its private equity book.
With the indicated price range of $16.50-$18.50 already representing at least 18-times estimated 2007 earnings â or getting on for double Goldman Sachsâ marginally more predictable number â it will be interesting to see:
1. Just how greedy they get with the pricing â my bet: $22 â to avoid the Nymex-style embarrassment of leaving ludicrous sums on the table, and
2. Just how far the great unwashed drive the price before the day is out. A 3-handle is probably a stone cold certainty, and a 4-handle not out of the question.
Just saying, not playing. As is, I assume, the estimable Mr Kessler.
Hedge fund of funds [$$]
by Andy Kessler
The Wall Street Journal Feb. 7 2007
Posted on Feb 8th, 2007 with stocks: FIG
Greg Newton submits: The demand is insane!
http://seekingalpha.com/article/26481
To the amazement of absolutely nobody I can think of, Friday morningâs scheduled IPO of Fortress Investment Group (FIG) â the $30 billion more-or-less in assets private equity and hedge fund group â should provide lots of financial entertainment.
The Financial Times reports the deal 25-times over subscribed with demand crazyeddieâinsane and ridiculous,â and, it seems, nobody in the slightest bit concerned about that recent 33 percent write-up in the value of its private equity book.
With the indicated price range of $16.50-$18.50 already representing at least 18-times estimated 2007 earnings â or getting on for double Goldman Sachsâ marginally more predictable number â it will be interesting to see:
1. Just how greedy they get with the pricing â my bet: $22 â to avoid the Nymex-style embarrassment of leaving ludicrous sums on the table, and
2. Just how far the great unwashed drive the price before the day is out. A 3-handle is probably a stone cold certainty, and a 4-handle not out of the question.
Just saying, not playing. As is, I assume, the estimable Mr Kessler.
Hedge fund of funds [$$]
by Andy Kessler
The Wall Street Journal Feb. 7 2007
You will buy it after it goes up. Trust me.
Same old song and dance with these IPOs. If you weren't privately placed, you'll get washed and rinsed.