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Orbitz debut a blow to owner Blackstone |
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Orbitz Worldwide, the US online travel site, suffered a lacklustre debut on the New York Stock Exchange as the value of its newly traded shares, which had already been priced below the expected range, fell a further 2.6 per cent. |
The proceeds of nearly $500m from the share sale are earmarked to repay debt at Travelport, which this year added to its debt load when it paid a dividend to Blackstone.
Orbitz shares ended New York trading on Friday at $14.50, down 3.3 per cent from its offer price of $15 each. Travelport had expected to sell Orbitz shares for between $16 and $18 each.
Meanwhile, Blackstone shares closed down 5.1 per cent at $25.95, hitting their lowest level since the private equity group co-founded by Steve Schwarzman and Pete Peterson went public last month at $31 per share.
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Source - Financial Times
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