Ellington Lists Hedge Fund After Share Sale

Oct 8 2010 | 11:42am ET

Ellington Management listed its subprime mortgage hedge fund on the New York Stock Exchange this morning after selling $101 million worth of shares.

The oft-delayed initial public offering priced at $22.50 each, within the $22 to $24 range. The proceeds will be used to provide permanent capital to the now-$350 million fund.

Ellington Financial has also granted the underwriters, Deutsche Bank and Cantor Fitzgerald, an over-allotment of 675,000 shares.

The fund trades under the ticker symbol EFC, and dipped 51 cents after its debut.

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