Duff & Phelps Corporation (NYSE:DUF) priced its initial public offering of 8,300,000 shares of common stock at $16.00 per share, and Wall Street is greeting it with open arms. This is a leading independent financial advisory and investment banking firm underwritten by Goldman Sachs and UBS as the lead underwriters and co-managers were Lehman Brothers, William Blair, Keefe Bruyette & Woods, and Fox-Pitt Kelton. By having such a large underwriting syndicate this relatively small IPO should have ensured that it will have ample analyst covereage.
Shares opened at $17.00 and are now up at $18.75. Interestingly enough, this should help give some good wind to some other pending IPO’s:
- IPO FILING: RiskMetrics Group, Inc.
- IPO Filing: Turner Investments Inc.
- When will the mortgage vulture fund Chimera come public?
Jon C. Ogg
September 28, 2007
Jon Ogg can be reached at firstname.lastname@example.org; he produces the Special Situation Investing Newsletter and does not own securities in the companies he covers.