Tuesday, 27 January 2015
Last updated 27 min ago
Jul 19 2007 | 11:29am ET
Activist hedge fund manager Third Point did, in fact, go to market today, but even an extra 24 hours to allow “continuing flow or orders from the U.S. side,” Daniel Loeb’s foray into public listings did not go as well as planned.
In the end, the firm raised US$525 million, it told the London Stock Exchange, where it listed the vehicle. That is short of the €500 million (US$689 million) it had targeted, in spite of the fact that the listed fund—sold at an initial offering price of US$10, €10 or £10 per share—is the only route new investors have to Loeb’s closed Third Point Offshore Fund.
New York-based Third Point told the LSE in a note that, should IPO global coordinator and stabilizing manager UBS fully exercise its over-allotment option—deadline Aug. 17—the listing will raise a total of US$573 million.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…