KBW, Inc. (KBW), the parent of Keefe Bruyette & Woods, did open up and opened up even higher than I would have guessed. The opening price out of the chute was $26.00.It priced 6.8 million shares (3.9 million from the company itself) at $21.00, which was a slightly higher number of shares and at the top of the $19.00 to $21.00 range. I have been very positive on the IPO ahead of the pricing and if I was given IPO shares I would still hold these if it was my money. I wasn’t given access to any shares and don’t even have access to them so it doesn’t really matter.Part of the reason the stock is doing so well (outside of the strong business they are in) is because the low float of stock. This now puts the company at even more than 2-times listed book value, but if you look out to 2007 and 2008 that ratio will end up being far lower on a static stock price.if you want more background data here is what was posted yesterday.Jon C. OggNovember 9, 2006
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