Online travel hub operator Orbitz did price its IPO of 34 million shares at a price of $15.00 per share. Orbitz will trade under the "OWW" ticker on NYSE. Unfortunately the original range was indicated as $16.00 to $18.00, so this is going to be deemed as a poor IPO pricing.
Morgan Stanley & Co. Incorporated, GoldmanSachs & Co., Lehman Brothers Inc. and J.P. Morgan Securities Inc.are the global coordinators with Credit Suisse and UBS Investment Bankacting as joint lead managers. Thomas Weisel Partners LLC, PacificCrest Securities, Piper Jaffray, and Stifel Nicolaus are co-managers ofthe offering.
Blackstone (NYSE:BX) is receiving basically all of the IPO proceeds as they are regurgitating the company in a re-IPO. Here is the backgrounder on the company explaining the history since this was public before, then was acquired by the old Cendant, and then became part of a larger sale to Blackstone just last year. The weakness in Travelzoo (NASDAQ:TZOO) is also partially to blame for a weak IPO here in the same space, as well as the relation to Blackstone and Wall Street’s poor reception of the private equity beast.
Jon C. Ogg
July 20, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
